Safestore swings to profit; says confident of full-year results

BRITISH self-storage retailer Safestore Holdings swung to a first-half pretax profit, driven mainly by occupancy growth in the UK and Paris, and said it remained confident of its full-year results.

The company, which generates much of its revenue from house movers, raised its interim dividend by three per cent to 1.70 pence.

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For the six months ended April 30, the company said it posted a pretax profit of 6.7m, compared with a loss of 11.7m last year. Revenue grew 2.8 percent to 42.4m.

The company made a profit of 5m related to its investment properties, compared with a loss of 30m last year.

Average rental rate was up 1.1 per cent to 25.51 per sq ft, while occupancy increased by 53,000sq ft in the period, compared with a loss of 11,200sq ft last year.