- Lok'nStore Group's adjusted net profit rose by 81.2% to £1.9m in the six months to the end of January.

Revenue rose by 4.5% to £8.34m and group adjusted EBITDA increased to £3.31m - up 0.5%.

Adjusted pre-tax profit rose by 13.5% to £2.1m.

Chief executive Andrew Jacobs said: "With strong trading Lok'nStore's profits continue to grow, as interest costs and taxation also come down.

"We are investing in the future growth of the business building more new landmark stores. Our low debt allows this rapid development programme to 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 stores with new and purpose built stores accounting for 64% of the portfolio.

"The three new stores we opened in 2016 are all trading well and the 4 sites acquired last year for new stores will open in 2017 increasing space by a further 18% and adding impetus to sales and earnings growth.

"Our objective is to open more landmark self-storage centres while remaining conservatively leveraged to deliver robust, predictable growing cash flow and dividends from an expanding asset base."

Story provided by