Safestore H1 results boost share price

The price of shares in FTSE 250 self storage provider Safestore (LON:SAFE) increased by 3.06% to 740p (as of 12:20 BST) after it reported a 9% rise in revenues for the six months ended 30th April. Statutory profits before tax climbed by 161%, driven by valuation gains on the group’s property portfolio. Management said they had no plans to draw on the Government’s COVID support schemes and full operations should resume with PPE for all employees and social distancing measures in place.

CEO Frederic Vecchioli commented: “I am pleased to report a strong performance in a period which included the onset of the COVID-19 pandemic. Over the last three months, our priority has been the health and well-being of our customers and colleagues. We have continued to operate our stores in all geographies in line with government guidance with restricted opening hours and minimal contact between staff and customers. As lockdown measures have relaxed, we have moved towards fuller operational practices, providing personal protective equipment to employees and adhering to government guidance on social distancing measures. As expected, our business is demonstrating the inherent resilience of the model“.