Lok’nStore posts 15% NAV increase

Lok’nStore has announced a rise in net asset value (NAV) per share and a surge in pretax profit for the year ended 31 July 2018. The self-storage company saw its NAV per share rise 15% from £4.16 to £4.80. So far this year, the company has opened three new stores, which together accounted for 29.2p of the overall increase in its NAV per share. It has plans to open three further stores in the near future. Meanwhile, its pretax profit jumped by 34%, from £3.97m to £5.3m. Its revenue rose to £17.75m, up 6.6% from £16.65m in 2017. Andrew Jacobs, chief executive of Lok’nStore, said: “We have created a strong platform for an exciting period of growth for Lok’nStore, with revenue, profits and asset values all moving ahead. “Lok’nStore’s strong balance sheet and strategy of opening new landmark stores position the group well for future growth.” To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette