- Self storage group Lok'nStore said Monday annual profit jumped by more than a third supported by existing store performance and better-than-expected growth in new stores.

For the year ended 31 July, pre-tax profit jumped 34.3% to £5.33m and revenue increased 6.6% to £17.75m.

The three new stores were all trading above expectations, contributing to both the growth in turnover and a 15.3% increase in adjusted net asset value per share to £4.80, from 4.16 a year earlier, the company said.

Total adjusted store earnings (EBITDA) in self-storage, a key performance indicator of profitability and cash flow of the business, increased 9.3% to £8.42m, up from £7.70m a year earlier.

The company said it would open another 3 new stores in the upcoming financial year.

Annual dividend rose 10% to 11p a share up from 10 pence a year earlier. 'Lok'nStore Group has had an excellent year successfully implementing our strategic objectives. We have created a strong platform for an exciting period of growth for Lok'nStore with revenue, profits and asset values all moving ahead. Our adjusted net asset value per share has increased by a substantial 15.3% to £4.80 this year and we are raising the dividend by 10.0% to 11 pence per share,' said Andrew Jacobs CEO of Lok'nStore Group.

'We have achieved a notable acceleration in our store pipeline to 13 sites which will increase operating space by 32.4% over the coming three years. This will add considerable momentum to sales and earnings growth.' 'Lok'nStore's strong balance sheet and strategy of opening new landmark stores position the Group well for future growth.'

At 9:32am: [LON:LOK] Lokn Store Group PLC share price was +33.5p at 407.5p

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