New lettings boost revenues at Safestore

Kasmira Jefford
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SHARES in Safestore climbed 3.2 per cent yesterday as the London-listed self-storage provider revealed an 8.6 per cent rise in like-for-like revenues to £26.7m in the third quarter.

The firm, which has stores in the UK and France, said UK like-for-like revenue was up 12.1 per cent to £20.4m while in Paris sales improved by 8.9 per cent to £8.6m from a year ago.

Occupancy across its sites rose by 3.8 percentage points on the previous year to 72.2 per cent at 3.61m square feet after securing new lettings in France and the UK.

Chief executive Frederic Vecchioli said: “Now that we have annualised many of the operational initiatives implemented over the last 18 months, I am pleased to report continuing positive trading across the group.

“I believe we can continue to improve performance further and we remain focused on the significant opportunity represented by our 1.4m square feet of currently unlet space,” he added.

The company said that it expects to see occupancy fall in the fourth quarter compared with the third quarter, which is traditionally a busy period for the company.