Lok’n Store narrows losses as trading lifts
STORAGE firm Lok’n Store yesterday said it has narrowed its pre-tax losses and said that trading conditions have now improved.
The group said pre-tax losses for the year to 31 July 2009 were now £0.65m from £0.74m the year before as occupancy rose and operating and financing costs were reduced.
Lok’n Store called the past year a “year of two halves” with sharply contrasting market conditions in the second and the first half.
But the group said that despite fears that the storage sector would suffer during the property slump – Lok’n Store’s revenue was only down by 7.6 per cent to £10m, while UK housing transactions have fallen by 52.
Chief executive Andrew Jacobs said: “Since the beginning of 2009 trading has been encouraging with reservations, enquiries, square feet let and number of customers all increasing.”
The group’s rate of storage occupancy was now achieving the same levels as “pre-Armageddon”, or prior to 2007, and is achieving two per cent year on year growth for occupancy.
Analysts yesterday noted that Lok’n Store’s results were better than feared, and flagged the group’s recovery in the second half of the year.