Over the year to the end of October 2013 Safestore had to contend with the impact of the imposition of VAT on UK self storage and this, they say, had a knock-on effect on revenues which fell by 2.7%. Earnings per share and EBITDA moved ahead however as borrowing costs fell, occupancy rates in France rose, and UK transaction values grew. Property values rose by 5.7%, bolstered by their sale of their property in Whitechapel.
Safestore is raising money to pay down debt via a placing of new shares.