Safestore is the UK’s largest self-storage group with 134 stores.

They include 97 wholly owned stores in the UK including 58 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool and Bristol, together with 12 Space Maker stores under management in the UK and 25 wholly owned stores in the Paris region.

Safestore was founded in the UK in 1998. It acquired the French business “Une Pièce en Plus” in 2004 which was founded in 1998 by the current Safestore Group CEO Frederic Vecchioli.

Safestore has been listed in the London Stock exchange since 2007.

The Group provides storage to almost 46,000 personal and business customers.

Safestore (excluding Space Maker) has a maximum lettable area (“MLA”) of 5.1 million sq ft (excluding the expansion pipeline stores) of which 3.32 million sq ft is currently occupied.

Safestore employs around 550 people in the UK and France.

Safestore’s shares trade on the main market of the London Stock Exchange with the ticker SAFE.

Financial calendar

2015

22 January 2015 Preliminary results for the year ended 31 October 2014
February 2015 Publication of Annual Report and Accounts 2014
February 2015 Interim Management Statement
March 2015 Annual General Meeting
April 2015 Half Year End 2014/2015
June 2015 Interim results
September 2015 Interim Management Statement

http://www.safestore.com/

7 Jan Liberum Capital N/A Buy
17 Dec Liberum Capital 284.00 Buy

13 Jan Liberum Capital 284.00 Buy

16 Jan Berenberg 260.00 Buy
13 Jan Liberum Capital 284.00 Buy

Preliminary Results

Highlights



Improving Financial Performance

· Group like-for-like revenue up 4.4%1 with closing occupancy up 3.5ppts at 68.8%

· Momentum continues across the UK with 4.4% growth in like-for-like revenue for the year

· Paris business continues robust performance with revenue up 4.4%1 due to further improvement in occupancy and rate1 with new lets at record levels

· Cash Tax Adjusted Earnings per Share up 21.6% at 13.5p - ahead of consensus expectations

· 36% increase in the final dividend to 5.30p (FY2013: 3.90p)

· Encouraging early trading in the new financial year with positive new lets and rate trends continuing, and Group revenue in CER up 8.6% on the prior year (UK 10.7%; France 3.1%) in the two months to 31 December 2014



Operational Delivery

· New lets growth in the UK of 19.8%, resulting from strong enquiries and improving conversion, with performance strengthening throughout the year

· Pricing policy changes driving positive UK rate growth with trend improving from -7.4% in September 2013 to +4.8% in October 2014

· National Accounts UK business customers occupancy up 17% over the year

· Costs tightly controlled across the Group and 0.9% lower than in the prior year



Strong and Flexible Balance Sheet

· Group Loan to Value ("LTV") lowered to c.37% and full year finance costs4 reduced by c.£4.7m or 25.5%




http://www.moneyam.com/action/news/showArticle?id=4962988

--------------------------------------------------------------------------------------------------

22 Jan Investec 287.00 Buy
22 Jan Liberum Capital 284.00 Buy
22 Jan Sanlam... 276.00 Buy

Safestore Holdings ticking lots of boxes

By John Harrington

January 22 2015, 3:19pm
'As we enter the new financial year we remain focused on the long term opportunity of filling the 1.6m square feet of currently unlet space, the equivalent of 40 full stores,' said CEO Frederic Vecchioli.
"As we enter the new financial year we remain focused on the long term opportunity of filling the 1.6m square feet of currently unlet space, the equivalent of 40 full stores," said CEO Frederic Vecchioli.


Storage group Safestore (LON:SAFE) progressed nicely on all fronts last year, with like-for-like revenue up 4.4% year-on-year.

The group, which focuses primarily on metropolitan areas in the UK but which is also the dominant player in Paris, said revenue rose 1.9% in the year to 31 October to £97.9mln from £96.1mln the year before, and was up 2.9% on a constant exchange rates (CER) basis.

