Solid final quarter for Safestore Holdings

Writer, Stock Market Wire
Thursday, November 14, 2019 - 08:08

Safestore Holdings has reported a 5.6% increase in revenue in the fourth quarter.

The UK's fourth quarter performance was solid with the business growing total revenue by 5.9% and like-for-like revenue by 3.8%.

Performance was particularly strong in regional UK stores with like-for-like revenue up 5.0% whilst London and the South East grew by 2.9%.

Total revenue for the UK grew by 5.2% for the full year. This includes the newly acquired Heathrow store, management revenue from the Dutch joint venture business and the annualisation of 2018 new store openings in Mitcham and Paddington Marble Arch offset by 2018 closures in Deptford, Merton, Leeds and Paddington. Paris also reported revenue growth, up 4.8% compared to last year.

On a like-for-like basis, the business grew revenue by 2.9% for the quarter and by 5.6% for the full year. This was driven by average occupancy growth of 6.6% for the year.

At 8:08am: (LON:SAFE) Safestore Holdings PLC share price was +3p at 728p

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