By Greg Wright

Published 13th Feb 2023, 08:10 BST

The company revealed that same store revenue was up by 10.3 per cent in the half year to January 31 2023. The statement added: “As anticipated, we are seeing some cost pressure, specifically in the areas of business rates and energy.

"We believe these cost movements are shorter term and expect the rate of cost growth to return to more normalised levels in due course. Beyond that we would expect any increases in absolute cost levels to be driven mainly by the increasing number of stores.”

Andrew Jacobs, chairman of Lok’nStore, said: "Move- ins in the period were 13.5 per cent ahead of the same period last year and demonstrates the continued strong consumer demand for self-storage.

Lok'nStore, the self-storage company, has provided an update on trading for the six months to January 31 2023.

“When fully developed our current new store pipeline will add 48.8 per cent to our owned trading space.

"As we open new stores and build their occupancy, so their value increases significantly. The cash flow from these stores can then fund future growth and an increasing dividend to our shareholders.”

The company said that building and fit out work continues at its new landmark store developments in Bedford, Peterborough, Staines and Basildon, all of which are due to open in 2023.

Self-storage company Lok'nStore says trading has remained buoyant in the face of cost pressures