Underlying earnings, or EBITDA, rose 4.3% (+5.5% CER) to £53.0mln from £50.8mln the year before, while the dividend has been hiked by 29.6% to 7.45p.

Andy Jones, chief financial officer of Safestore, told Proactive Investors that it is a deliberate policy to increase the dividend faster than the earnings grow, and that the company’s pay-out would probably gravitate to a level that is covered 1.7 times by earnings per share.

The level of enquiries rose by 12% from a year ago. Chief executive officer Frederic Vecchioli indicated to Proactive that the industry as a whole is seeing about a 3% increase in enquiries, so Safestore is clearly outperforming the market.

“Size is important, as it helps in ensuring high rankings on search engine enquiries. It is especially important as mobile phone searches become more popular and not so many search results are displayed,” he asserted.

Broker Oriel Securities said the results were ahead of consensus forecasts, and that management is making good progress in the UK business by improving the conversion rate of enquiries, as well as by increasing pricing by reducing discounts.

“The business is performing well and we see continued earnings and dividend growth momentum,” the broker said, as it reiterated its ‘buy’ recommendation.

Liberum Securities noted that trading in the first two months of Safestore’s new financial year has been good, with a continuation in the positive occupancy and rate growth trends seen in the previous financial year.

This encouraged the broker to increase its earnings and dividend forecasts and raise its price target by 7.9% to 287p.

Safestore shares were up 1.1% at 263.75p in mid-afternoon trading.

Safestore: Berenberg ups target price from 260p to 305p and reiterates a 'buy' recommendation.

Safestore Holdings PLC (SAFE:LSE) set a new 52-week high during today's trading session when it reached 278.50. Over this period, the share price is up 35.19%

First quarter trading uppdate


Highlights


· A strong first quarter with Group like-for-like revenue in CER1 up 10.8% on Q1 2014

· Operational strategy across the UK is driving strong performance with occupancy (let sq ft) up 5.2% on Q1 2014, and closing occupancy as percentage of MLA up 3.1ppts to 65.3%

· UK rate in the quarter up 7.0% year-on-year and like-for-like revenue growth improving to 12.9%

· French business continues robust performance with like-for-like revenue in CER1 up 5.1% for the quarter driven by further improvement in rate

25 Feb Investec 305.00 Buy
25 Feb Sanlam... 301.00 Buy

1 May Numis 333.00 Buy
1 May Numis 333.00 Buy

StockMarketWire.com
Safestore has hiked its H1 pretax profit to £62.2m, from £6.9m. The result included £43.9m of gains on investment properties, from the prior year's writedown of £6.8m. Revenue was £50.4m, from £46.9m. It proposed a 3p a share dividend, from 2.15p

18 Jun Investec 305.00 Buy

MIDAS-SHARE-TIPS-Thinking-box-helps-Safestore-deliver-growth.

21 Aug Berenberg 360.00 Buy

Third quartertrading update


Highlights

· Like-for-like Group revenue for Q3 2015 in CER1 up 11.3% on Q3 2014 with good year-on-year performances across the business

o UK up 12.1%

o Paris up 8.9%

· Group closing occupancy3 of 72.2% (up 3.8 ppts on Q3 2014) at 3.61 million square feet ("sq ft") with particularly strong Paris performance

· Group average storage rate up 5.4% in CER1 in the quarter driven by strong UK performance (+6.8%)

Advance notice of results
RNS
RNS Number : 7457C
Safestore Holdings plc
20 October 2015





20 October 2015





Safestore Holdings plc

("Safestore" or "the Company")





Advance notice of results





Post close trading update

The Company will be announcing its post close trading update for the fourth quarter ending 31 October 2015 on 12 November 2015.



Preliminary results

Safestore will be issuing its Preliminary results for the year ending 31 October 2015 on 21 January 2016.

Safestore Holdings PLC (SAFE:LSE) set a new 52-week high during today's trading session when it reached 332.25. Over this period, the share price is up 67.38%.

