Self-storage chain Lok'nStore (LOK) celebrated its 20th anniversary with a robust first-half performance in what is traditionally a slower trading period. The first six months delivered a 5.5 per cent increase in self-storage occupancy, backed up with a 6.7 per cent increase in rents. Together with a tight grip on operating costs, this helped boost margins and profits to a record high.
Further outlets are planned, with new stores opening in Aldershot imminently, in Chichester later this year, and in Southampton and Bristol in 2016. The current store development programme is expected to increase space within the portfolio by 12 per cent. But there's also plenty of potential to generate a stronger rental stream from the existing units, with occupancy running at around two-thirds of the current lettable area.