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Trading statements

Safestore improves Q3 like-for-like revenue 9.2%

01 September 2016 07:38

Safestore has improved its Q3 like-for-like revenue 9.2% to £28.6m, from £26.2m, revenue otherwise up 7.1% to £28.6m, from £26.7m. It sees cash tax adjusted earnings a tickle over market views.

CEO Frederic Vecchioli commented:

"I am pleased to report continuing positive trading across the business and we remain, as ever, focused on the significant organic growth opportunity represented by our 1.2m square feet of currently unlet space from the existing estate.

"In addition, the recent completion of the acquisition of Space Maker and the opening of our newly redeveloped Wandsworth store in August further consolidates our leading UK market position and I look forward to the opening, on time and on budget, of an additional three stores in the UK and one in Paris in the coming weeks.

"Market dynamics remain favourable and, combined with positive current trading and the impact of the recent weakening of Sterling on the translation of our Parisian results, as we approach the end of the current financial year, we are confident in generating cash tax adjusted earnings slightly ahead of current market expectations."

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Related Company: SAFE

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