StockMarketWire.com - Self-storage company Lok'nStore said like-for-like self-storage revenue was up 7.0% in the first half of the year, with occupancy up 7.9% on-year.

The company added another store to its pipeline in the six months through January, exchanging contracts on an existing freehold property in Salford, Manchester, where it planned to fit out the roadside property to deliver a 50,000 square foot store open in Autumn 2020.

It also achieved planning permission for the recently secured Oldbury store which would also open later in 2020, while new stores in Leicester and Gloucester were due to open before the end of this financial year.

The total new store pipeline was now 15 sites, taking the total to 49 stores when fully developed, the company said.

'Using our strong balance sheet and low gearing, we have the capacity and will continue to build more landmark stores in an undersupplied market, adding considerable momentum to sales and earnings growth in the coming years which will allow us to continue to increase the dividend,' said Lok'nStore.

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