Lok'nStore enjoys revenue and profit rise
Self storage group Lok'nStore has seen profit rise as it benefited from an increased occupancy rate.
The firm, which has a site in Oldbury and is opening a new one in Wolverhampton, now expects further revenue and profit growth on the back of this.
Group revenue for the year ended July 31 2021 was £21.9 million, up 21.3 per cent from £18.04 million the previous year. Operating profit increased 29 per cent to £7.46 million.
Meanwhile, total occupied space was up 35.3 per cent.
Andrew Jacobs, executive chairman of Lok'nStore Group, said: "Lok'nStore's business has moved ahead significantly with revenue up 21.3 per cent on last year. Trading since the year end has continued to be good.
"We have made significant progress on our new store pipeline, with two new stores opened in the period and one existing store acquired contributing to our net asset value per share growth of 31.6 per cent. Three stores are currently under construction opening early 2022, and four more are soon to commence. This pipeline of new stores delivers 38 per cent more space and will add further momentum to sales and earnings growth.
"Our strategy remains to open more landmark stores while maintaining a conservative balance sheet. We will continue this exciting period of growth, building asset value and increasing dividend income for our shareholders."
