StockMarketWire.com - Self-storage group Safestore has reported revenue growth in the third quarter and a record third quarter increase in like-for-like occupancy in the UK, putting it on course to meet full-year expectations.

In its third quarter trading update for 1 May to 31 July 2020, the group announced revenue up 5% to £40.2m in the quarter, while group like-for-like storage revenue was 2.2% higher at £32m.

Group like-for-like closing occupancy of 4.944m sq ft was up 0.2% on the third quarter of 2019, while Safestore announced a record third quarter increase in like-for-like occupancy in the UK of 279,000 sq ft, compared to 247,000 sq ft a year earlier.

Safestore said its Barcelona acquisition had performed strongly in the period, growing occupancy from 89% at the end of April to 93.5% in July.

Chief executive Frederic Vecchioli said: 'Occupancy performances in June and July, as lockdown eased, were strong, driving like-for-like closing occupancy for the group above prior year levels.

'Our top priority is to build on the post-lockdown recovery and deliver the significant organic growth opportunity represented by the 1.7m square feet of unlet space in our existing fully invested estate.'

Vecchioli added that its recent openings in London Carshalton, Gateshead and Sheffield had started well and, despite the impact of COVID-19, are performing in line with or better than their business plans.


At 8:17am: [LON:SAFE] Safestore Holdings PLC share price was -6.25p at 783.25p



Story provided by StockMarketWire.com