Fourth quarter trading update

Highlights



· Like-for-like3 Group revenue for Q4 2015 in CER1 up 10.8% on Q4 2014 with good performances across the business

o UK up 11.6%

o Paris up 8.5%

· Continued operational progress driving new lets leading to Group closing occupancy4 of 72.6% (up 3.8 ppts on Q4 2014)

· Group average storage rate up 5.4% in CER1 in the year driven by strong UK performance (+6.7%)

· Cash Tax Adjusted Earnings per Share6 likely to be slightly ahead of the top end of the consensus range7

Safestore Holdings PLC (SAFE:LSE) set a new 52-week high during today's trading session when it reached 343.80. Over this period, the share price is up 49.94%.

Final Result
21 Jan 16 Safestore Holdings PLC [SAFE]

Preliminary results

Highlights



Strong Financial Performance

· Group like-for-like2 revenue up 11.5%1 with UK up 13.2% and Paris up 7.0%

· Closing occupancy up 3.8ppts at 72.6%

· Cash Tax Adjusted Earnings per Share up 23.0% at 16.6p

· 25.5% increase in the final dividend to 6.65p (FY2014: 5.30p)

· Robust start to the year, Group like-for-like revenue for the first two months up 7% at CER



Operational Focus

· New lets growth in the UK of 18.6%, resulting from strong enquiries and continued improvement in conversion rates

· Resilient pricing growth with UK rate up 6.7% and Paris rate up 2.4%

· National Accounts UK business customers occupancy up 22% over the year

· Six lease extensions completed, increasing average remaining lease life to 13.9 years and one freehold purchased



Strong and Flexible Balance Sheet

· Group Loan to Value ("LTV") lowered to 32% and full year underlying finance costs reduced by £2.3m or 16.8%

21 Jan Investec 424.00 Buy

Notice of Q1 Trading Update
RNS
RNS Number : 8582O
Safestore Holdings plc
12 February 2016

Safestore Holdings plc



Notice of First Quarter Trading Update





Safestore Holdings plc will be announcing its first quarter trading update for the three months ended 31 January 2016 on Thursday, 25 February 2016.

First quarter trading update

Highlights


· First quarter Group like-for-like revenue in CER1 up 10.4%

· UK like-for-like revenue up 11.9%

· Paris revenue in CER1 up 6.1%

· New site at Marnes-la-Vallée in Paris acquired

25 Feb Investec 424.00 Buy
25 Feb Liberum Capital 430.00 Buy
25 Feb Peel Hunt 330.00 Hold

Ex dividend 10th March Safestore Holdings PLC (6.7 P)

Option agreed to acquire Space Maker
RNS
RNS Number : 7578R
Safestore Holdings plc
11 March 2016





11 March 2016



Safestore Holdings plc ("Safestore" or "the Group")



Option agreed to acquire Space Maker





Highlights



· Agreed option to acquire Space Maker, the ninth largest self-storage portfolio in the UK with 12 stores

· £43.0m initial consideration and £1.4m deferred consideration to be funded from existing Group debt facilities

· At the initial consideration price, the Space Maker portfolio has an implied first year net operating income yield of c.8.7%1

· Expected to be earnings accretive from completion of the acquisition



Frederic Vecchioli, Chief Executive Officer commented:

"I am pleased to announce that we have signed an option agreement to acquire the 12 store Space Maker business, which is expected to be earnings accretive from the completion of the acquisition. We have a strong operational knowledge of Space Maker, having managed the business since 2010 under a management services agreement.

"With the acquisition of our new freehold site to the east of Paris in Marnes-la-Vallée, which we announced last month, these transactions demonstrate our ability to take advantage of selected development and acquisition opportunities, supported by our strong balance sheet.

"Following these acquisitions, and the openings of our new stores at Chiswick, Birmingham and Wandsworth later this year, Safestore will have a total of 134 stores, of which 109 are in the UK and 25 in Paris, consolidating our leading positions in both markets."

