Demand for space boosts Lok’nStore

Demand for storage space has enabled AIM-listed self-storage firm Lok’nStore to boost its revenue by 13.9% to £10.2m and operating profit by 17.3% to £5.5m. The firm said it had seen “unprecedented” occupancy growth in the six months ended 31 January, up by almost 25% since January 2020. As a result of demand, the group is opening 13 new sites to boost its floorspace by 38%. Chairman Andrew Jacobs said: “We continue to build our pipeline of prominent landmark storage centres, tapping in to deep latent demand for storage in the UK. As a result, we have achieved an unprecedented growth in occupied space of 24.7% in the period and this has driven strong growth of revenue and profit. “We have added to our new store pipeline, which increases operating space by 38% to more than 2.5m sq ft over the coming years. Continuing this exciting period of growth, our objective is to build more landmark stores in an under-supplied market while remaining conservatively geared delivering sustainable growth.” To send feedback, e-mail samantha.mcclary@egi.co.uk or tweet @samanthamcclary or @estatesgazette