Lok'n Store Group (LOK)

Sector:

Real Estate

Index:

FTSE AIM All-Share

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 517.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 542.00
  • 52 Week Low: 355.00
  • Currency: UK Pounds
  • Shares Issued: 29.58m
  • Volume: 5,000
  • Market Cap: £152.95m
  • RiskGrade: 83
  • Beta: 0.00

Lok'nStore revenues rise amid 'robust' sales growth

By Michele Maatouk

Date: Monday 11 Feb 2019

LONDON (ShareCast) - (Sharecast News) - Self-storage company Lok'nStore reported a rise in first-half revenue on Monday amid "robust" sales growth.
In an update for the first half to 31 January 2019, the company said trading was "strong", with revenue up 7.7% year-on-year and revenue in the core self-storage business up 9.2%.

At the end of January, self-storage unit occupancy was up 8% and price per let square foot was 1.4% higher than the same date a year ago.

The company said proceeds from the disposal of its document storage business, Saracen Datastore, will be used to fund the ongoing investment into its "highly accretive" development pipeline of new landmark self-storage centres, fulfilling its objective of growing asset value by recycling capital from lower growth assets into high growth landmark stores.

During the period, it bought two new sites in Stevenage and Wolverhampton which will be developed into landmark stores adding around 100,000 sq. ft. to the trading portfolio next year.

In addition, an existing single store self-storage operation of 42,000 sq. ft. in Hedge End, Southampton has been purchased and is in the process of being rebranded. Following the rebrand and the implementation of Lok'nStore's management processes, the store's revenue and EBITDA profit are expected to improve from pro forma levels of £570,000 and £100,000 respectively.

Chief executive officer Andrew Jacobs said: "Recently opened landmark stores are trading well and contributing to revenue growth. As most costs of trading additional self-storage centres are fixed, this revenue growth will have an increasing impact on EBITDA in the coming years. This underpins our confidence that our strong pipeline will add further momentum to our highly quality income stream.

"We look forward to opening more new landmark stores and adding further momentum to sales and earnings growth."

At 1250 GMT, the shares were up 5.7% to 444p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

LOK Market Data

Currency UK Pounds
Share Price 517.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 542.00
52 Week Low 355.00
Volume 5,000
Shares Issued 29.58m
Market Cap £152.95m
Beta 0.00
RiskGrade 83

LOK Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
90.33% below the market average90.33% below the market average90.33% below the market average90.33% below the market average90.33% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
88.25% above the market average88.25% above the market average88.25% above the market average88.25% above the market average88.25% above the market average
96.67% above the sector average96.67% above the sector average96.67% above the sector average96.67% above the sector average96.67% above the sector average
Income
81.69% below the market average81.69% below the market average81.69% below the market average81.69% below the market average81.69% below the market average
95% below the sector average95% below the sector average95% below the sector average95% below the sector average95% below the sector average
Growth
4.17% above the market average4.17% above the market average4.17% above the market average4.17% above the market average4.17% above the market average
29.82% above the sector average29.82% above the sector average29.82% above the sector average29.82% above the sector average29.82% above the sector average

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 1
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

LOK Dividends

  Latest Previous
  Interim Final
Ex-Div 09-May-19 29-Nov-18
Paid 14-Jun-19 11-Jan-19
Amount 3.67p 7.67p

Trades for 23-Aug-2019

Time Volume / Share Price
11:19 5,000 @ 517.00p

LOK Key Personnel

CEO Andrew Jacobs
Finance Director Ray Davies

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