StockMarketWire.com - Storage company Safestore again upgraded its annual earnings guidance as it reported an 18% rise in third-quarter revenue underpinned by higher occupancy rates.

Revenue for the three months through July increased to £47.6 million, up from £40.2 million year-on-year, or by 20% on a constant currency basis.

Safestore said it now expected its adjusted diluted EPRA earnings per share to be in a range of 39.5p to 40p, representing a year-on-year jump of about 31% to 32.5%.

In the third quarter, the company's closing occupancy rate was 85.7%, up 10.1 percentage points year-on-year.

The average storage rate fell 1.1% to £26.26.

Chief executive Frederic Vecchioli said the results were driven by a 'unique business model' that combined advanced digital marketing and pricing analytics, a well-located portfolio and team sales skills.

'As the awareness and adoption of self-storage continues to increase, the group, with its scale and expertise as well as existing funding capacity, is very well positioned to continue to grow its portfolio further,' he said.

'Whilst there is still potential for disruption from the Covid-19 pandemic, the inherent resilience of our business model as well as the momentum which has continued in the third quarter, gives the Bboard further confidence in relation to the outlook for the full year.'


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