Strong half year for Safestore

Self storage group Safestore, which has sites in Quarry Bank, Oldbury and Wednesbury, delivered a strong trading performance in the six months to the end of April.

The Safestore site at Sun Street, off High Street, Quarry Bank
The Safestore site at Sun Street, off High Street, Quarry Bank

The group saw revenue grow by 14.6 per cent to £101 million with pre-tax profit up 70.5 per cent to £285.2m helped by increased gain from investment properties.

Occupany was up 9.8 per cent at its sites to 6.1 million sq ft with revenue from storage rising 15.1 per cent to £83.3m

The total group development and extension pipeline is now at 23 stores which would add 983,000 sq ft of space.5%

Chief executive Frederic Vecchioli said: "Alongside the excellent operational performance we have made further strong strategic progress."

He said Safestore had continued its expansion in European markets.

"Whilst performance in the first half of the year has been very strong we are conscious of the inflationary and cost of living pressures ahead. We have assessed our cost base and construction projects in the light of these factors and feel confident that we have the yield management capability and cost discipline to mitigate the likely cost inflation," he added.

Mr Vecchioli thanked all staff for their commitment and resilience and for how they hade responded to the unprecedented challenges caused by the Covid-19 crisis over the last two years.

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