Safestore Holdings plc
("Safestore", "the Company" or "the Group")
Improving LFL growth across all markets supported by growth from opened developments
Frederic Vecchioli, Chief Executive Officer, commented:
“We have delivered improving revenue growth in all markets in the first quarter.
In particular, we are pleased to see like-for-like occupancy in the UK continuing the improving trajectory we saw in the second half of last year led by strong domestic demand with space occupied by these customers closing the quarter 7.3% ahead of last year.
In addition, we have seen strong growth levels in Expansion markets delivering a 30.6% increase in revenue in the quarter, with all countries contributing, demonstrating the opportunity from our new, stabilising and mature like-for-like stores in these markets.
We continue to make progress in opening our pipeline of stores in line with the programme we disclosed in January with six new stores and an extension opening in the quarter, adding over 300,000 sq ft of MLA to the portfolio. Our future development pipeline includes a further seven stores projected to open this year, with a total 8% increase in MLA projected for the year.
Whilst there remain macroeconomic uncertainties, we are confident of the position of the Group to realise the opportunities for growth across our markets from both our existing portfolio and our development pipeline.”
Highlights
- Group revenue for the quarter in CER increased 3.5% year on year with contribution from both LFL and new stores
- Like-for-like Group revenue for the quarter in CER up 2.9%
- Like-for-like UK revenue for the quarter up 1.2%
- Like-for-like average rate for the quarter up 0.4% in CER
- Like-for-like closing occupancy at 75.9% (FY 2024: 74.5%)
- Opening of six new stores and one extension during Q1 2025 adding 304,100 sq ft of MLA
- Group Property Pipeline of 1.30m sq ft representing 14.6% of the portfolio as at 31 January 2025
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For further information, please contact:
Safestore Holdings PLC
Frederic Vecchioli, Chief Executive Officer via Instinctif Partners
Simon Cliinton, Chief Financial Officer
www.safestore.com
Instinctif Partners
Galyna Kulachek/Tim Pearson 0207 457 2020
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