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Safestore sees profits up thanks to housing slump

SAFESTORE, the self-storage group, yesterday said its profits for the six months to April were up 4.3 per cent, as customers who have outgrown their homes buy storage because they are unable to move.<br /><br />The group, which has traditionally won business from customers who need to store away their furniture while they move house, said its profits went up to &pound;22m.<br /><br />It attracted people who could not afford to move house during the downturn, but needed to make space in their existing homes. <br />Revenues at the company were up 3.3 per cent to &pound;41.3m after new sites opened up around the UK. Revenues dropped 1.2 per cent from the same period last year.<br /><br />&ldquo;The business has performed well at a time of uncertainty,&rdquo; chief executive Steve Williams said.