Safestore locks in solid revenue and EBITDA gains

Safestore has posted a 10.8% hike in revenue in its full-year results, generating £143.9m. During the year to 31 October 2018 the self-storage specialist saw its underlying EBITDA grow by 11.4%  to £82.9m, while occupancy rose by one percentage point to 73.6%. EPRA NAV per share also jumped by 22.2% to £4.02. The group’s loan-to-value ratio stood at 30% at the end of October. Safestore also announced that after nearly 10 years with the group, chairman Alan Lewis plans to retire from the board. Frederic Vecchioli, chief executive at Safestore, said: ”Our strong balance sheet continues to provide the flexibility to target selected development and acquisition opportunities as they arise. “The company is in an excellent position and, as ever, our top priority remains the significant organic growth opportunity represented by the 1.7m sq ft of currently unlet space in our existing fully invested estate.”   To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette