Safestore Holdings has announced its annual results for the year ended 31 October 2015. The company describes it as being a successful year leaving them well placed for future growth. During the year, the company’s basic EPRA NAV per share has increased by 17.4% to £2.56 (2014: £2.18). The company says that Group like-for-like revenue has risen by 11.5% with UK up 13.2% and Paris up 7.0%, whilst underlying EBITDA has risen by 11.8%. Cash Tax Adjusted Earnings per Share up 23.0% at 16.6p and Closing occupancy has also improved from 68.8% in 2014 to 72.6% in 2015. The total dividend has increased by 29.5% to 9.65p per share, whilst the final dividend has increased by 25.5% increase to 6.65p (FY2014: 5.30p). Group Loan to Value was lowered to 32% and full year underlying finance costs reduced by £2.3m or 16.8%.
In terms of developments, the company saw its inclusion in the FTSE 250 Index this year. New lets growth in the UK was 18.6%, which the company says resulted from a strong enquiries rate and a continued improvement in conversion rates. Pricing growth was up 6.7% in the UK and up 2.4% in Paris. Elsewhere the National Accounts UK business customer’s occupancy increased by 22% over the year. The company completed six lease extensions, increasing average remaining lease life to 13.9 years.
Looking forward, management say that they are focused on the opportunity represented by the company’s 1.35m square feet of currently unlet space, the equivalent of 30 stores. In addition, they are awaiting the opening of two new flagship stores in London (Chiswick and Wandsworth) and one in Birmingham. They also expect to be able to take advantage of carefully selected development and acquisition opportunities.
Safestore’s posts 17.4% NAV growth and 29.5% dividend growth for 2015 : SAFE