Business
Interim Management Statement
Interim Management Statement.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n RNS Number : 9412N Safestore Holdings plc 27 February 2009 \n \n\n\n\n\n\nSafestore Holdings plc\nFirst quarter trading update for the period ended 31 January 2009\n\nSafestore Holdings plc ('Safestore' or 'the Company'), the largest self storage retailer in the UK and Paris, is pleased to report on its trading progress for the three months ended 31 January 2009.\n\n\nUnaudited Financial Highlights\n\n\n\n\n\n\n\n\nFirst quarter to\n31 January 2009\n\n\n\nFirst quarter to 31 January 2008\n\n\nChange\n%\n\n\n\n\n\nRevenue \n\n\n£20.9m\n\n\n£20.1m\n\n\n+4.2%\n\n\n\n\nLike-for-like revenue\n\n\n£19.7m\n\n\n£19.5m\n\n\n+1.1%\n\n\n\n\nAverage rate per square foot ('sq ft')\n\n\n£25.71\n\n\n£23.08\n\n\n+11.3%\n\n\n\n\nClosing occupancy (sq ft)\n(excluding offices)\n\n\n2,661,000\n\n\n2,805,000\n\n\n(5.1%)\n\n\n\n\nOccupancy Movement (sq ft)\n\n\n(55,000)\n\n\n(106,000)\n\n\n\n\n\n\n\n\nRevenue for the first quarter of the financial year increased by 4.2% compared to the same period last year. This result is driven by the superior rate and improved occupancy movement trend compared to the same period last year and is in spite of the opening occupancy deficit reported at the time of our preliminary results. \n\nAverage rental rate has increased by 11.3% compared to last year and rose by 1.6% over Q4 2008. Around 3.0% of the year on year increase is attributable to favourable exchange rate movements. \n\nClosing occupancy at the end of January was down 5.1% compared to last year. This however represents an improvement on the 6.7% deficit at the year end and reflects the improvement in occupancy movement during the quarter compared to the same period last year. \n\nDuring the quarter, we opened one new store in Clapham, London. Safestore has a remaining pipeline of 10 expansion stores, four of which are expected to open by the end of this financial year. We now have 113 stores trading (92 in the UK and 21 in Paris) which together with the pipeline stores will deliver approximately...