Abacus Storage King (ASX:ASK) 1HFY25 Performance: Revenue Doubles, Expansion Gains Momentum

4 min read | February 25, 2025 04:11 PM AEDT | By Team Kalkine Media

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Abacus Storage King (ASX:ASK) 1HFY25 Performance: Revenue Doubles, Expansion Gains Momentum — Image source: shutterstock

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Highlights

Abacus Storage King records a 96.3% YoY increase in total revenue in 1HFY25.

Average debt cost is projected to remain below 3.75% in FY25.

Recently, ASK’s director acquired a stake in ASK for AUD 1.17 million.

Abacus Storage King (ASX:ASK) is an ASX-listed self-storage brand in Australasia with a network of 201 stores, primarily in key metropolitan areas. In the half-year ended 31 December 2024 (1HFY25), ASK’s total revenue and other income soared to AUD 160.4 million, reflecting a 96.3% year-over-year (YoY) increase. The company reported a net profit after tax of AUD 67.8 million in 1HFY25, compared to AUD 0.39 million in previous corresponding period. Meanwhile, the period saw a 15.2% YoY increase in Funds from Operations (FFO) to AUD 43.3 million.

This growth is fuelled by a 5.4% YoY increase in revenue per available square meter (revPAM) to AUD 339, a 4.4% YoY rental rate hike, and a 90-basis point rise in occupancy, bringing total occupancy to 91%.

Outlook

ASK maintains a 29.0% gearing ratio, within its target range of 25–40%, with AUD 600 million earmarked for acquisitions and development. The average cost of debt is projected to remain below 3.75% in FY25.

The company expects long-term growth to be driven by a shift to an unsecured debt platform and resetting of related hedging at lower rates. Furthermore, ASK expects to see recurring income through its growth strategy.

The company reaffirms its FY25 distribution guidance of 6.2 cents per security, targeting a 90–100% payout of FFO.

Business Updates

On 19 December 2024, Director Sally Herman acquired 64,014 ASK securities for AUD 1.17 million, through Pennerley Proprietary Ltd and Herman Superannuation Investments Pty Ltd.

Share performance of ASK

ASK shares closed at AUD 1.225 per share on 25 February 2025. Over the past year, ASK’s share price has increased by almost 2.08% and has recorded a rise of 6.99% in a month.

52-week high of ASK is AUD 1.345, recorded on 26 September 2024 and 52-week low is AUD 1.10, recorded on 26 April 2024.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 25 February 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Disclaimer

This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.

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