REG - Lok'nStore Group - Trading Update

Lok'n StoreAnnouncement

14/08/2023 07:00

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RNS Number : 1457J  Lok'nStore Group PLC  14 August 2023

 

 

 

14 August 2023

Lok'nStore Group plc

("Lok'nStore", the "Company", "We" or the "Group")

Trading Update

"Momentum continues"

Lok'nStore, the fast-growing AIM listed self-storage company, is pleased to
provide the following update on trading for the year to 31 July 2023.

Highlights

·    Same-store* self-storage revenue up 12.1%

·    Total self-storage revenue up 5.3%

·    Pricing up 6.8%

·    9.7% increase in owned lettable space in FY23

·    3 new Landmark stores will open in FY24

·    Successful fundraising of £20.5 million (gross) to support growth

*Same-store analysis excludes the effect of new stores open in FY2023 and the
four stores sold on a sale and manage back basis on 31 January
2022.

Revenue momentum continues

Revenue growth in FY23 has remained strong with self-storage revenue up 5.3%.
 Same-store self-storage revenue* was up 12.1% on the previous year. H2
self-storage revenue increased by 11.2% against the previous year, slightly
ahead of expectations. Operating costs are in line with the expectations set
out in our interim results announced in April 2023.

Price per sq. ft. of occupied space was up a further 6.8% in the year driven
by continued strong demand.    Closing occupancy in stores over 3 years old,
which strips out the effect of the 108,890 sq.ft. of new space added in the
year, was 80.6% compared to 82.9% at 31(st) July 2022.  Total occupied unit
space was level with last year.

Further progress on new store pipeline

During the year we opened two new Landmark stores in Bedford and Peterborough
taking our total number of stores in the portfolio to 42.  Early trading in
these two stores has been very good.

Building work continues at 3 new Landmark store developments in Staines,
Basildon and Kettering, all of which are expected to be open within the next
12 months.  Remaining capital expenditure as at 31(st) January 2023 was
£13.7 million, adding a further 162,100 sq. ft. of trading space.

In July 2023, the Company raised approximately £20.5 million (gross) to
support its growth ambitions developing new landmark stores in the
structurally under-supplied UK self-storage market.

Preliminary results for the year ending 31(st) July 2023 will be announced on
Monday 30 October 2023.

 

Andrew Jacobs, Chair of Lok'nStore said:

"Revenue momentum in the year to 31 July 2023 has been robust with same-store
self-storage revenue up 12.1% against last year driven by continued strong
demand.

"We continue to deliver on our strategy of opening more new stores in the
under supplied self-storage market, adding 9.7% to our owned available space
in the last 12 months.  We are onsite at 3 further new stores, all of which
will open in FY24 and have a secured pipeline of a further 8.  These new
stores will accelerate our growth in cash flows to fund more dividends to
shareholders and more growth of the business."

 

 Enquiries:
 Lok'nStore                                       01252 521 010

 Andrew Jacobs, Chair

 Ray Davies, Finance Director

 Neil Newman, Managing Director
 finnCap Ltd                                      020 7220 0500

 Julian Blunt/Seamus Fricker, Corporate Finance

 Sunila de Silva, Corporate Broking
 Peel Hunt LLP                                    020 7418 8900

 Capel Irwin/Carl Gough/Henry Nicholls

 Camarco                                          020 3757 4991

 Billy Clegg/Tom Huddart/ Letaba Rimell

-Ends-

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