Lok'n Store robust trading continues

published 18 February 2013

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.

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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.