Safestore Holdings PLC on Thursday reported higher profit in the year to October 31, but was wary of inflationary cost pressures heading into financial 2025.

The London market reflected this uncertainty, as Safestore shares fell 8.0% to 611.50 pence each on Thursday morning.

The Hertfordshire, England-based company is the UK’s largest and Europe’s second-largest self-storage provider.

Safestore said pretax profit rose to £398.6 million in financial 2024, up 92% from £207.8 million the year prior.

Total revenue remained flat year-on-year, the firm said. At actual foreign exchange rates, it was down 0.3% to £223.4 million from £224.2 million on-year. At a constant exchange rate, it was up 0.2%

Like-for-like revenue was £217.9 million compared to £218.9 million the year prior. This reflected a 0.5% drop at actual FX rates, but remained flat at CER.

Total finance costs rose to £27.3 million from £23.4 million the year prior. Safestore attributed this to increased acquisitions and development during the 12-month period.

A further rise in interest expenses of between £6 million and £7 million is predicted for financial 2025. The company also predicted an increase in LFL operating costs of between 7% and 8%, largely due to ‘market inflationary pressure’.

Nonetheless, Safestore raised its final dividend per share to 20.40p from 20.20p the previous year, subject to approval at March 19’s annual meeting.

‘We have delivered resilient operating performance in challenging market conditions and have made good progress on our strategic priorities,’ noted Chief Executive Frederic Vecchioli.

‘Over the year, the group’s revenue stabilised with improving performance in the UK supported by solid results in Paris and strong growth in our expansion markets.’

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