Storage company Safestore scores solid first quarter
Storage company Safestore said today it increased revenue and occupancy in the first quarter of the year.
The FTSE 250 company said revenue for the quarter to 31 January rose 7.3 per cent to £39.9m compared to the same period last year.
Closing occupancy increased 7.8 per cent to 4.96m let square feet.
Closing occupancy as a percentage of maximum lettable area rose 1.8 percentage points to 74 per cent.
Chief executive Frederic Vecchioli said: “It has been a pleasing start to the financial year. Our first quarter performance has been strong, driven by our core markets of the UK and Paris together with our recent acquisitions in London and Barcelona, as well as our Netherlands JV, performing in line with or ahead of their business plans.”
Looking forward Vecchioli said: “We remain confident in the future and our strong start to the year means the company is on course to meet the board’s full year expectations.”
Safestore said it had received planning permission for its Paris Magenta store which it anticipates opening this year.
It said its 40,000 square foot store in London Carshalton opened in the period.
Shares were flat at 809p today.
Liberum analysts said: “Rising long-term demand for storage space, above average barriers to entry and latent occupancy and rate upside all underpin long-term growth potential at Safestore.”