Safestore profit stacks up due to turnaround

Suzie Neuwirth
SAFESTORE, the London-listed self storage provider, yesterday revealed that its profits had stacked up in the first half of the year, thanks to an operational turnaround.

The firm, which has stores in the UK and France, unveiled a 7.2 per cent increase in core earnings to £26.9m, while revenue rose 7.5 per cent to £50.4m. Shares rose two per cent in early trading to 282.75p before settling to close flat at 277p.

Chief Frederic Vecchioli said results reflected “the key intiatives taken over the last 18 months to enhance operational performance”. The firm expects to meet its full-year outlook.