Self storage company Safestore Holdings Plc (SAFE.L) Tuesday reported a fall in profit for fiscal year 2008, citing the year end as traditionally the weakest period. The company also posted a loss on investment properties for the year, compared to a gain in the previous year.
The U.K- based company's pre-tax profit for the fiscal year declined to GBP 14.93 million from GBP 103.62 million in the prior year.
Profit for the year was down 84% to GBP 12.51 million or 6.68 pence per share from GBP 78.18 million or 43.02 pence per share in the earlier year.
Adjusted earnings increased by 25.5% to GBP 18.42 million or 9.84 pence per share from GBP 14.69 million or 8.08 pence per share last year.
Revenues increased 11.5% to GBP 82.87 million from GBP 74.3 million in the same period last year. Safestore attributes 25% of the year-on-year revenue increase to the foreign exchange gain. Like-for-like revenue grew 9.3% to GBP 79.3 million from GBP 72.6 million a year ago.
The company reported a loss on investment properties of GBP8.31 million, compared to gain of GBP81.26 million in the preceding year.
"The Board believes that Safestore is well positioned to withstand the downturn in the economy and, leveraging upon the advantages of its flexible business model, market leading position and operating expertise, is ideally placed to make best use of potential opportunities within the market to emerge in an even stronger position." the company said.
The board also recommends 3 pence per share as final dividend.
SAFE.L is currently trading at 57 pence, down 3 pence or 5%, on a volume of 35 thousand shares on the LSE.
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