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Safestore Q125 revenues grow
(Sharecast News) - Self storage firm Safestore said on Thursday that it had delivered "improving like-for-like growth" across all markets during Q1, supported by growth from opened developments. Safestore said total revenues were up 2.6% at £56.7m in Q125, while closing occupancy increased 4.1% to 6.36m square feet and maximum lettable area grew 8.2% to 8.90m square feet.
On a like-for-like basis, revenues were up 1.7% at £55.8m, closing occupancy was up 1.4%, and REVPAF improved 1.2%.
However, total group closing occupancy was down 2.8 points at 71.5%, average storage rates fell 1% to £29.76 and revenue per available square foot slipped 4.5% to £25.63.
Chief executive Frederic Vecchioli said: "We are pleased to see like-for-like occupancy in the UK continuing the improving trajectory we saw in the second half of last year led by strong domestic demand with space occupied by these customers closing the quarter 7.3% ahead of last year.
"Whilst there remain macroeconomic uncertainties, we are confident of the position of the group to realise the opportunities for growth across our markets from both our existing portfolio and our development pipeline."
As of 0900 GMT, Safestore shares were up 2.98% at 601.90p.
Reporting by Iain Gilbert at Sharecast.com
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