Lok'nStore Group PLC Pre-close trading update (8469W)
06 August 2018 - 4:00PM
UK Regulatory
TIDMLOK
RNS Number : 8469W
Lok'nStore Group PLC
06 August 2018
06 August 2018
Lok'nStore Group plc
("Lok'nStore", the "Company" or the "Group")
Pre-close trading update
"Strong growth with nine landmark stores in development"
Lok'nStore, the fast-growing self-storage company, is pleased to
provide the following update on trading in the financial year to 31
July 2018.
Trading in FY2018 was strong with Lok'nStore Group revenue up
6.0% year-on-year. At 31 July 2018 self-storage unit occupancy was
up 7.7% and price per let square foot was up 0.5% compared to the
same date 12 months ago.
Delivering on our strategy of rapid growth, we have opened three
new landmark stores in the last 12 months in Hemel Hempstead,
Gillingham and Wellingborough which are all trading well. During
the year we have also acquired 5 new locations bringing our total
secured pipeline to 9 landmark stores.
The current pipeline adds 39% to freehold trading space and 54%
to the managed store portfolio delivering a 35% increase in overall
trading space. We are on site at Cardiff, Exeter and Dover and will
open all three during FY2019. Development sites in Ipswich,
Bedford, Bournemouth, Gloucester, Leicester and Cheshunt will be
open by the end of FY2020.
During the year we increased our bank facility by GBP10 million
to GBP50 million, of which GBP37.3 million was drawn at year end.
The facility will provide funding for new store openings, site
acquisitions and working capital to support the Group's ambitious
growth plans.
Preliminary results will be announced on Monday 29 October
2018.
Andrew Jacobs, CEO of Lok'nStore said:
"We have delivered another strong trading performance this year
delivering 6.0% growth in revenue. Trading at our new stores in
Broadstairs, Bristol, Hemel Hempstead, Gillingham and
Wellingborough has been excellent. Having opened three new stores
in the period we also acquired five more new landmark sites giving
us a secured pipeline of nine stores.
"We are delivering on our objective of growing rapidly by
acquiring sites to develop new landmark stores and to increase the
number of stores we manage under the Lok'nStore brand for third
parties. In executing our strategy we are producing predictable
growth in dividends for investors from an increasing number of
stores underpinned by a growing cash flow and asset base."
-Ends-
Enquiries:
Lok'nStore
Andrew Jacobs, CEO
Ray Davies, Finance Director 01252 521010
finnCap Ltd
Julian Blunt/Giles Rolls, Corporate Finance
Alice Lane, Corporate Broking 020 7220 0500
Camarco
Billy Clegg/Tom Huddart/Oliver Head 020 3757 4980
Notes to Editors
Lok'nStore is one of the leading companies in the fast growing
UK self-storage market, currently operating 29 highly visible,
distinctive orange livery stores in prominent locations in
South-East England and two serviced document storage sites.
This information is provided by RNS, the news service of the
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END
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