Safestore profit falls on financing costs

Safestore Holdings posted a fall in annual profit after rising revenue was offset by higher financing costs.

Pre-tax profit for the year through October fell 16.9% to £78.9m, despite revenue rising 12.6% to £129.9m.

Underlying Ebitda, which strips out the one-off financing costs, rose by 10.7% to £72.9m.

"The refinancing of our borrowings earlier in the year has resulted in a strengthened, efficient, low cost balance sheet which gives us the flexibility to continue to target selected development and acquisition opportunities," chief executive Frederic Vecchioli said.

"We enter the new financial year in a strong position with substantial growth potential from the integration of Alligator Self Storage and the development of three new sites."

"However, our priority and the largest opportunity remains the significant upside from our 1.7m square feet of invested unlet space. We remain confident in the future and focused on the continued delivery of value to all shareholders."

At 9:23am: (LON:SAFE) Safestore Holdings PLC share price was +3.9p at 480.9p