StockMarketWire.com - Self-storage group Lok'nStore's operating profits soared by 95.9% to 857,300 in the six months to the end of January.

Revenues rose by 4.5% to 5.42m while group earnings before interest, tax, depreciation and amortisation increased by 17.7% to 1.71m.

Pre-tax profits increased to 604,130 - up from 190,626 a year ago.

CEO Andrew Jacobs said: "Lok'nStore continues to perform well.

"In the first half of this year revenue, EBITDA, profit before tax and cash have all increased, evidencing the attractions of the self-storage sector and Lok'nStore's position within it.

"We are delighted with Lok'nStore's strong performance in the first half of this year following last year's robust growth.

"We have improved turnover, store EBITDA and group EBITDA; and we have enhanced our profit before tax.

"Occupancy has grown 2.0% year-on-year and we have increased overall margins with a combination of price increases and reduced operating costs demonstrating that self-storage continues to perform well even in a weak economy.

"This success also reflects the quality of Lok'nStore's assets and operating business."

At 9:03am: [LON:LOK] Lok'n Store share price was +3p at 109p


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