StockMarketWire.com - Self storage group Lok'nStore hiked its dividend for the half-year as pre-tax profits grew by a fifth.

For the six months to 31 January 2019, pre-tax profit rose 20% to £2.69m as revenue grew £8.51m up 11.5%.

The uptick in revenue as driven mainly from occupancy growth of 8% with prices up 1.4%.

Over the course of the year unit occupancy rose by a healthy 8% (2.4% LFL) and unit pricing was up 1.4% (LFL 1.3%), the company said.

Group Adjusted earnings (EBITDA) rose 8.6% to 3.80m.

The interim dividend was raised by 10.2% to 3.67o a share.

'Lok'nStore's trading is strong and our outlook remains confident. With low gearing helped by capital recycling, we will continue to build more landmark stores in a structurally under-supplied market, said Andrew Jacobs CEO of Lok'nStore Group .

'In the first half of this year we opened a new store, acquired an existing operation and added two more sites to our pipeline. We have opened two more sites since the period-end and two more sites are currently with lawyers.'






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