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Interim Results

Safestore boosts H1 pretax profit, dividend

15 June 2017 07:42

Safestore has boosted its H1 pretax profit to £55.0m, from £49.1m, with dividend rising to 4.2p a share, from 3.6p. It said it remained on course to meet directors' FY expectations.

This was as revenue grew to £57.4m, from £53.6m.

CEO Frederic Vecchioli said Safestore performed well in the first half of the year and continued to build on the strong earnings and dividend growth achieved over the last four years.

"Notwithstanding the uncertain macro-economic backdrop, the group continues to generate a record number of enquiries across its entire platform," he said.

"In addition to solid growth in our existing business, our recently acquired Space Maker business and the five new stores opened during the last twelve months are trading well. I am delighted to announce the addition of another site in Paris, at Combs-la-Ville, which opened earlier this month."

As the company entered its peak trading period, it continued to see good levels of interest in self-storage in the UK and increasing momentum in Paris.

"We are well placed to meet this demand with our 1.7m square feet of currently unlet, fully invested space," said Vecchioli in a statement.

"I am delighted with our recent refinancing which further reduces our ongoing finance costs, increases our debt maturity and improves our balance sheet capacity and flexibility, allowing us to continue to seek selected development and acquisition opportunities.

"The company is in a strong position and remains on-course to meet the board's full year expectations."

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Related Company: SAFE

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