Revenue rises for Safestore
Self storage company Safestore, which has three sites in the Black Country, has seen revenue rise, driven by a higher closing occupancy rate.
The London-listed firm posted revenue for the three months ended July 31 of £47.6 million, compared with £40.2 million for the year-earlier period. Its closing occupancy stood at 85.7 per cent from 75.6 per cent for the year-earlier period.
Revenue rose to £47.6 million compared with £40.2 million for the year-earlier period. Year-to-date revenue increased 14 per cent to £135.7 million, it added.
CEO Frederic Vecchioli said: "Safestore's unique business model, which combines advanced digital marketing and pricing analytics, a well-located portfolio with extensive pipeline, and a focus on store team sales skills, has once again delivered market leading results. I would like to thank our staff for continuing to perform excellently during the period.
"I am pleased to report that the strong trading momentum in the first half of the year has continued in the third quarter.
"As the awareness and adoption of self-storage continues to increase, the group, with its scale and expertise as well as existing funding capacity, is very well positioned to continue to grow its portfolio further.
"Whilst there is still potential for disruption from the Covid-19 pandemic, the inherent resilience of our business model as well as the momentum which has continued in the third quarter, gives the board further confidence in relation to the outlook for the full year."
