Lok'nStore Group PLC Pre-close trading update (6374I)
12 August 2019 - 4:00PM
UK Regulatory
TIDMLOK
RNS Number : 6374I
Lok'nStore Group PLC
12 August 2019
12 August 2019
Lok'nStore Group plc
("Lok'nStore", the "Company" or the "Group")
Pre-close trading update
"Robust sales growth, eight more landmark stores in development
and increased financial firepower"
Lok'nStore, the fast growing AIM listed self-storage company, is
pleased to provide the following update on trading in the financial
year to 31 July 2019.
Trading in FY2019 was strong with revenue in the self storage
business up 8.7%. At 31 July 2019 self-storage unit occupancy was
up 6.0% and price per let sq. ft. was up 0.6% compared to the same
date twelve months ago.
Delivering on our growth strategy, we have opened four new
landmark stores in Dover, Cardiff, Exeter and Ipswich, as well as
acquiring an existing store in Hedge End, Southampton. We are on
site in Leicester and Gloucester which will open during FY2020 and
have exchanged contracts on two further landmark sites in Stevenage
and Warrington.
In January 2019 we disposed of the document storage business for
GBP7.64 million and completed the sale and manage-back of the
Crayford store for GBP7.52 million in February 2019. The proceeds
will be reinvested back into new faster growth landmark stores.
During the year we secured a new GBP75 million five year
revolving credit facility which will provide funding for site
acquisition and development to support the Group's ambitious growth
plans. The facility also provides for a GBP25 million accordion
uplift to GBP100 million and runs to 2024 with an option for two
one year extensions. With net debt of GBP29 million at 31 July 2019
the Company has headroom of around GBP71 million for new landmark
stores.
Preliminary results will be announced on Monday 4 November
2019.
Andrew Jacobs, CEO of Lok'nStore said:
"We have delivered another strong trading performance this year
with 8.7% growth in revenue. Trading at our new stores has been
encouraging. With our secured pipeline of eight new landmark sites
which will add 27% to trading space we are delivering on our
objective of growing rapidly by acquiring new sites.
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/Jake Thomas 020 3757 4980
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END
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