Lok'n Store robust trading continues

Self-storage firm Lok'n'Store said trading for the first half of the financial year has been in line with expectations.

Self-storage firm Lok'n'Store said trading for the first half of the financial year has been in line with expectations.

The group said strong occupancy growth supported by VAT changes helped trading for the year to January 31st 2013, with revenue for the period up 2.2% on last year.

"Our lead indicators are also good, with occupancy at January 31st up 6.1% year-on-year," it said.

This compares to last year when occupancy was down 0.3% in its traditionally weaker period.

Lok'n Store also noted that since the harmonisation of VAT across the UK self-storage industry on October 1st 2012, the number of move-ins soared 12.4% from the same period a year earlier.

CEO Andrew Jacobs explained: "The harmonisation of VAT across the UK self-storage sector has benefited Lok'nStore with our major competitors having to register for VAT, while our own business was already VAT compliant."

"Activity levels across the portfolio have been robust, reflected by our strong occupancy growth of 6.1% year-on-year. We expect this to continue into the second half and into the next financial year."

Jacobs also offered an upbeat outlook, citing robust revenue and occupancy growth from existing stores, combined with the opening of its new Maidenhead store later this year and the Aldershot store in 2014.

"This will provide continued impetus for our sales growth," he added.

CJ

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
The FTSE 100 has clawed back above 7,000 – how much higher can it go?
UK stockmarkets

The FTSE 100 has clawed back above 7,000 – how much higher can it go?

The FTSE 100 index has risen to over 7,000 for the first time in over a year – it now sits just above where it was in 1999. But its era of neglect cou…
19 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021