Lok'nStore profits soar amid rising demand for storage units

Sebastian McCarthy
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Lok'nStore focuses predominantly in the south east of England (Source: Getty)

Self-storage manager Lok'nStore posted a surge in pre-tax profits during the last 12 months on the back of rising occupancy growth.

Profits before tax rose from £4m to £5.3m in the year to the end of July, marking a 34 per cent rise compared with the previous year.

Revenues jumped 6.6 per cent to £17.8m, while adjusted net asset value grew 15 per cent to £4.80 a share.

The results come on the back of a rising level of take-up in Lok'nStore’s old and new outlets, with unit occupancy rising by 7.7 per cent in the last year.

Out of the Aim-based firm’s 29 stores, 15 were trading at above 70 per cent occupancy.

The company, which focuses predominantly in the south east of England, also hiked its dividend by 10 per cent to 11 pence per share today.

Andrew Jacobs, chief executive of Lok'nStore Group said: "Lok'nStore Group has had an excellent year successfully implementing our strategic objectives. We have created a strong platform for an exciting period of growth for Lok'nStore with revenue, profits and asset values all moving ahead….Lok'nStore's strong balance sheet and strategy of opening new landmark stores position the group well for future growth."