Lok’n’Store posts solid results

Lok’n’Store Group’s revenue rose by 6.44% to more than £18m in the year ended 31 July 2020, and the firm plans to open more stores in an “exciting period of growth” for the business. The UK self-storage company’s operating profit was up by 12.2% to £5.79m from £5.16m last year. Group adjusted EBITDA was also up, increasing by 10.4% to £9.65m from £8.75m the year before. It has a pipeline of 14 new stores in the making, which will take total stores to 49. Chairman Andrew Jacobs said the company was increasing its annual dividend by 8.3% to 13p per share. He added: “Our strategy remains to open more landmark stores in an under-supplied market while maintaining a conservative balance sheet, leading to an exciting period of growth.”   To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette