Safestore FY underlying EBITDA falls

(Sharecast News) - Self-storage provider Safestore said on Thursday that underlying earnings had fallen in the 12 months ended 31 October on the back of a modest reduction in revenues. Safestore said underlying EBITDA had fallen 4.8% to £135.4m, reflecting market inflationary pressures on key cost lines and the impact of new developments, while revenues were down 0.3% at £223.4m. Adjusted diluted EPRA earnings per share were 11.7% lower at 42.3p.

The FTSE 250-listed group also noted that net debt had risen from £810.3m to £899.5m and said it had exercised an RCF accordion option to increase the facility's size by £100.0m to £500.0m and increase the maturity date by one year to November 2028.

Safestore, which opened ten new stores and extensions in the year, also stated that its portfolio had delivered a 13.6% increase in property revaluation to £3.28bn

Chief executive Frederic Vecchioli said: "We have delivered resilient operating performance in challenging market conditions and have made good progress on our strategic priorities. "

As of 0850 GMT, Safestore shares were down 4.21% at 636.51p.







Reporting by Iain Gilbert at Sharecast.com