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Safestore Q1 revenues rise 7.9pc
(Sharecast News) - Self storage group Safestore reported a solid start to the year on Thursday, with first‑quarter revenues rising 7.9% to £61.2m, or 6.3% at constant exchange rates, supported by growth across both like‑for‑like and newly opened stores. Safestore said like‑for‑like revenues increased 4.2% to £59.7m, with closing occupancy standing at 77.8% of current lettable area, up from 76.8% a year earlier, and average storage rates rising 4.8% to £31.19.
The FTSE 250-listed firm stated like-for-like Paris revenues were up 4.1% in the quarter, driven by both rate and occupancy growth, while like-for-like revenues in expansion markets were up 17.6%.
Chief executive Frederic Vecchioli said: "Safestore's performance in Q126 represents continued momentum from the strong results reported for FY25. We continued to deliver revenue growth across all markets through active management of both rate and occupancy in our mature and stabilising like-for-like estate, as well as contributions from our newly opened stores.
"New store openings remain on track, with the latest addition to our portfolio in the Paris region having opened in January 2026 and a further five stores expected to open before the end of FY26."
Reporting by Iain Gilbert at Sharecast.com
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