Space Maker option

Safestore is pleased to announce it has entered into a put and call option agreement to acquire Space Maker Stores Ltd ("SMS") from Allodial Capital Ltd and James Elton (the "Vendors"). An initial consideration of £43.0m less certain downward adjustments to the enterprise value ("initial consideration") will be payable in cash on completion of the acquisition. Up to £1.4m of deferred consideration ("deferred consideration") may become payable in cash between six months and three years from the date of completion, subject to the SMS business achieving certain performance targets during that period.

SMS is the ninth largest self-storage portfolio in the UK with 12 stores located in Bournemouth (two stores), Colchester, Redhill, Romford, Brentford, Chelmsford, Exeter, Leeds, Plymouth, Portsmouth and Poole, and has a built out lettable area of c.496,000 sq ft. Six of the SMS stores are freehold or long leasehold and six are leasehold stores with an average remaining lease length of 16.6 years.

Safestore has a strong operational knowledge of the SMS portfolio, having managed the SMS business since 2010 under a management services agreement ("MSA"). The MSA, for which Safestore received £0.6m per annum, was due to expire at the end of April 2016. It will now continue until completion of the acquisition.

This acquisition will reinforce Safestore's position as the leading operator in the UK by number of stores with a combined total of 109 stores2, 63 of which will be in London and the South East. The SMS portfolio is currently operating at 61% occupancy (of built out lettable area) which Safestore believes it can improve once fully integrated into its own operational platform.

In the year to 30 April 2015, SMS delivered EBITDA (before management fees) of £3.4m on turnover of £8.2m. At the initial consideration price, the SMS portfolio has an implied first year net operating income yield of c.8.7%1 before the impact of management charges which would rise to c.12% if the SMS stores achieve 80% occupancy at today's rental rate levels.

The SMS business, which had pro forma gross assets3 of £45.6m at 30 April 2015, will be acquired on a debt free basis with the total consideration (comprising the initial consideration and, if applicable, the deferred consideration) expected to be c.£44.4m. The acquisition will be funded from the Group's existing debt facilities, with £45m of the Group's £60m accordion facility converted into a committed revolving credit facility. On a pro forma basis, the Group's Loan to Value ratio post completion of this acquisition would be c.36% compared to 32% at 31 October 2015.

The acquisition is expected to be immediately accretive to Group earnings per share from completion and will support the Group's future dividend capacity.

The call option can be exercised by Safestore at any time during the next two years and, similarly, the put option can be exercised by the Vendors at any time over the same two year period, conditional upon the conclusion of certain property related matters which are expected to be finalised in the next twelve months. A further announcement will be made following exercise of the call option by Safestore or the put option by the Vendors.

Ends

Notification of Interim Results

RNS


RNS Number : 4095U

Safestore Holdings plc

06 April 2016




Safestore Holdings plc



Notification of Interim Results





Safestore Holdings plc will be announcing its Interim results for the six months ending 30 April 2016 on Thursday, 16 June 2016.

5 May Liberum Capital 430.00 Buy

Interim results

Safestore Holdings PLC (SAFE:LSE) set a new 52-week high during today's trading session when it reached 378.00. Over this period, the share price is up 37.96%

Safestore to complete Space Maker deal

StockMarketWire.com

Self-storage provider Safestore (SAFE) said it will complete the acquisition of Space Maker Stores (SMS) by 29 July for £44.4 million.

The acquisition is expected to be immediately accretive to group earnings per share from completion and will support future dividend capacity.

An initial consideration of £43m less certain downward adjustments to the enterprise value will be payable in cash on completion of the acquisition.

Up to £1.4m of deferred consideration may become payable in cash between six months and three years from the date of completion, subject to the SMS business achieving certain performance targets during that period.

Safestore has a strong operational knowledge of the SMS portfolio, having managed the business since 2010 under a management services agreement for which Safestore received £0.6m per annum.

