Profits and revenue rise for self-storage group Lok'nStore

Self-storage group Lok'nStore has reported a rise in pre-tax profit and revenue.

Lok'nstore at Pantheon Park, Wednesfield Way
Lok'nstore at Pantheon Park, Wednesfield Way

The firm, which has stores at Oldbury and Wolverhampton, said that pre-tax profit was £15.9 million for the year ended July 31 compared with £6.4m for the same period last year. Meanwhile, revenue rose to £26.9 million from £21.9m.

The company said that business momentum has persisted into fiscal 2023, with strong year-on-year revenue growth on a same store basis.

Chairman Andrew Jacobs said: "We are on site at four new landmark stores which will open within the next 12 months and can be completed using cash on hand.

"This pipeline of new stores will add further momentum to sales and earnings growth. We have reduced our net debt to £20.3m and our business model enables us to build out the pipeline as market circumstances dictate.

"We are growing the business from a strong financial platform that gives us great flexibility to respond to market circumstances.

"The continued strong demand and high occupancy levels across our stores give us pricing opportunities in the coming year."

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