Lok’nStore (LOK) revealed in a trading update ahead of full-year results (due on 30 October) that like-for-like revenue growth was up 5.5 per cent in the year to July.
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Unit occupancy at the self-storage specialist grew by 6.5 per cent, while prices per let square foot rose by 0.8 per cent. Four more sites were announced recently at Bedford, Ipswich, Exeter and Dover, taking the number of stores under development to seven. When completed, these will add an additional 338,300 sq ft of storage capacity, equivalent to 26.1 per cent of the existing trading space. The four new sites are expected to open towards the end of 2018, while the three currently being built should open by the early part of that year.
