Lok’nStore shares increased 0.2% to 1,033p in late morning trading on Monday after the company reported a 17.3% climb in self-storage revenue and a 24.9% rise same-storage revenue in its HY1 2022 trading update.
The storage firm announced a 13% growth in pricing, with occupancy driven by strong demand for self-storage.
Lok’nStore confirmed its new store pipeline added 44.1% to owned trading space, with four new stores scheduled to open in FY 2023.
The company added three new Landmark stores in Warrington, Wolverhampton and Stevenage, taking its total number of portfolio trading stores to 40, with strong early trading in all new store units.
“Trading in the year to 31 July 2022 has been excellent with same-store self-storage revenue up 24.9% against last year driven by continued strong demand for self-storage across the UK,” said Lok’nStore executive chairman Andrew Jacobs.
“We have made significant progress on our new store pipeline, whilst remaining conservatively geared, including adding a new Landmark Store site in Bolton, Greater Manchester, in recent weeks. We are onsite at four new stores, all of which will open in 2023, accelerating our earnings growth in the future.”
“We will report on the updated valuation of our stores in our Preliminary Results and with our strong revenue growth and new stores opened during the year we expect our store values will rise to reflect this continued progress.”