Business
Q3 Trading Update For The Per
Q3 Trading Update For The Per.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n RNS Number : 2463Y Safestore Holdings plc 01 September 2009 \n \n\n\nFOR IMMEDIATE RELEASE \n \n1 September 2009\n\n\nSafestore Holdings plc\nThird quarter trading update for the period ended 31 July 2009\n\n'A strong performance of key metrics'\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 (unaudited) for the period ended 31 July 2009.\n\n\n\nRevenue for the nine months to 31 July 2009 increased by 1.7% compared to the same period last year\n\n\nOccupancy growth for the nine months to July 31 2009 was 110,554 square feet compared to a loss of 29,344 square feet for the same period last year\n\n\nAverage rental rate for the nine months to 31 July 2009 increased by 5.3% to £25.08 compared to £23.81 for the same period last year\n\n\nClosing occupancy as at 31 July 2009 was 2,826,239 square feet\n\n\n\nDuring the quarter we have seen an increasing level of enquiries and new lets with low levels of vacates. This trend was particularly evident in July. This has resulted in occupancy growth in the quarter of 122,260 square feet compared to 43,757 square feet for the same period last year. Average rental rate in the quarter was 1.3% above last year's level which is particularly pleasing given the strong rental rate performance in the third quarter last year. \n\nSafestore has opened a further two stores in the quarter at Longpont in Paris and Ipswich resulting in four new stores opened during the financial year to date. We expect the total of stores opened this financial year to be five with the planned opening in Leicester during the fourth quarter. Over and above this there is a further pipeline of 6 expansion stores, all of which are expected to open in 2010/11. We now have 116 stores trading (94 UK and 22 Paris) which together with the pipeline stores will deliver approximately 5.4 million square feet of storage ...