Lok’nStore Group continues good trading after July year-end

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Lok’nStore Group Plc (LON:LOK) said trading since the previous financial year ended on July 31 has been positive so it is keeping its strategy unchanged.

The UK self-storage company raised the dividend by 8% to 13p per share after a “robust” year.

Revenues advanced 6% to £18mln while profit before tax was 7% higher at £4mln. Net debt at year-end was £38mln.

Adjusted total assets rose 7% to £229mln and the adjusted net asset value was up 5% to £5.56 per share.

Looking ahead, the firm has a pipeline of 14 sites, of which 10 are contracted and four are with lawyers.

Leicester, which was included in the pipeline sites for the previous financial year, opened in August 2020 after the year-end.

Analysts at finnCap noted that the new stores will add 40% to the owned trading space.

“The UK market remains undersupplied and we continue to see significant potential for Lok’nStore to generate additional value as the existing portfolio matures, the current pipeline is developed and new sites are secured,” the broker commented.

Shares were up 7% to 559.6p early on Monday.

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