Lok'n'Store Group PLC (LON:LOK), the self-storage group, is to raise its interim dividend by 9% after a strong first half and says there has only been a limited coronavirus impact so far.
“We have seen some new business customers move in, but this has been modestly outweighed by some businesses directly affected by the closures choosing to move out,” it said in a statement.
“We do expect trading to soften as move-ins have tailed off but this will only impact our numbers in the fourth quarter of our financial year.”
In the half-year to January, adjusted net assets rose by 10% to 532p, with underlying profits [EBITDA] 6% higher at £4.72mln.
In March, self-storage revenue rose by 8.5% year-on-year, with cash on hand at £14mln as of today.
Andrew Jacobs, chief executive, said: "Despite the current deeply unsettled circumstances Lok'nStore has a resilient business model and a flexible and conservative debt structure.
“We continued to bolster our new store pipeline to 16 sites which will significantly increase operating space over the coming years.”