StockMarketWire.com - Self-storage group Lok'nStore's operating profits rose to £3.66m in the year to the end of July - up 18.7% (2014 normalised: £3.08m).

Revenue rose to £15.42m up 10.9% (2014: £13.91 million) and adjusted EBITDA increased to £5.68 million up 23.1% (2014: £4.62 million). Profit before taxation was £2.65 million, up 34.6% (2014 normalised: £1.97 million).

Chief executive Andrew Jacobs said: "Trading this year has been strong with turnover, profits and assets increasing rapidly.

"Our new store development programme continues to change the balance of our store portfolio. New and purpose built stores will account for around 59% of the portfolio once this is completed. We opened new stores in Reading in October 2014 and Aldershot in May 2015. Both are trading well. New stores in Chichester, Southampton and Bristol opening in the coming year will add further impetus to sales and earnings growth.

"The strong growth of the business and Lok'nStore's low level of debt means that this rapid development programme can be financed from cash flow and existing bank facilities, while progressively increasing the dividend."






Story provided by StockMarketWire.com