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Lok'n Store boasts record sales but growth slows
Lok'nStore confirmed that January saw the self-storage company reach its highest ever level of new storage sales.
The AIM-traded company reported 6.9% year-on-year growth in like-for-like revenue for the first half of the financial year, after stripping out the effects of the closure of the company's Staines store and early trading in its Gillingham branch, which opened last month.
Furthermore, as of 31 January the company noted a 6% increase in unit occupancy and a 0.4% hike in price per let square foot compared to the same date 12 months prior. This growth is down slightly from the 6.5% increase in unit occupancy and 0.8% price hike per let square foot registered in the firm's year end results from July.
Chief executive Andrew Jacobs said: "Lok'nStore's successful execution of its strategy, pipeline of new landmark stores and strong balance sheet gives us confidence that the company can continue to deliver future growth."
On top of the new store in Gillingham and a flagship branch in Wellingborough set to open in March, the company has acquired a new site in Bournemouth and has plans for branches in Dover, Exeter, Bedford and Ipswich, all of which are hoped to be open by the end of FY2019.
"Our strong pipeline of six more landmark stores will add further momentum to sales and earnings growth. All six stores are in prominent locations with large catchment areas that demonstrate the company's ability to source high quality sites adding to future sales and earnings growth," Jacobs said.
As of 0815 GMT, Lok'nStores shares had risen 0.68% to 372.50p.