Lok’nStore gets a lift from strong half year

The price of shares in AIM-listed storage provider Lok’nStore (LON:LOK) increased by 2.18% to 679.50p (as of 09:20 GMT) after the firm reported an 11% rise in revenues for the six months ended 31st January. Unit occupancy was up by 24.7% and 81.6% of lettable space was in use during the half year.

Executive Chairman Andrew Jacobs commented: “Since the pandemic started, all of our teams have worked tirelessly to keep our stores open while keeping themselves and our customers safe. As an essential part of the local communities in which we operate, our people have been helping new and existing customers through extremely difficult times. I am proud of, and often humbled by their efforts.

“[…] We have also made significant progress on our new store pipeline, whilst remaining conservatively geared, with four of these currently under construction opening by early 2022. This pipeline of new stores will add considerable momentum to sales and earnings growth in the future“.