Business
Pre-close Trading Update
Pre-close Trading Update.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n RNS Number : 3791C Safestore Holdings plc 12 November 2009 \n \n\n\n12 November 2009\nSafestore Holdings Plc\n(\"Safestore\" or \"the Company\")\n\nPre-close trading update for the year ended 31 October 2009 \n\n'Continued strong trading'\n\nSafestore Holdings plc ('Safestore' or 'the Company'), the largest self storage company in the UK and Paris is pleased to report on its trading progress (unaudited) for the year ended 31 October 2009.\n\n\n\nRevenue for the year to 31 October 2009 increased by 1.9% to £84.4 million compared to £82.9 million last year\n\n\nOccupancy growth for the year to 31 October 2009 was 57,000 square feet (\"sq ft\") compared to a loss of 195,000 sq ft last year\n\n\nAverage rental rate per sq ft for the year to 31 October 2009 increased by 4.9% to £25.24 compared to £24.05 last year\n\n\nClosing occupancy for the year as at 31 October 2009 was 2,773,000 sq ft\n\n\n\nRevenues for Q4 2009 were 3.0% up on Q4 2008 at £22.1 million. The average rental rate of £25.49 for Q4 2009 is 1.5% up on Q4 2008 and 3.9% ahead of Q3 2009. Occupancy performance in the fourth quarter, which is historically the poorest performing quarter for new lets, was substantially better than the same quarter last year with a decrease of 53,000 sq ft compared to a decrease of 166,000 sq ft in 2008. The majority of the occupancy decrease in Q4 this year is related to the seasonal loss of students who store with us over the summer.\n\nWe continue to see an increasing level of enquiries and new lets. In particular, we have noted a significant increase in domestic enquiries during Q4. Demand from the business sector remains robust. Enquiries via the internet continue to grow with Q4 being particularly strong and now represents the largest proportion of total enquires and new lets. Our French business has continued to perform strongly with good growth in both new lets and rental rates. \n\nThe Board of Safestore is confident that the full year results will be in line with market expectations.\n\nDuring the year we opened five new stores. ...