StockMarketWire.com - Storage company Safestore has reported a 5.5% increase in revenue for its financial year ended 31 October 2019, bringing in £151.8m.

Earnings per share grew 6.3% year-on-year to 28.5p, while free cash flow hit £61.2m - a 10.5% increase on the 2018 financial year.

However, profit before tax declined by 20.5% to £147.3m.

The company has continued to expand its operations with new sites opened in Sheffield, Newcastle, Peterborough, Birmingham and Pontoise. Four more sites in the UK and France are planned for 2020.

In addition, Safestore has entered the Spanish market with the acquisition of OMB Self Storage on 30 December 2019. This follows the establishment of a joint venture in the Netherlands with Carlyle, purchasing M3 Self Storage.

Frederic Vecchioli, Safestore's CEO, said: 'I am pleased to report another strong performance for the year, with solid trading and significant strategic progress.

'The group's outright acquisition of OhMyBox and the investment in M3 through our joint venture with Carlyle represent excellent platforms for entry into the attractive Barcelona and Netherlands self storage markets.

'Further to our successful openings this year, we plan to open new stores in London Carshalton, Gateshead, Sheffield and Paris Magenta (subject to planning) during the 2019/2020 financial year, adding 175,000 sq ft of further capacity to our estate.

'As ever, our top priority remains the significant low cost organic growth opportunity represented by the 1.5m square feet of currently unlet space in our existing fully invested estate.

'The company is in a very strong position and we are encouraged by early trading in the new 2019/20 financial year. Our leading market positions in the UK and Paris combined with our resilient business model enable us to look forward to the future with confidence.'



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