Safestore Holdings posts 6% rise in Q1 sales on continued strong trading

Self-storage provider Safestore Holdings reported a 6% year-on-year increase in first-quarter revenue to £37.2m as the strong trading momentum seen in the second half of 2018 in the UK and Paris markets continued.

Like-for-like occupancy rates were up 3.2 percentage points at 73.5%, with the UK climbing 2.6 percentage points and Paris 6 percentage points.

UK revenue growth of 5.3% reflected store openings in Mitcham and Paddington Marble Arch in 2018, which were both performing well, offset by the closures of Merton, Paddington and Leeds. The Paris business had an even stronger quarter, growing total revenue by 8.3%.

"We are pleased with the start to the 2019 financial year, which is in line with our expectations, and remain confident in the future and focused on the continued delivery of shareholder value." said CEO Frederic Vecchioli.

At 8:22am: (LON:SAFE) Safestore Holdings PLC share price was +1.5p at 575p