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Safestore revenue rises on higher occupancy levels, storage rates
StockMarketWire.com
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Storage company Safestore said its annual revenue had risen 6.9% as it boosted occupancy levels and storage rates.
Revenue for the year through October increased to £162.3 million, up from £151.8 million year-on-year. On a constant currency basis, revenue rose 7.0%.
In the fourth quarter, revenue rose 5.7% and by 5.4% on a constant currency basis.
The company's closing occupancy rate in the fourth quarter rose 2.5 percentage points to 79.5%, while its average storage rate rose 0.5% to £26.21.
'I am pleased to report a strong final quarter's trading resulting in another good performance for the year,' chief executive Frederic Vecchioli said.
'Despite the pandemic, the company continues to be in a very strong position.'
'Notwithstanding the recent strong occupancy performance, the business still has 1.4 million square feet of currently unlet space in our existing fully invested estate, representing a significant organic growth opportunity in what remains a fragmented market.'
'Our leading market positions in the UK and Paris, combined with our balance sheet strength and resilient business model, leave us well positioned for the future.'
'The company remains on course to meet the board's full-year expectations.'
Story provided by StockMarketWire.com
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