The SMS portfolio was operating at 62% occupancy (of built out lettable area) at the end of April 2016, which Safestore believes it can improve once fully integrated into its own operational platform.

In the year to 30 April 2016, SMS delivered EBITDA (before management fees) of £3.9m on a turnover of £8.7m.

At the initial consideration price, the SMS portfolio has an implied first year net operating income yield of c.9.4% before the impact of management charges, which would rise to c.12% if the SMS stores achieve 80% occupancy at today's rental rate levels.

The SMS business, which had pro forma gross assets of £45.6m at 30 April 2015, will be acquired on a debt free basis with the total consideration expected to be c. £44.4m.

The acquisition will be funded from the group's existing debt facilities, with £45m of the group's £60m accordion facility converted into a committed revolving credit facility.

On a pro forma basis, the group's loan to value ratio post completion of this acquisition would be c.34% compared to 30% at 30 April 2016. Story provided by StockMarketWire.com

12 Jul Berenberg 405.00 Buy

Third quarter trading update

Highlights


· Like-for-like Group revenue for Q3 2016 in CER1 up 6.6% on Q3 2015 with a particularly strong UK performance

o UK up 7.5%

o Paris up 2.3%

· Group closing occupancy3 of 74.8% (up 2.6 ppts on Q3 2015) at 3.69 million square feet ("sq ft") with strong UK performance

· Group average storage rate up 2.3% in CER1 in the quarter

· Completion of the Space Maker acquisition on 29 July 2016

12:30 01/11/2016
Broker Forecast - Liberum Capital issues a broker note on Safestore Holdings PLC
Liberum Capital today reaffirms its buy investment rating on Safestore Holdings PLC (LON:SAFE) and raised its price target to 475p (from 450p). Story provided by StockMarketWire.com

Q4 Trading update

17 Nov
Numis
451.00
Add

Financial calendar
Date
Description
 
 
9 January 2017
Preliminary results for the Financial Year ended 31 October 2016
February 2017
Publication of Annual Report and Accounts 2016
February 2017
Interim Management Statement
March 2017
Annual General Meeting
April 2017
Half Year End 2016/2017
June 2017
Interim results
September 2017
Interim Management Statement
October 2017
Financial Year End 2016/2017
November 2017
Post-close trading update for the fourth quarter ended 31 October 2017

Final results Monday 9 Jan - should be good.

StockMarketWire.com
Safestore Holdings has seen its FY pretax profit fall 19.7% to £94.9m, from £118.2m previously. Revenue was £112.5m, from £102.3m.

Dividend per share was 11.65p, from 9.65p.

"The Group has delivered another strong financial year, building on the improvements made to its operating performance over the last three years. Over this three year period, we have grown EPS6 by 78% and increased our dividend per share by over 100%," said CEO Frederic Vecchioli.

"During the last twelve months we have also strengthened our market leading positions in the UK and Paris with the acquisition of Space Maker in the UK and the opening of five new stores.

"As we enter the new financial year, we continue to see good levels of interest in self-storage and remain focused on the significant opportunity represented by our 1.62m square feet of currently unlet space.

"In addition, our balance sheet capacity and flexibility allows us to continue to seek selected development and acquisition opportunities. The company is in a strong position and we look forward to the future with confidence."

12:50 11/01/2017
Broker Forecast - Numis issues a broker note on Safestore Holdings PLC
Numis today upgrades its investment rating on Safestore Holdings PLC (LON:SAFE) to buy (from add) and set its price target at 476p. Story provided by StockMarketWire.com

13 Feb
Liberum Capital
475.00
Buy

First quarter trading update

Highlights
 
·      First quarter Group total revenue in CER1 up 13.3% with like-for-like revenue in CER up 4.7%
·      UK total revenue up 15.9% bolstered by the recent four new store openings and the Space Maker acquisition
·      UK like-for-like revenue up 4.9%
·      Paris revenue in CER1 up 4.6%

