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Increasing demand for storage space sees Lok'nStore's losses narrow
Storage firm Lok'nStore yesterday posted narrower annual losses and said it had seen "consistently encouraging" trading this year as demand for storage space picks up.
The group, whose fortunes are largely tied to the housing market, said occupation levels rose by nearly 2 per cent in the year to July 31.
Lok'nStore reported annual pre-tax losses of 656,000, an improvement of 12 per cent on losses seen a year earlier.
It also clawed back some of the falls seen in the value of its property, at 78.4m compared with 76.8m at the end of January.
The property market has been steadily improving this year, which has an influence on the value of Lok'nStore's portfolio and demand from home movers.
Lok'nStore said the "household" sector accounts for 62 per cent of group turnover, while 38 per cent comes from corporate demand.
Revenues over the year fell 7.6 per cent, although the group said this was resilient against dire conditions in its target markets as the recession bore down – including a 41 per cent plunge in housing transactions.
"Since the beginning of 2009 trading has been consistently encouraging with reservations, enquiries, square feet let and number of customers all turning upwards," said the group.
"Turnover is now increasing with lower operating costs and lower financing costs boosting cash flow," it added.
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Saturday 11 February 2012
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