Lok'nStore posts reports of increased revenue in FY23 update

In a trading update covering the year up until 31 July, Hampshire self-storage company Lok'nStore posted encouraging reports of increased revenue.

The company has provided percentage increases, precise figures are as of yet not available.

Self-storage revenue was up 5.3 per cent and Same-store self-storage revenue was up 12.1 per cent on the previous year.

H2 self-storage revenue increased by 11.2 per cent against the previous year, which, according to the firm, is slightly ahead of financial expectations.

Preliminary results for the year ending 31 July 2023 will be announced on Monday 30 October 2023.

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The firm attributes large parts of its performance to the opening of two new stores in Bedford and Peterborough, taking Lok'nStore's portfolio up to 42 stores in total.

Work is still ongoing at the firm's various sites Staines, Basildon and Kettering, stores that are all expected to open within the year.

In July 2023, the company raised approximately £20.5 million (gross) to support its growth ambitions developing new landmark stores in the structurally under-supplied UK self-storage market.

Andrew Jacobs, the company's Chair, said: "Revenue momentum in the year to 31 July 2023 has been robust with same-store self-storage revenue up 12.1 per cent against last year driven by continued strong demand.

"We continue to deliver on our strategy of opening more new stores in the under supplied self-storage market, adding 9.7 per cent to our owned available space in the last 12 months.  We are onsite at 3 further new stores, all of which will open in FY24 and have a secured pipeline of a further 8.  These new stores will accelerate our growth in cash flows to fund more dividends to shareholders and more growth of the business."

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