Safestore expects to meet expectations as third quarter revenue grows
Safestore Holdings PLC on Thursday said it is encouraged by ‘continued momentum’ and expects to meet forecasts as it reported increased revenue during the third quarter of the year.
The Hertfordshire, England-based self-storage provider said revenue increased 5.8% to £59.6 million in the three months to the end of July from £56.3 million a year ago.
Closing occupancy was down to 78.3% at the end of the period, from 79.4% a year prior. The average storage rate was £29.96, up 1.8% from £29.44, while revenue per available foot fell 0.4% to £27.48 from £27.60.
Like-for-like revenue for the quarter at constant exchange rates was up 3.4% at £57.9 million from £55.9 million. Like-for-like UK revenue for the quarter was 2.8% higher, supported by ‘robust demand from domestic customers’.
Like-for-like Paris revenue in the third quarter was up 1.7% due to increased occupancy levels. Like-for-like revenue in expansion markets grew 13%.
Like-for-like closing occupancy was at 81.8% of the current leasable area, compared to 81.4%.
Safestore said recently opened stores were ‘performing well’.
It continues to expect to be in line with earnings per share expectations for the full year. The firm put consensus expectations for EPS of 40.2 pence per share, compared to 42.3p for financial 2024.
‘We are encouraged with our continued momentum with growth coming across all markets driven by both LFL stores and our new store opening programme. In particular, we have seen a continuation of the improving trajectory in UK performance driven by robust domestic customer demand and the benefits from our space partitioning programme,’ said Chief Executive Officer Frederic Vecchioli.
‘Our development pipeline remains on track with two new stores opened adding 107,400 square foot of new space to the portfolio with over 700,000 sq ft expected to be delivered in the current financial year.’
Shares in Safestore Holdings were up 0.7% at 627.65p in London on Thursday morning.
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