Safestore revenue up

Safestore has reported a 4.9% rise in its UK like-for-like revenue and a 9.4% increase in group revenue in the first quarter, compared with the same period last year. The UK self-storage group has 109 stores in the UK and 25 in Paris. In a trading statement for the first quarter, it said the UK revenue was driven by a 2.7% increase in occupancy. The addition of Space Maker at the end of July 2016 and the opening of four stores between August and November 2016 resulted in revenue increasing by 15.9%. Chief executive Frederic Vecchioli said: “Trading momentum across the estate in the first quarter has been good against the strong comparative period in 2016, with enquiries and new lets at higher levels than in previous years. As a result, our revenue performance is tracking well and in line with our guidance for both the UK and Paris.” UK operating performance: like-for-like Q1 2017 Q1 2016 Change Revenue (£m) 21.4 20.4 4.90% Closing occupancy (let sq ft million) 2.69 2.62 2.70% Closing occupancy (% of MLA) 69.10% 67.50% +1.6ppts Average storage rate (£) 25.35 24.81 2.20% UK operating performance – total Q1 2017 Q1 2016 Change Revenue (£m) 24 20.7 15.90% Closing occupancy (let sq ft million) 3.06 2.64 15.90% Closing occupancy (% of MLA) 67.00% 67.40% (0.4ppts) Average storage rate (£) 24.87 24.77 0.40% • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette