Lok’n Store secures profit growth

The price of shares in AIM-listed self storage firm Lok’n Store (LON:LOK) rose by 4.80% to 550.20p (as of 15:45 GMT) after reporting that revenues rose by 6.04% during the year ended 31st July. Operating profits improved by 12.2% as occupancy increased by 10 basis points at level pricing.

CEO Andrew Jacobs commented: “This year Lok’nStore’s revenue , profits and asset values all moved ahead and trading since the year end has been good. We are raising the annual dividend by 8.3% to 13 pence per share, our ninth consecutive year of increasing dividends.

“14 new sites will add considerably to future sales and earnings growth, enabling further increases in dividends. Our strategy remains to open more landmark stores in an under-supplied market while maintaining a conservative balance sheet, leading to an exciting period of growth“.