AIM-listed self storage company Lok’n’store (LON:LOK) saw its share price rise by 1.76% to 590.20p (as of 14:05 BST) after publishing a pre-close statement for the year ended 31st July. Self storage revenues were up by 6.3% with occupancy rising by 5.9% relative to the prior year. Trading was more subdued during lockdown, but the situation has significantly improved since May.
Chairman Andrew Jacobs commented: “Against the current unsettled economic circumstances Lok’nStore’s trading remains resilient with 6.3% growth in self-storage revenue and occupancy up 5.9%. We continue to execute our objective to open more landmark stores whilst remaining conservatively geared with landmark stores in Gloucester, Oldbury and Leicester now open and the Salford store due to open early next year.
“With our modest gearing, valuable property assets and strong and growing cash flow the Group will continue to execute its current growth strategy as the economy returns to normal. The strong pipeline of new stores will add considerable momentum to sales and earnings growth over the medium term allowing further increases in dividends“.