Business
Third Quarter Trading Update
Third Quarter Trading Update.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n\n \n \n7 September 2023\n\nSafestore Holdings plc\n\nThird quarter trading update for the period 1 May 2023 to 31 July 2023\n \nFurther strategic progress and continued revenue growth\n \n\n\n\n\nGroup Operating Performance\n\n\nQ3 2023\n\n\nQ3 20222\n\n\nChange\n\n\nChange- CER1\n\n\n\n\nRevenue (£'m)\n\n\n56.5\n\n\n54.7\n\n\n3.3%\n\n\n2.9%\n\n\n\n\nRevenue (£'m)- year-to-date (YTD)\n\n\n166.6\n\n\n155.7\n\n\n7.0%\n\n\n6.0%\n\n\n\n\nClosing Occupancy (let sq ft- million)3\n\n\n6.389\n\n\n6.461\n\n\n-1.1%\n\n\nn/a\n\n\n\n\nClosing Occupancy (% of MLA)\n\n\n79.1%\n\n\n84.3%\n\n\n-5.2ppts\n\n\nn/a\n\n\n\n\nMaximum Lettable Area (MLA)4\n\n\n8.080\n\n\n7.670\n\n\n5.3%\n\n\nn/a\n\n\n\n\nAverage Storage Rate (£)\n\n\n29.68\n\n\n28.59\n\n\n3.8%\n\n\n3.5%\n\n\n\n\nAverage Storage Rate (£)- YTD\n\n\n30.27\n\n\n29.11\n\n\n4.0%\n\n\n3.1%\n\n\n\n\nREVPAF9 (£)- YTD\n\n\n27.56\n\n\n27.15\n\n\n1.5%\n\n\n0.7%\n\n\n\n\n \n\n\n\n\nGroup Operating Performance- like-for-like3\n\n\nQ3 2023\n\n\nQ3 20222\n\n\nChange\n\n\nChange- CER1\n\n\n\n\nRevenue (£'m)\n\n\n52.7\n\n\n52.0\n\n\n1.3%\n\n\n1.2%\n\n\n\n\nRevenue (£'m)- year-to-date (YTD)\n\n\n156.2\n\n\n151.4\n\n\n3.2%\n\n\n2.4%\n\n\n\n\nClosing Occupancy (let sq ft- million)4\n\n\n5.744\n\n\n5.952\n\n\n-3.5%\n\n\nn/a\n\n\n\n\nClosing Occupancy (% of MLA)5\n\n\n81.8%\n\n\n85.3%\n\n\n-3.5%ppts\n\n\nn/a\n\n\n\n\nAverage Occupancy (let sq ft- million)\n\n\n5.643\n\n\n5.846\n\n\n-3.5%\n\n\nn/a\n\n\n\n\nAverage Occupancy (let sq ft- million)- YTD\n\n\n5.568\n\n\n5.753\n\n\n-3.2%\n\n\nn/a\n\n\n\n\nAverage Storage Rate (£)\n\n\n31.04\n\n\n29.62\n\n\n4.8%\n\n\n4.5%\n\n\n\n\nAverage Storage Rate (£)- YTD\n\n\n31.57\n\n\n29.60\n\n\n6.7%\n\n\n5.8%\n\n\n\n\nREVPAF9 (£)- YTD\n\n\n29.76\n\n\n29.01\n\n\n2.6%\n\n\n1.8%\n\n\n\n\n \nHighlights\n\n· Group revenue for the quarter in CER1 up 2.9% and 3.3% at actual exchange rates\n· Like-for-like5 Group revenue for the quarter in CER1 up 1.2%\no UK up 0.7%\no Paris up 3.2%\no Spain down 2.2%\n· Like-for-like5 average rate for the quarter up 4.5% in CER1\no UK up 4.4%\no Paris up 4.3%\no Spain up 5.6%\n· Like-for-like5 closing occupancy at 81.8% (2022: 85.3%)\no UK down 4.0ppts at...