Business
Correction - Final Results
Correction - Final Results.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n Safestore Holdings PLC\n22 January 2008\n\n\n\n\n\nThe following amendment has been made to RNS 2436M released today at 07:00am.\nThe Adjusted Profit after Tax is £14.7m, an increase of 116.2%, and not as\noriginally shown.\n\n\n\nFOR IMMEDIATE RELEASE 22 January 2008\n\n\n\n Safestore Holdings plc\n\n ('Safestore' or the 'Company')\n\n\n Preliminary Results for the year ended 31 October 2007\n\n\nSafestore Holdings plc, the largest self storage retailer in the UK and Paris,\nis pleased to report its preliminary results for the year ended 31 October 2007.\n\n\nHighlights\n\n Year ended Year ended Increase\n 31 October 07 31 October 06 %\nRevenue £74.3m £64.3m 15.5%\n\nLike-for-like revenue* £72.6m £63.7m 14.1%\nAncillary revenue £10.4m £8.5m 23.0%\nEBITDA** before exceptional £40.7m £33.5m 21.7%\nitems and gains on investment\nproperties\n\nProfit after Tax ('Earnings') £78.2m £45.1m 73.2%\nAdjusted Profit after Tax (1) £14.7m £6.8m 116.2%\n\nBasic Earnings Per Share ('EPS') 43.02p 26.31p 63.5%\nAdjusted EPS (1) 8.08p 3.95p 104.6%\n\nNet Asset Value ('NAV') per 132.5p 79.5p 66.7%\nShare\nAdjusted NAV per Share (2) 198.8p 138.4p 43.6%\n\nDividend - Final per Share 3.0p -\nTotal per Share 4.5p -\n\n\n1 See note 8\n2 See note 12\n* Like for like stores are those stores which have two full financial years\n trading\n** EBITDA - Earnings before interest, taxation, depreciation and amortisation\n*** EBITDA margins -Earnings before interest, taxation, depreciation and\n amortisation, exceptional items and investment property gains\n\n. Average rate per square foot ('sq ft') increased by 8.3% to £21.56\n (like-for-like increase of 9.6% to £21.88).\n\n. Closing occupancy increased by 7.4% to 2.91 million sq ft.\n\n. EBITDA margins*** have increased by 2.8% to 54.8% (2006: 52.0%).\n\n. As at 31 October 2007, Safestore's property portfolio was valued at £583.7 \n million, an increase of 24.0%, or £113.1 million, since 31 October 2006.\n This represents an increase of 17.4%, or £85.8 million, since 30 April 2007.\n\n. During the financial year, Safestore successfully opened six new stores at \n Slough, Guildford, Hayes, Newcastle, Eastbourne (relocation), Kremlin\n Bicetre (Paris) and two satellite stores in Burnley and Stevenage. We also\n extended the leases on three stores during the period.\n\n. The pipeline of expa...