Safestore revenue settles after ‘outperformance’

Revenue at Safestore has begun to settle after two years of “outperformance”. In a Q4 trading update, the self-storage firm said revenue had risen to £57.6m, by 1.4% for the quarter, or 4.8% for the year to date. On a like-for-like basis, revenue was down by 0.4% to £53.7m. Occupancy was down by 5.1%, or 3.2% on a like-for-like basis, to 77%. The group has opened four new stores and one extension since Q3, adding 150,000 sq ft to its 8m sq ft portfolio. Chief executive Frederic Vecchioli said: “After two years of outperformance in which the group delivered total like-for-like revenue growth of around 25%, 2023 has been a resilient year in which significant strategic and operational progress has been made.” Vecchioli said the group was now focused on a pipeline of a further 1.5m sq ft across 30 projects, which represents 18% of the existing market leasing assumption of the business. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image © Safestore