Lok'n'Store profit soars

Self-storage firm Lok'n'Store ramped up half year profit and underlined its confidence in future trading with an increased dividend payment.

Self-storage firm Lok'n'Store ramped up half year profit and underlined its confidence in future trading with an increased dividend payment.

Pre-tax profit soared 64.2% to £0.77m in the six months to January 31st 2013 from the same time a year earlier while revenue increased to £6.55m from £6.41m a year earlier.

Operating profit climbed 36.2% to £1.34m in the six-month period. An interim dividend of 1.67p per share has been offered, up 67% from the same period in 2012.

Self-storage revenue rose 3.6% to £5.62m while self-storage unit occupancy was up 8.4%.

CEO Andrew Jacobs commented: "Activity levels across the portfolio have been excellent, reflected by our strong self-storage unit occupancy growth year-on-year. We expect this momentum to continue into the second half."

"Revenue and occupancy growth from our existing stores, combined with the opening of the new Crawley, Maidenhead and Aldershot stores take us to 25 stores, and will provide continued impetus for our sales growth," he added.

The group added that its low-risk, stable, income producing asset with built-in growth gives it confidence in the outlook for the group.

CJ

Recommended

Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Three fast-growing, undervalued UK mid-cap stocks to buy now
Share tips

Three fast-growing, undervalued UK mid-cap stocks to buy now

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing UK mid-cap stocks to buy now.
18 May 2022
Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022