Safestore Holdings PLC on Thursday said it expects to meet management guidance for its annual performance, following a strong third quarter from all businesses.
For the three months that ended July 31, the self-storage space provider said revenue rose 15% to £54.7 million from £47.6 million the same period a year before.
In the UK, Safestore’s revenue grew 12% year-on-year to £41.3 million, as the average storage rate rose 16% to £28.50. The smaller Paris business reported a 5.7% rise in revenue at £12.3 million, as the average storage rate increased 4.5% to €40.16, while the closing occupancy edged upwards to 82.8% from 81.7%.
In addition to this, Safestore benefited from a four-month revenue contribution of €3.3 million from the Benelux businesses which were acquired in March.
The group’s closing occupancy rate dropped to 84.3% from 85.7%, however the average storage rate increased 8.9% to £28.59 from £26.26.
For the nine-month period, group revenue rose 15% year-on-year to £155.7 million from £135.7 million.
Looking ahead, for the year ending October 31, Safestore expects adjusted diluted EPRA earnings per share to be at least 47 pence, a 16% increase compared to 40.5p the year before.
‘We have delivered a strong occupancy performance over recent years, yet we still have 1.2 million square feet of fully invested currently unlet space in our UK, Paris, Spain and Benelux markets (not including our pipeline). Our most significant upside opportunity is from filling this space and that remains our priority. The business has demonstrated its inherent resilience in recent times and, with our recent and current trading, allows me to look forward with confidence,’ said Chief Executive Officer Frederic Vecchioli.
Shares in Safestore were down 0.1% at 1,030.00 pence on Thursday morning in London.
