StockMarketWire.com - Self-storage group Lok'nStore unveils record first-half results with pre-tax profits up 155.5% at GBP3.79m.

Revenue for the six months to the end of January rose to GBP7.99 million - up 4.7% on a year ago and up 8% on a like-for-like basis.

Operating costs fell by 0.6% and adjusted EBITDA rose to GBP3.30million up 13.1%. Operating profit (pre-exceptionals) rose by 17.4% to GBP2.39 million and operating profit (post-exceptionals) increased by 106.8% to GBP4.20m.

Chief executive Andrew Jacobs said: "With revenue up and costs down Lok'nStore's profits have continued to grow robustly. We are investing in the future growth of the business with more new landmark stores. Our 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.



"Our new store development programme continues to change the balance of our store portfolio with new and purpose built stores accounting for 59% of our portfolio. New stores in Chichester, Southampton and Bristol will add impetus to sales and earnings growth, and our pipeline of 4 new stores will reinforce this further."





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