Safestore profits and revenue rise
The Safestore group saw profits and turnover rise in the six months to the end of April despite the start of the coronavirus pandemic in the UK.
Revenue rose 8.5 per cent to £79.3 million and pre-tax profits were ahead 161 per cent to £99.7m from £38.2m in 2019 driven by an increased gain on investment properties of £64m.
Safestore, which has sites in Quarry Bank, Oldbury and Wednesbury, saw its total area let rise 3.7 per cent to 4.82 million sq ft.
The group has no plans to access the Government's Covid-19 support schemes with enquiries, new lets and occupancy back above pre-lockdown levels.
Chief executive Frederic Vecchioli said: "I am pleased to report a strong performance in a period which included the onset of the Covid-19 pandemic. Over the last three months, our priority has been the health and well-being of our customers and colleagues. We have continued to operate our stores in all geographies in line with government guidance with restricted opening hours and minimal contact between staff and customers.
"As lockdown measures have relaxed, we have moved towards fuller operational practices, providing personal protective equipment to employees and adhering to government guidance on social distancing measures. As expected, our business is demonstrating the inherent resilience of the model.
