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Safestore Holdings PLC on Thursday reported increased revenue in its recent financial year, while profit dropped due to a lower revaluation gain on investment properties. The Hertfordshire, England-based self-storage provider said total revenue increased 4.9% to £234.3 million in the 12 months to the end of October from £223.4 million in financial 2024. However, pretax profit dived 68% to £127.1 million from £398.6 million. This was due to a lower gain on revaluation of investment properties of £23.1 million for the year, down 92% from £292.2 million a year earlier. Excluding this, underlying pretax profit declined 4.2% to £92.9 million from £97.0 million, reflecting a higher interest bill. The company declared a dividend of 30.70 pence per share, up 1.0% from 30.40p a year prior. Safestore said its basic net tangible assets per share increased 3.5% to 1,129p from 1,091p a year prior. Maximum lettable area in its estate was up 8.0% to 9.3 million square feet from 8.6 million square feet the year before. Looking ahead, Safestore said trading in the first quarter of financial 2026 has shown a continuation of the trend in like-for-like growth from financial 2025 across all of its markets. It is ‘cautiously optimistic’ of a return to earnings growth in financial 2026. Safestore expects underlying like-for-like cost of sales growth between 3% and 6%, with underlying net finance costs projected to increase by between £1 million and £2 million. The company added that it is on track to deliver between £35 million and £40 million of incremental earnings before interest, tax, depreciation and amortisation from non-like-for-like stores and pipeline on stabilisation. ‘Safestore’s performance in FY 2025 reflects strong operational execution and investment in future growth,’ said Chief Executive Officer Frederic Vecchioli. ‘We have entered the new financial year with confidence, and on the back of solid trading in the first quarter to date. Safestore is now at an inflection point, where the significant investment we have made in [maximum lettable area] expansion is driving revenue growth and is set to translate into meaningful growth in earnings and long term value creation.’ Shares in Safestore were up 3.3% at 794.00p on Thursday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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