Safestore shares made up some of the ground lost since its March flotation with a strong set of interim results. Financial Times
The shares closed up 3p at 185p but remained 23% below its offer price of 240p. Safestore has 100 self-storage centres in the UK and Paris totalling 4.1m sq ft.
Safestore’s property portfolio was valued at £498m, up 6% since last October. Adjusted net asset value per share rose 55% to 157.4p (101.7p) compared with a year before.
Safestore lifted pretax profit to £24.2m for the six months to 30 April, up from £949,000 for the equivalent period last year, on turnover up 15% to £34.6m (£30.1m).
Steve Williams, chief executive, said Safestore was set to expand its portfolio with the development of 16 stores – of which 12 have planning consent – by the end of next year. This would add 770,000 sq ft and take the total portfolio to 5.1m sq ft.
The company floated amid widespread enthusiasm for the self-storage sector, whereby rival Big Yellow was the best performer company in the property sector last year.