Self-storage group Safestore Holdings PLC (LON:SAFE) enjoyed a strong third quarter as revenues grew across the board, and told investors that there is more to come.
The company cited favourable trading conditions and recent sterling weakness as it posted like-for-like revenues of £28.6mln for the three months to the end of July, up more than 9% (6.6% on a constant exchange rate) on the same period last year.
Safestore enjoyed a particularly strong UK performance with like-for-like revenues on a constant exchange rate basis up 7.5% as the firm started to benefit from the relaunch of its customer website.
“As we approach the end of the current financial year, we are confident in generating cash tax adjusted earnings slightly ahead of current market expectations,” said chief executive Frederic Vecchioli.
The Hertfordshire-based firm said it still has “significant organic growth opportunities” given that it has more than 1mln square feet of unlet space.
Safestore completed the £40.9mln acquisition of Space Maker at the end of July this year, and the company is now fully integrated into the group and immediately earnings enhancing.
Touching on Brexit, the London-listed company said it had seen “no discernible change in trading patterns” and would therefore continue to implement its normal business strategy.
Vecchioli added that the group will open three more stores in the UK and one more in Paris “on time and on budget” in the coming weeks.
Shares were up nearly 2%, or 7.2p, to 379.5p.