StockMarketWire.com - Self-storage group Safestore has announced group revenue increased in the first quarter of 2020, with growth driven by its core markets of the UK and Paris.

Group revenue for the quarter ended 31 January 2020 was £39.9m, up 8.3% in constant exchange rates and 7.3% at actual exchange rates as a result of the strengthening of sterling during the period.

The group saw like-for-like revenue for the quarter climb 5.9% in constant exchange rates, up 6.1% in the UK, driven by a strong occupancy performance, and up 5.8% in Paris.

In its first quarter trading update, Safestore reported that its new 65,000 sq ft store at Pontoise in Paris, was performing strongly and contributed to the total revenue figures, although the immaturity of the store has had a dilutive effect on the closing occupancy and the average rate.

In the UK, total revenue growth of 8.2% reflected the like-for-like growth as well as the acquisitions in 2019 of its Heathrow store and in 2020 of its St John's Wood and Chelsea stores.

Safestore chief executive Frederic Vecchioli said it had been a 'pleasing start' to the year.

'Our first quarter performance has been strong, driven by our core markets of the UK and Paris together with our recent acquisitions in London and Barcelona, as well as our Netherlands JV, performing in line with or ahead of their business plans,' he said.

Safestore confirmed its Barcelona business, which was acquired on 30 December 2019, is currently trading in line with its business plan.




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