Self storage specialist, Safestore, saw average rental rates rise 1.2 per cent year-on-year to £25.55 per sq ft, while total occupancy jumped from 53.4 per cent to 58.8 per cent.. That decent trading has continued into the new financial year, too, with strong levels of enquiries - both from business customers and private individuals.
Much of the improving performance came through an increased number of strategic partnerships, including with Tesco. But re-launching the group's website - around 60 per cent of new enquiries are now sourced through the internet - also helped. Demand for storage was especially strong amongst domestic customers, partly reflecting the fact that people are becoming relatively more willing to sell a home before moving into a new property. But there has also been a steady increase in demand for storage from people getting divorced or travelling. Ancillary revenue, comprising insurance and merchandise, rose 6.1 per cent to £12.2m. While Safestore's portfolio received a £39.4m revaluation hike in the period, with new store openings accounting for £12.8m of this.
Peel Hunt expects adjusted NAV of 221.8p for 2011 (2010: 205.1p).
| SAFESTORE (SAFE) | ||||
|---|---|---|---|---|
| ORD PRICE: | 135p | MARKET VALUE: | £254m | |
| TOUCH: | 135-136p | 12-MONTH HIGH: | 160p | LOW: 103p |
| DIVIDEND YIELD: | 3.7% | TRADING STOCK: | nil | |
| DISCOUNT TO NAV: | 6.0% | |||
| INVEST PROPERTIES: | £686m | NET DEBT: | 109% | |
| Year to 31 Oct | Net asset value(p) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2006* | 80.0 | 61.0 | 26.3 | nil |
| 2007 | 133 | 104 | 43.0 | 4.50 |
| 2008 | 137 | 14.9 | 6.70 | 4.65 |
| 2009 | 133 | -9.42 | -0.14 | 4.65 |
| 2010 | 144 | 29.2 | 14.1 | 4.95 |
| % change | +8 | - | - | +6 |
Ex-div: 9 Mar Payment: 8 Apr *Prior to flotation | ||||
