Lok'nStore Group PLC Pre-close trading update (4333N)
August 09 2017 - 2:00AM
UK Regulatory
TIDMLOK
RNS Number : 4333N
Lok'nStore Group PLC
09 August 2017
09 August 2017
Lok'nStore Group plc ("Lok'nStore" or "the Company")
Pre-close trading update
"Another year of consistent revenue and occupancy growth - seven
landmark stores in development "
Lok'nStore, the fast growing self-storage Company, is pleased to
provide the following update on trading for its financial year
ended 31 July 2017.
Adding to a strong first half of FY2017, like for like* revenue
in our core self-storage business was up 5.5% for the year. At 31
July 2017 like for like* self-storage unit occupancy was 6.5%
higher and price per let square foot increased 0.8% like for like*
over the year.
In line with our growth strategy of building more landmark
stores Lok'nStore recently announced the development of four
landmark stores in Bedford, Ipswich, Exeter and Dover. All four
sites are in prominent locations with large catchment areas that
demonstrate the Company's ability to source high quality sites to
add to future sales and earnings growth. This takes the stores
currently under development to 7 stores with 338,300 sq. ft. of new
capacity, adding 26.1% to the existing trading space of 1.29
million sq. ft. The three new stores acquired last year in
Gillingham, Wellingborough and Hemel Hempstead are all in their
final phase of development and will all be open by early 2018.
Bedford, Ipswich, Exeter and Dover are scheduled to open towards
the end of 2018.
During the year we sold all of the 2,466,869 treasury shares to
a number of institutional investors at GBP4.00 per share (1,975,000
shares) and GBP4.25 per share (491,869 shares). The funds received
will be used to fund the development of our new landmark store
pipeline.
Full year results will be announced on 30 October 2017.
Andrew Jacobs, CEO of Lok'nStore said:
"We have delivered another strong trading performance in this
financial year delivering a 5.5% growth in like for like* revenue
in our core self-storage business.
Trading at our new landmark stores in Broadstairs, Bristol,
Southampton, and Chichester has been excellent. This underpins our
confidence that our strong pipeline of seven landmark stores will
add yet further momentum to sales and earnings growth.
The sale of the treasury shares has allowed us to keep our LTV
at an exceptionally low level while we continue to recycle the cash
into the development of our new stores.
Lok'nStore's strategy of expanding the operating footprint of
the business by developing both Managed Stores and Owned Stores
while maintaining its strong balance sheet combined with our
flexible banking facility give us confidence that Lok'nStore can
continue to deliver growing dividends for its investors from an
increasing number of stores."
-Ends-
* All self-storage revenue and occupancy growth rates are
like-for-like and year to year stripping out the effect of the
closure of our Staines store in January 2017
Enquiries:
Lok'nStore
Andrew Jacobs, CEO
Ray Davies, Finance Director 01252 521 010
finnCap Ltd
Julian Blunt / Giles Rolls, Corporate Finance
Alice Lane, Corporate Broking 020 7220 0500
Camarco
Billy Clegg / Tom Huddart 0203 757 4980
This information is provided by RNS
The company news service from the London Stock Exchange
END
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