21 Feb
Numis
476.00
Buy
21 Feb
Liberum Capital
475.00
Buy

Fourth quarter tradind update

Highlights

·      Group revenue for the year in CER1 up 10.0%
·      Like-for-like5 Group revenue for the year in CER1 up 3.3%
o  UK up 3.1%
o  Paris up 4.0%
·      Balanced approach to revenue management continues to drive returns
o  Like-for-like average occupancy for the year up 1.4%
o  Like-for-like closing occupancy of 75.0% (up 1.3ppts on Q4 2016)
o  Like-for-like average storage rate for the year up 1.3% in CER1
·      Freehold site acquired at Merry Hill, west of Birmingham for a 55,000 sq ft store, subject to planning
·      Cash Tax Adjusted Earnings per Share6 for the year ended 31 October 2017 is expected to be slightly ahead of consensus7

Final results

Highlights

Strong Financial Performance
· Group revenue for the year up 12.6% (10.0% in CER1)
· Like-for-like9 Group revenue for the year in CER1 up 3.3%
o UK up 3.1%
o Paris up 4.0%
· Underlying EBITDA2 up 10.7% in CER1 which, offset by exceptional refinancing costs of £16.3m, drove a reduction in Profit before Tax10 of 16.9%
· Cash Tax Adjusted Earnings per Share6 up 17.7% at 23.3p
· 21.7% increase in the final dividend to 9.8p (FY2016: 8.05p)

first quarter trading update

Interim results

Highlights

Good Financial Performance
· Group Revenue up 10.5% (9.7% at CER2)
· Group like-for-like8 revenue at CER2 up 4.6% with UK up 4.3% and Paris up 5.6%
· Adjusted Diluted EPRA EPS up 21.2% at 12.6p
· 21.4% increase in the interim dividend to 5.1p

Operational Progress
· Strongest occupancy performance in the last five years as like-for-like increases of 5.2% in UK and 6.0% in Paris drive 210,000 sq ft or 5.4% growth in Group closing occupancy to 4.09m sq ft (4.50m sq ft including Alligator and new stores)
· Alligator acquisition integration progressing well and trading in line with expectations
· New Mitcham, London store opened in April 2018
· Paddington Marble Arch, London store opened in June 2018 with Paddington Green store to close in July 2018
· Further new store openings scheduled in Poissy Paris in August 2018 (planning granted) and Birmingham Merry Hill in April 2019 (subject to planning)
· Two new stores secured subject to planning in Carshalton, London and Magenta in central Paris

Strong and Flexible Balance Sheet
· Group loan-to-value ratio ("LTV"9) at 32.6%, interest cover ratio ("ICR"10) at 8.6x

14 Jun
Numis
N/A
Hold
14 Jun
Peel Hunt
N/A
Hold
14 Jun
Liberum Capital
N/A
Buy

Trading update

Highlights

· Group revenue in Q3 in CER1 grew by 10.3%
· Group like-for-like3 revenue in Q3 in CER increased 5.6% with strong performance in both geographies
o UK up 5.9%
o Paris up 4.3%
· Group like-for-like closing occupancy of 77.8% (up 3.3 ppts on Q3 2017)
· Group like-for-like average storage rate in Q3 in CER grew 0.5%
· Alligator stores performing in line with expectations
· Poissy store in west of Paris opened in August 2018
· New freehold site secured at Pontoise in North West Paris

Fourth quarter trading update

Highlights

· Group revenue for the year in CER1 up 10.4%
· Like-for-like3 Group revenue for the year in CER1 up 5.2%
o UK up 5.2%
o Paris up 5.1%
· Group like-for-like closing occupancy of 76.6% (up 2.7ppts on Q4 2017)
· Group like-for-like average occupancy for the year up 4.4%
· Group like-for-like average storage rate for the year up 0.2% in CER1
· Edinburgh Gyle store lease extended by 10 years
· Adjusted Diluted EPRA earnings per share6 anticipated to increase in line with consensus7