Lok’n Store Trading update - 3 February 2010
Lok'nStore, one of the leading UK based self-storage companies, has issued the following trading statement in advance of its interim results for the six months to 31 January 2010 which are scheduled for release on 26th April 2010.
Trading during the first half of our financial year was encouraging, particularly during the seasonally quieter winter quarter, with occupancy down only 0.5% since 31 July 2009. Occupancy to 31 January 2010 grew by 10.2% year to year.
Average prices per sq ft for self-storage have increased by 2.8% since July 31 2009, against last year's 0.1% increase over the comparable period, and the benefits of last year's cost cutting are continuing to feed through.
Increasing ancillary revenue has been a key operational objective over the last year and this progress has gained traction during the first half. Following changes made to our insurance sales procedures, the proportion of new customers taking insurance continues to increase.
Lok'nStore's business remains robust; and is characterised by strong cash flows and healthy operating margins, supported by substantial property assets. The company is well positioned to take advantage of opportunities in 2010.