Safestore Holdings PLC on Thursday posted broadly flat revenue with weaker closing occupancy in the third quarter.
The Hertfordshire, England-based self storage company said revenue fell slightly by 0.4% to £56.3 million in the the third quarter that ended July 31 from £56.5 million a year prior. Revenue on a like-for-like basis declined 0.2% to £55.0 million from £55.1 million over the same period.
Revenue per available foot decreased 5.3% to £26.47 from £27.94, falling 0.3% on a like-for-like basis to £28.25 from £28.34.
Closing occupancy as a percentage of maximum lettable area reduced to 76% from 79%. On a like-for-like basis it reduced to 80% from 82%.
Chief Executive Officer Frederic Vecchioli said: ‘Outside of the UK, Paris continues to deliver a steady level of growth with the strong like-for-like growth in Spain, Netherlands and Belgium demonstrating the exciting opportunity in these developing markets.
‘We have continued with the successful delivery of our development pipeline with six stores and extensions opening in the quarter, adding nearly 300,000 sq ft to our portfolio. The pipeline includes two further stores and two extensions scheduled to open this financial year with 24 further stores opening in 2025 and beyond, which are projected to continue to drive earnings growth in the medium term.’
Safestore shares were up 1.8% at 873.81 pence each in London on Thursday morning.
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