Lok'n Store Group (LOK)

Sector:

Real Estate

Index:

FTSE AIM All-Share

 541.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 546.00
  • 52 Week Low: 355.00
  • Currency: UK Pounds
  • Shares Issued: 29.59m
  • Volume: 2,716
  • Market Cap: £160.06m
  • RiskGrade: 70
  • Beta: 0.00

Occupancy growth boosts Lok'n Store's revenue

By Duncan Ferris

Date: Monday 29 Apr 2019

LONDON (ShareCast) - (Sharecast News) - Lok'n Store Group on Monday reported double-digit interim profit and revenue growth following growth to unit occupancy.
The self-storage group recorded revenue of £8.5m for the six-month period ended 31 January, an increase of 10% compared to the same period a year beforehand, which drove profit before tax up by 20% to £2.7m.

Consequently, the business increased its interim dividend by 10% to 3.67p per share.

This came as unit occupancy rose by a healthy 8%, up 2.4% from the same period last year, and unit pricing was up 1.4%, while the AIM-traded company's ninth managed store opened in Dover during the period.

Andrew Jacobs, chief executive of Lok'nStore, said: "Lok'nStore's trading is strong and our outlook remains confident. With low gearing helped by capital recycling, we will continue to build more landmark stores in a structurally under-supplied market."

"In the first half of this year we opened a new store, acquired an existing operation and added two more sites to our pipeline. We have opened two more sites since the period-end and two more sites are currently with lawyers."

The company acquired an existing trading store in Hedge End, Southampton, snapped up two new sites in Stevenage and Wolverhampton and said its current pipeline of eight contracted stores will add 27% of extra trading space to the overall portfolio, 32% to its owned portfolio and 10% to the managed portfolio.

This pipeline is intended to contribute towards the business' strategy of filling stores and improve pricing to increase cash flow from the existing stores, acquiring sites on which to build landmark stores, and increasing the number of stores managed for third parties.

Lok'n Store Group had cash and cash equivalents of £11.2m at the end of the period, up from £5.4m at the same point the year before.

"Our objective is to open more landmark stores while remaining conservatively geared delivering sustainable growth and consistently increasing dividends," said Jacobs.

Lok'n Store Group's shares were up 0.15% at 495.75p at 0855 BST.

Email this article to a friend

or share it with one of these popular networks:


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 541.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 546.00
52 Week Low 355.00
Volume 2,716
Shares Issued 29.59m
Market Cap £160.06m
Beta 0.00
RiskGrade 70

LOK Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
91.3% below the market average91.3% below the market average91.3% below the market average91.3% below the market average91.3% 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
89.41% above the market average89.41% above the market average89.41% above the market average89.41% above the market average89.41% above the market average
96.61% above the sector average96.61% above the sector average96.61% above the sector average96.61% above the sector average96.61% above the sector average
Income
84.38% below the market average84.38% below the market average84.38% below the market average84.38% below the market average84.38% below the market average
95.12% below the sector average95.12% below the sector average95.12% below the sector average95.12% below the sector average95.12% below the sector average
Growth
5.04% above the market average5.04% above the market average5.04% above the market average5.04% above the market average5.04% 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 16-Sep-2019

Time Volume / Share Price
17:06 700 @ 541.00p
13:02 216 @ 544.00p
13:02 500 @ 540.00p
12:51 216 @ 540.00p
12:31 55 @ 546.00p

LOK Key Personnel

CEO Andrew Jacobs
Finance Director Ray Davies

Top of Page