UK's Safestore H1 revenue rises on like-for-like growth, store openings

Safestore Holdings

Today 07:12

Overview
UK self-storage operator's H1 revenue rose 6.9% yr/yr, driven by expansion and LFL growth
Adjusted diluted EPRA EPS grew 2.1%
Operating profit fell 52.8% due to stable property values versus prior-year gains

Outlook
Safestore projects FY 2026 EPS at lower end of consensus range due to higher interest rates
Company expects underlying net finance costs to rise £2-£3 mln in FY 2026
Safestore plans capital expenditure of £86 mln on new stores for FY 2026

Result Drivers
EXPANSION PROGRAMME - Revenue growth supported by new store openings and expansion into additional markets
UNIT PARTITIONING - Conversion of larger units to smaller, higher-yielding units in the UK drove higher average rates and supported revenue growth
DOMESTIC CUSTOMER DEMAND - Robust demand from domestic customers in the UK contributed to like-for-like revenue growth

Company press release: ID:nRSK8478Ha

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
GBP 120.60 mln
 
H1 Adjusted EBITDA
 
GBP 67.90 mln
 
H1 Operating Profit
 
GBP 53.30 mln
 
H1 Pretax Profit
 
GBP 36.30 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy"
Wall Street's median 12-month price target for Safestore Holdings PLC is GBp850.00, about 34.5% above its June 10 closing price of GBp632.00
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 18 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)