Safestore's Q3 Revenues Unchanged; Maintains Full-Year Guidance

September 05, 2024 09:20 PM AEST | By Team Kalkine Media

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Safestore's Q3 Revenues Unchanged; Maintains Full-Year Guidance — Image source: shutterstock

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Safestore (LSE:SAFE), a leading self-storage company, maintained its full-year earnings guidance on Thursday, reporting stable revenues for the third quarter. The company recorded revenues of £56.3 million for the three months ending 31 July, showing a slight decrease from £56.5 million in the same period the previous year. The prior year's revenue figure included an insurance premium tax related to the disposal of customer-goods insurance, which was not applicable in the current fiscal year.

Occupancy rates for the company saw a minor decline, with the like-for-like closing occupancy rate falling to 80.3% from 81.5% a year ago. Despite this drop, Safestore described its trading performance for the quarter as "robust." The company highlighted improvements in UK trading and notable growth in its European markets.

Looking ahead, Safestore expects its full-year adjusted diluted EPRA earnings per share to remain broadly in line with the forecast of 42.8p. This projection reflects confidence in the company’s ability to sustain performance despite current market conditions.

The company has continued its expansion strategy, opening six new stores and extensions during the quarter. It also reported a property pipeline of 1.4 million square feet, representing approximately 17% of its existing portfolio. This ongoing development is expected to contribute positively to future growth and operational capacity.

At 0845 BST, Safestore shares saw an increase of 0.76%, reaching 864.50p. This uptick in share price indicates positive market sentiment towards the company’s financial stability and growth prospects.

Overall, Safestore's performance in the third quarter underscores its resilience in the face of challenges and its commitment to growth through strategic expansion. The stability in earnings guidance and the company's proactive approach to increasing its property portfolio suggest a solid foundation for continued success in the self-storage sector.

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