Lok’n Store on the up as it locks in revenue growth

AIM-listed self-storage firm Lok’n Store (LON:LOK) has seen its share price climb by 4.38% to 572p (as of 12:50 GMT) as revenues grew by 10.3% during the year ended 31st July. Unit occupancy rose by 6% and pricing for occupied units increased by 0.6%.

CEO Andrew Jacobs commented: “Lok’nStore Group has had an excellent year successfully implementing our strategic objectives. We have created a strong platform for an exciting period of growth for Lok’nStore with revenue, profits and asset values all moving strongly ahead. Our adjusted net asset value per share has increased by a substantial 11.1% to £5.33 this year and we are raising the annual dividend by 9.1% to 12 pence per share. We have achieved a notable acceleration in our new store pipeline to 14 sites which will significantly increase operating space over the coming years”.

“With a strong balance sheet and low gearing helped by capital recycling, we will continue to build more landmark stores in an under-supplied market. This will add considerable momentum to sales and earnings growth and positions the Group well for the future“.