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Safestore Holdings PLC on Thursday said it was ‘encouraged’ by fourth quarter growth in revenue and increased occupancy as it maintained full-year earnings expectations. The Hertfordshire, England-based self-storage provider said revenue for the three months to October 31 rose 7.1% to £62.0 million from £57.9 million a year ago. Like-for-like revenue was up 3.3%. Year-to-date revenue rose 4.9% to £234.3 million from £233.4 million, with like-for-like year-to-date revenue up 3.3%. The like-for-like closing occupancy was 81% of current lettable area, up from 80% year-on-year. UK revenue rose 4.9% to £43.8 million from £41.8 million, which Safestore attributed to rising demand from domestic customers, an increase in occupied space for units bigger than 250 square metres and rate improvements. Paris revenue rose 3.9% to €13.7 million from €13.2 million, driven by the increased occupancy levels. In the fourth quarter, Safestore added a 98,900 square-foot area in Paris across the La Defense and Noisy-le-Grand sites. Supported by new openings, Expansion markets increased by 21% to €7.2 million from €6.0 million. This month, Safestore added that it opened a further 120,500 square-foot area across two sites in London and in Paris. Looking ahead, the company said it expects to deliver adjusted diluted European Public Real Estate Association earnings per share in line with consensus expectations of 40.3p. Last year, Safestore reported 42.3p in adjusted diluted EPRA EPS. Chief Executive Frederic Vecchioli said ‘We are encouraged by our continued momentum across the business with growth in all markets, driven by both LFL stores and our new store opening programme. In particular, we have seen a continuation of the improving trajectory in UK performance driven by robust domestic customer demand and the benefits from our space partitioning programme.’ Shares in Safestore rose 2.5% to 730.00 pence on Thursday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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