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The share price of AIM-listed self-storage company Lok’nStore (LON:LOK) rose by 5.71% to 444p (as of 12:00 GMT) after it announced revenue growth of 7.7% during the six months ended 31st January. Occupancy rates at the end of January were 800 basis points and rents per square foot were 1.4% above the same point a year ago.
Chief executive officer Andrew Jacobs commented: “Our positive trading performance continues with strong growth in the core self storage business of 9.2% for the first half of the year. The strategic disposal of Saracen provides capital to fund the ongoing investment into our highly accretive development pipeline of new self-storage centres.
“Recently opened landmark stores are trading well and contributing to revenue growth. As most costs of trading additional self-storage centres are fixed, this revenue growth will have an increasing impact on EBITDA in the coming years. This underpins our confidence that our strong pipeline will add further momentum to our highly quality income stream.
We look forward to opening more new landmark stores and adding further momentum to sales and earnings growth“.