Strong operational performance, investment in future growth and earnings at an inflection point.
| 2025 | 2024 | Change (Total) |
Change (CER) |
|
| FINANCIAL METRICS | ||||
| Total Revenue (£’m) | 234.3 | 223.4 | 4.9% | 5.0% |
| LFL Revenue (£’m) | 228.7 | 221.9 | 3.1% | |
| Underlying EBITDAR (£’m) | 137.0 | 135.4 | 1.2% | 1.3% |
| Operating Profit (£’m) | 159.3 | 425.8 | (62.6%) | |
| Underlying Profit before Tax (£’m) | 92.9 | 97.0 | (4.2%) | |
| Statutory Profit before Tax (£’m) | 127.1 | 398.6 | (68.1%) | |
| Adjusted Diluted EPRA EPS (pence) | 40.3 | 42.3 | (4.7%) | |
| Dividend per share (pence) | 30.70 | 30.40 | 1.0% | |
| Balance Sheet Metrics | ||||
| EPRA Basic NTA per Share (pence) | 1,129 | 1,091 | 3.5% | |
| Net Assets (£’m) | 2,288.4 | 2,226.8 | 2.8% | |
| Net cash inflow from operating activities (£’m) | 99.9 | 95.9 | 4.2% | |
| Net debt (£’m) | 1,058.6 | 899.5 | 17.7% | |
| Loan to value ratio (LTV) % | 28.1% | 25.1% | 3.0ppt | |
| OPERATING METRICS | ||||
| Maximum Lettable Area (“MLA”) m sq ft | 9.3 | 8.6 | 8.0% | |
| Current Lettable Area (“CLA”) m sq ft | 8.5 | 8.2 | 3.9% | |
| Closing Occupancy (% of CLA) | 78.1% | 78.0% | 0.1ppt | |
| LFL Closing Occupancy (% CLA) | 81.2% | 80.0% | 1.2ppt | |
| Group REVPAF (£ / sq ft) | 27.47 | 27.77 | (1.1%) | (1.0%) |
| LFL REVPAF (£ / sq ft) | 28.93 | 28.12 | 2.9% |
Highlights
Financial and operational progress
- Group revenue at constant exchange rates (CER) up 5.0% to £234.3 million, with 3.1% LFL growth; positive LFL growth across all geographies and increasing contribution from non-LFL stores:
- UK revenue +3.3% improved through the year reaching £167.5 million, with increasing domestic occupancy, unit partitioning and higher average storage rates driving LFL growth of 2.4%;
- Paris revenue of €52.6 million +2.5% reflects solid LFL growth of 1.3% with increasing occupancy and flat average rates;
- Expansion Markets total revenue of €26.2 million +27.0%; strong growth in LFL (+13.5%) and non-LFL stores; Spain, Netherlands and Belgium all performed well.
- Underlying store EBITDAR increased by 3.1% to £155.9 million; inflationary cost pressures were partially offset by internal efficiencies, resulting in LFL cost of sales increase of 4.4%, broadly in line with sales and below the previously guided rise of 7-8%.
- Underlying EBITDAR was £137.0 million, up 1.2%, lower growth than store EBITDAR growth due to higher administrative costs.
- Operating profit down 62.6% to £159.3 million due to lower property revaluation gains of £23.1 million in FY 2025 (FY 2024: £292.2 million).
- Underlying net finance costs increased by £5.0 million to £26.4 million due to increased borrowings to support the store expansion programme.
- Underlying profit before tax of £92.9 million declined by 4.2% reflecting the higher interest charge. The resulting Adjusted Diluted EPRA EPS was 40.3p, in line with consensus estimates. Statutory profit before tax of £127.1 million and Basic EPS of 50.9 pence declined 68.1% and 70.1% respectively, as a result of lower fair value gains on investment properties than in FY 2024.
- Dividend per share of 30.70p, up 1%, underpinned by robust cash flow from operating activities, in line with progressive dividend policy and reflecting confidence in future prospects.
- Balance sheet remained strong with £2.3 billion of net assets growing 2.8% in the year. LTV ratio of 28.1% and interest cover ratio (“ICR”) of 4.0x; capital structure underpinned by investment property valuation of £3.5 billion.
Strategy on track, with pipeline being executed as planned
- Continued focus on REVPAF to optimise trading in our existing store portfolio where we see significant potential to drive further EBITDA growth from both LFL and non-LFL stores. Recently opened (non-LFL) stores on track to meet 10% yield on cost hurdle, with stores opened 2016-2021 achieving between 10%-20%.
- £80 million investment in store development resulted in MLA growing by a further 8% or 0.7 million sq ft to 9.3 million sq ft in FY 2025, with the addition of 13 new stores and 1 extension, representing the largest organic space increase in our recent history. In total since FY 2023 we have added 1.5 million sq ft, a 19% uplift to MLA.
- £38.9 million investment in Italy through a new 50:50 joint venture with Nuveen established in December 2024 with stores performing in line with expectations.
- Further enhancement of our technology-led operating model that combines centralised efficiency and local expertise with accelerated AI integration across marketing, pricing, and sales to optimise revenue.
- We continue to make good progress towards our target of operational net zero with a 22% reduction in emissions intensity to 0.64 kgCO2e/ m2.
Outlook and guidance
- Q1 trading to date has shown a continuation of the trend in LFL growth from FY 2025 across all our markets.
- FY 2026 outlook: cautiously optimistic with a return to earnings growth
- Underlying LFL cost of sales growth expected to be 3%-6%.
- Underlying net finance costs projected to increase by £1-£2 million.
- Capital expenditure on new stores of £86 million.
- 417k sq ft of additional MLA with a further 678k sq ft MLA in FY 2027 and beyond.
- On track to deliver the £35-£40 million of incremental EBITDA from non-LFL stores and pipeline on stabilisation
