Lok'nStore Group Preliminary Results

LOK'NSTORE GROUP PLC

(“ Lok'nStore ” or “the Group “)

Preliminary Results for the year ended 31 July 2021

Lok'nStore Group Plc, a leading company in the UK self-storage market announces results for the year ended 31 July 2021.

Highlights of Lok'nStore Group plc results 2021

Excellent trading, significant asset value growth, ambitious store opening programme and accelerated dividend policy

Strong trading

• Group Revenue £21.9 million up 21.3% (2020: £18.04 million)
• Group Adjusted EBITDA¹   £11.89 million up 23.2% (2020: £9.65 million)
• Operating Profit £7.46 million up 29.0% (2020: £5.79 million)

Driven by operating metrics

• Total Occupied space up 35.3% (2020: 5.9%)
• Occupancy up from 69.6% to 85.8%
• Pricing up 8.7% year-on-year

Increased cash flow drives step change in dividend growth

• Cash Available for Distribution (CAD) ³ per share up 33.3% to 28.4 pence (2020: 21.3 pence)
• Annual dividend 15 pence per share up 15.4% (2020: 13 pence per share)
• Tenth year of consecutive Dividend increase

Significant increase in net asset value

• Adjusted Net Asset Value⁵ per share up 31.6% to £7.31 (2020: £5.56)

Low debt

• Loan to Value ratio⁶ (LTV) 21.0% (2020: 19.3%)
• Average cost of debt ⁷   1.54 % ( 2020 : 1.69 %)

Dynamic pipeline ⁸ of new landmark stores   will deliver further growth

• £26.9 million invested in new stores
• Pipeline of 14 new stores will take total to 51⁸  
• Pipeline will add 38% more trading space

Positive outlook  

• Occupancy increases point to further revenue and profit growth
• Trading momentum continues post year end
• Strategy unchanged   – increase   revenue from existing stores and open more new stores

For all of the definitions of the terms used in the highlights above refer to the notes section below.

Commenting on the Group's results, Andrew Jacobs, Executive Chairman of Lok'nStore Group said,  

“Lok'nStore's business has   moved ahead significantly with revenue up 21.3% on last year. Trading since the year end has continued to be good . We have made a step change in the dividend policy raising the annual dividend by 15.4 % to 15 pence per share and this is an indication to investors of our intention to accelerate the dividend growth as our cash flows continue to build.

“We have made significant progress on our new store pipeline, with two new stores opened in the period and one existing store acquired contributing to our net asset value per share growth of 31.6%. Three stores are currently under construction opening early 2022, and four more are soon to commence. This pipeline of new stores delivers 38% more space and will add further momentum to sales and earnings growth.

“Our strategy remains to open more landmark stores while maintaining a conservative balance sheet. We will continue this exciting period of growth, building asset value and increasing dividend income for our shareholders.”