Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020