Lok'nStore Group reports an impressive performance from landmark stores in the year to the end of July - with more to come.
The group reports robust growth in asset value and record financial results ahead of expectations:
- Adjusted net asset value per share up 27.6% to £3.86 (2015: £3.02)
- Group revenue £16.06 million up 4.1 % (2015: £15.42 million) - like for like (LFL) up 7.6%
- Group Adjusted EBITDA £6.30million up 10.8% (2015: £5.68 million) - LFL up 14.0%
The group said strong cash flow supports 12.5% dividend increase:
_ Annual dividend 9 pence per share up 12.5% (2015: 8 pence per share)
- Cash available for Distribution (CAD) 4 18.1 pence per share up 17.7% (2015:15.4 pence)
Net debt fell to £23.5 million (2015: £25.3 million) and loan to value ratio was down to 20.8% (2015: 25.8%)
Chief executive Andrew Jacobs said: "2016 was an exciting year for Lok'nStore executing on all of our objectives across our strategy. Our adjusted net asset value per share has increased by 28% this year as a result of strong trading in existing stores, in combination with new store openings and the market's increasing appetite for well-located landmark self-storage centres.
"Our new store development programme continues to change the balance of our store portfolio with new and purpose built stores accounting for around 63% of the portfolio. During the year we opened three new stores which are all trading well and acquired sites for four further new landmark stores which will increase space a further 14%.
"Lok'nStore's low level of debt, our new banking facility on significantly improved terms and the strong growth of the business means that this rapid development programme can be financed from cash flow and existing bank facilities, while increasing the dividend by 12.5%."