Safestore 1Q Revenue, Occupancy Rose On Strong U.K. Performance

Safestore Holdings PLC said Thursday that it’s fiscal 2022 first-quarter revenue and closing occupancy increased thanks to a strong performance in the U.K., complemented by good results from Paris and Spain.

The London-listed self-storage company said the strong momentum of the fourth quarter continued into the latest period, as revenue for the three months ended Jan. 31 rose to 50.9 million pounds ($69.1 million) from GBP44.4 million a year earlier.

Closing occupancy rose slightly, to 80.8% from 80.1% a year earlier, it said.

The company said that its new store pipeline already represents more than 10% of its existing portfolio’s maximum lettable area and that it expects the pipeline to grow further over the coming months.

Safestore said if its momentum persists throughout the rest of the year, it expects to deliver adjusted diluted EPRA earnings per share in line with market consensus, which is provided as 44.8 pence.

The business has demonstrated its inherent resilience in recent times and, with our recent and current trading, allows us to look forward with confidence,” Chief Executive Frederic Vecchioli said.


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