Lok'nStore Group PLC Pre-close trading update (6574W)
February 13 2017 - 2:00AM
UK Regulatory
TIDMLOK
RNS Number : 6574W
Lok'nStore Group PLC
13 February 2017
13 February 2017
Lok'nStore Group plc ("Lok'nStore" or "the Company")
Pre-close trading update
"Revenues up - four new stores under construction"
Lok'nStore, the fast growing self-storage Company, is pleased to
provide the following update on trading in the first half of its
financial year to 31 January 2017.
Building on the positive momentum of FY2016, trading in the
first half of FY2017 has remained solid. In our core self-storage
business the first half revenue was up 3.9% year-on-year. At 31
January 2017, self-storage unit occupancy was up 4.6% and price per
let square foot was unchanged compared to the same date 12 months
ago.
In our serviced document storage business, revenue grew by 8.8%
against the same period last year. The number of boxes stored
increased by 8% and the number of tapes increased by 27% over the
twelve months to the end of January 2017.
In November 2016, in response to demand for the Company's shares
and to improve liquidity the Company sold 1,975,000 shares from
treasury raising GBP7.9m to further strengthen the balance sheet.
In January 2017 the Company signed a 2 year extension to its
existing GBP40 million bank facility. The facility which was due to
expire in January 2021, will now run for the next six years until
January 2023 providing funding for more landmark site acquisitions
and working capital.
The Company continues its new store opening programme and has
commenced development on all four of the new sites acquired in the
last financial year.
Interim results will be announced on Monday 24 April 2017.
Andrew Jacobs, CEO of Lok'nStore said:
"We have built on the solid turnover and profits growth of last
year in the first half of our financial year 2017 with a 3.9 %
growth in revenue in our core self-storage business.
"We are now on site in all four of our pipeline stores in
Broadstairs, Gillingham, Hemel Hempstead and Wellingborough. All
four should be open by the end of our 2017 financial year and will
provide added impetus to sales and earnings growth.
"The recently announced two year extension on our existing
banking facility with its extremely competitive terms and flexible
structure further highlights the financial strength of Lok'nStore.
With our modest gearing, valuable property assets and strong and
growing cash flow the Group will continue to execute its current
successful growth strategy."
Enquiries:
Lok'nStore
Andrew Jacobs, CEO
Ray Davies, Finance Director 01252 521 010
finnCap Ltd
Julian Blunt, Giles Rolls,
Corporate Finance
Alice Lane, Corporate Broking 020 7220 0500
Camarco
Bill Clegg / Tom Huddart 0203 757 4980
Notes for Editors
Lok'nStore is one of the leading companies in the fast growing
UK self-storage market, currently operating 26 highly visible,
distinctive orange livery self-storage centres in prominent
locations in South-East England and two serviced document storage
sites. Lok'nStore is substantially into a programme of opening four
new stores in Gillingham, Wellingborough, Broadstairs and Hemel
Hempstead which will all open by the end of the 2017.
This information is provided by RNS - The company news service
from the London Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTTMMFTMBJBBAR
(END) Dow Jones Newswires
February 13, 2017 02:00 ET (07:00 GMT)
Lok'n Store (LSE:LOK)
Historical Stock Chart
From Apr 2024 to May 2024
Lok'n Store (LSE:LOK)
Historical Stock Chart
From May 2023 to May 2024