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%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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."
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
