StockMarketWire.com - Lok'nStore increased its dividend as the self-storage company despite reporting a fall in profit.

For the six months to 31 January 2020, pre-tax profit fell to £2.4m from £2.6m on-year, even as revenue rose 5.3% to £9.0m.

The overall adjusted operating earnings margin across all stores was 55.8% rising to 57.9% on a like for like basis, while unit occupancy increased 7.9% on a like-for-like basis.

The interim dividend was raised 9% to 4p a share.

'Our results for the first half of the financial year are robust. Despite the current deeply unsettled circumstances Lok'nStore has a resilient business model and a flexible and conservative debt structure. We expect the company to continue to thrive and grow in the medium and long term once the pandemic has passed,' Lok'nStore said.

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