Lok'n Store is performing better than half-year figures suggest. In fact, add back depreciation and one-off costs relating to bank loan refinancing, and cash profits rose 12.6 per cent to £1.93m. Shareholders also benefit from a trebling of the half-year dividend to 1p a share, and with the shares still trading at a hefty discount to net asset value, we remain buyers.
By Jonas Crosland,
23 April 2012