StockMarketWire.com - Self storage group Lok'nStore's revenue rose to £7.63m in the six months to the end of January - up 13.6% on last time.

Adjusted EBITDA rose to £2.92m up 33.8% and operating profit rose byu 38.2% to £2.03m.

Profit before taxation rose by 61.9% to £1.48m and the interim dividend of 2.33p per share is up 16.5%.

Chief executive Andrew Jacobs said: "We are delighted to report these impressive results. We have built on the strong growth of last year with a 5.5% increase in units occupied and a 6.7% increase in prices delivering a 13.6% growth in revenue.

"With tight cost control group EBITDA profit margins have expanded to 38.3% from 32.4% last year. As well as increasing our turnover, margins and profits, we continue to invest in the future growth of the business. We opened our new store in Reading last October, transferring all of the existing customers before completing the sale of our old Reading Store for £2.9 million. Trading at the new Reading and Maidenhead stores has been good underpinning our confidence that the further new stores in Aldershot, Chichester, Southampton and Bristol opening over the coming eighteen months will add further impetus to sales and profit growth.

"The strength of the existing business, good asset management and Lok'nStore's conservative debt means that this major expansion can be financed out of cash flow and our existing bank facility. This will enable the business to continue to deliver increasing dividends for our shareholders."





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