- Self-storage group Safestore said upgraded its annual earnings guidance after its first-quarter revenue had risen 11%, amid an improvement in occupancy levels and storage rates.

Adjusted diluted EPRA earnings per share for the year through October were now expected towards the top of the range of analysts' forecasts, which currently ranged from 31.2p to 34.6p.

Revenue for the three months through January had increased to £44.4 million, up from £39.9 million year-on-year.

On a constant currency basis, revenue had risen 9.8%, on a like-for-like basis it had risen 8.1% and on a like-for-like and constant currency basis it had risen 6.6%.

Closing occupancy rates had expanded 11% to 5.51 million let square feet, while the average storage rate climbed 1.5% to £26.47.

'I am pleased to report that the strong performance of the final quarter of our 2020 financial year has continued throughout the first quarter of 2021 driven by an excellent UK result, complemented by solid performances from Paris and Spain,' chief executive Frederic Vecchioli said.

'In addition, our JV with Carlyle, operating in Belgium and the Netherlands, is performing in line with its business plan.'

'Whilst the potential for disruption arising from current COVID restrictions remains, the inherent resilience of our business model as well as our recent and current trading allows me to look forward with confidence.'

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