Safestore revenues rise on new openings, UK demand
Self storage chain Safestore Holdings Plc reported a 6.1% rise in fourth quarter revenue year-on-year with positive contributions on a like-for-like and new stores basis.
Group revenue for the three months to October came in at £62m. In the year-to-date, sales were up 5% to £234m as Safestore opened two new sites in Paris during the period and two more in the UK post financial year end.
The company said it continued to expect to deliver in line with earnings consensus expectations for fiscal 2025 of 40.3p a share.
Like-for-like UK revenue for the quarter rose 3.4%, with robust demand from domestic customers, while in Paris sales were up 2% driven by increased occupancy levels.
"We are encouraged by our continued momentum across the business with growth in all markets, driven by both LFL stores and our new store opening programme. In particular, we have seen a continuation of the improving trajectory in UK performance driven by robust domestic customer demand and the benefits from our space partitioning programme," said chief executive Frederic Vecchioli.
"With the opening of four new stores taking our portfolio maximum lettable area to 9.3 million sq ft, our development programme has added 0.7 million sq ft of new MLA in the 2025 financial year, and a further 0.1 million sq ft so far in full-year 2026, with the remaining pipeline totalling 1.0 million sq ft on track."
Reporting by Frank Prenesti for Sharecast.com
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