Safestore Q3 revenues up 5.8pc amid continued momentum across all markets

(Sharecast News) - Self-storage firm Safestore said on Thursday that it had seen continued momentum across stores in all markets in the three months ended 31 July, supported by growth from opened developments. Safestore said total revenues were up 5.8% year-on-year in its third quarter at £59.6m, while like-for-like revenues advanced 3.5% to £57.9m. Year-to-date revenue was 4.2% higher at £172.4m.

Like-for-like UK revenues were up 2.8% in the quarter, supported by "robust demand" from domestic customers and the positive impact of unit partitioning, while like-for-like Paris revenues grew 1.7%, driven by increased occupancy levels, and like-for-like revenues in its expansion markets segment shot up 13.0%, with growth from both occupancy and rate.

Closing occupancy increased by 4.5% to 6.74m square feet in Q3, and average store rates improved 1.8% to £29.96. Revenue per available square foot, on the other hand, dipped 0.4% to £27.48.

Chief executive Frederic Vecchioli said: "We are encouraged with our continued momentum with growth coming across all markets driven by both LFL stores and our new store opening programme. In particular, we have seen a continuation of the improving trajectory in UK performance driven by robust domestic customer demand and the benefits from our space partitioning programme.

"Our development pipeline remains on track with two new stores opened, adding 107,400 sq ft of new space to the portfolio, with over 700,000 sq ft expected to be delivered in the current financial year. With these results and our ongoing trading, we continue to expect to be in line with EPS expectations for FY25."

Analysts currently expect Safestore to deliver full-year earnings per share of 40.2p.

Reporting by Iain Gilbert at Sharecast.com