Lok’nStore core revenue up 3.9%

Lok’nStore saw revenue in its core self-storage business increase 3.9% year-on-year for the first half of its financial year to 31 January. Over the same period, self-storage unit occupancy was up 4.6% and price per let square foot was unchanged compared to the same date 12 months ago, the company said in a trading update. Revenue in its serviced document storage business grew by 8.8% against the same period last year. The number of boxes stored increased by 8% and the number of tapes increased by 27% over the 12 months to the end of January 2017. In November 2016, in response to demand for the company’s shares and to improve liquidity, the company sold 2m shares from treasury, raising £7.9m to further strengthen the balance sheet. In January 2017, the company signed a two-year extension to its existing £40m bank facility. The facility, which was due to expire in January 2021, will now run for the next six years until January 2023, providing funding for more landmark site acquisitions and working capital. The company continues its new store opening programme and has commenced development on all four of the new sites acquired in the last financial year. Andrew Jacobs, chief executive of Lok’nStore, said: “We are now on site in our pipeline stores in Broadstairs, Gillingham, Hemel Hempstead and Wellingborough. All four should be open by the end of our 2017 financial year and will provide added impetus to sales and earnings growth.” Interim results will be announced on 24 April. • To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette