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Safestore upgrades guidance as second-quarter revenue rises 11%
StockMarketWire.com
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Storage group Safestore upgraded its annual earnings guidance after its second-quarter revenue rose 11% amid an improvement in occupancy rates.
Adjusted diluted EPRA earnings per share for the year through September was now expected at between 37p and 38p, up 23-26% year-on-year.
Quarterly revenue for the three months through March had increased to £43.7 million, up from £39.4 million year-on-year.
The closing occupancy rate was 80.7%, up 9.6 percentage points, helping to offset a 1.6% fall in the average storage rate to £26.56.
'Whilst the potential for disruption arising from current COVID-19 crisis has not entirely abated, the inherent resilience of our business model as well as our recent and current trading allows me to look forward with optimism,' chief executive Frederic Vecchioli said.
Story provided by StockMarketWire.com
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