Challenges remain for Safestore

Storage space provider Safestore said total revenue during the first quarter of 2012 grew by 6.7% from the same period last year, driven by a strong performance from its Paris market but cautioned that wider economic challenges remain.

The group, which opened two new stores in the quarter at New Southgate in London and Gonesse in the Paris region, said year on year revenue at its Paris business increased 9.6%, followed by London and South East at 6.5% and the rest of the UK at 4.4%.

RevPAF increased by 3.4% compared to the same quarter in 2011, driven by higher occupancy, a marginally lower rental rate and the additional MLA from our recent store openings, Safestore explained.

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Total revenue for the first quarter of 2012 was £24.6m, up 6.7% from the same period last year. Total revenue per available foot (RevPAF) for was £19.24, an increase of 3.4% over the first quarter of 2011.

Chief executive officer Peter Gowers commented, "Since the year end, Safestore has continued to see strong demand for self-storage and has delivered another quarter of good occupancy and revenue growth."

"Our business continues to perform well and to respond to our increased focus on marketing and yield management. While the challenges of the wider economic environment remain, our scale and market leadership position us well for the future."