Lok'nStore Group PLC Pre-close trading update (2125O)
February 08 2021 - 2:00AM
UK Regulatory
TIDMLOK
RNS Number : 2125O
Lok'nStore Group PLC
08 February 2021
8 February 2021
Lok'nStore Group plc
("Lok'nStore", the "Company", "We" or the "Group")
Pre-close trading update
"Strong revenue and occupancy growth and expanding new store
pipeline"
Lok'nStore, the fast-growing AIM listed self-storage company, is
pleased to provide the following update on trading in the half year
to 31 January 2021.
Under government COVID-19 rules, self-storage businesses have
been designated as essential services and are permitted to operate
during the lockdowns. We provide storage solutions for many
customers in essential services including health care, emergency
services and food distribution. Self-storage is an increasingly
integral part of the logistics system within the UK with around 32%
of our business coming from commercial customers, many of whom are
relying on access to their storage space to continue their
essential businesses during lockdown. We have adopted stringent
social distancing and hygiene measures to ensure the safety of our
customers and staff while continuing to provide this key
service.
Trading in the first half FY2021 was strong with self-storage
revenue up 11.0% on the previous year. At 31 January 2021 unit
occupancy was up 24.7%, a gain of 175,897 sq. ft over 12 months.
This is a forward indicator of accelerating revenue growth.
Occupancy as a percentage of current lettable area was up from
67.1% last year to 81.6% this year. Price per sq. ft. of occupied
space was down 2.6% compared to the same date twelve months ago. In
supporting our customers, we have chosen not to implement price
increases to our existing customers throughout the COVID-19
period.
We continue to make significant progress on our new store
pipeline of 11 sites and we announced a detailed property pipeline
update to the market last Tuesday 2 February. Work has commenced at
four of these which are all scheduled to open by the end of 2021 or
early 2022. This pipeline of new stores will add considerable
momentum to sales and earnings growth over the medium term. More
sites for further new store openings are being actively
targeted.
Interim results will be announced on Monday 26 April 2021.
Andrew Jacobs, Executive Chairman of Lok'nStore said:
"Since the pandemic started, all of our teams have worked
tirelessly to keep our stores open while keeping themselves and our
customers safe. As an essential part of the local communities in
which we operate, our people have been helping new and existing
customers through extremely difficult times. I am proud of, and
often humbled by their efforts".
"I am pleased to report that occupancy grew by an unprecedented
175,897 sq.ft. up 25% over the previous year and this will feed
into further revenue and profit growth in the second half, and into
next year.
"We have also made significant progress on our new store
pipeline, whilst remaining conservatively geared, with four of
these currently under construction opening by early 2022. This
pipeline of new stores will add considerable momentum to sales and
earnings growth in the future."
The information communicated in this announcement contains
inside information
-Ends-
Enquiries:
Lok'nStore
Andrew Jacobs, Executive Chairman
Ray Davies, Finance Director 01252 521 010
finnCap Ltd 020 7220 0500
Julian Blunt/Giles Rolls, Corporate Finance
Alice Lane, Corporate Broking
Camarco 020 3757 4991
Billy Clegg/Tom Huddart
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END
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