Self-storage company Lok’n Store Group Plc (LOK.L) Monday reported an increase in its profit for fiscal 2013, reflecting higher revenues and occupancy growth. The board also recommended a full-year dividend of 6 pence per share, up 20 percent from last year. Following this, shares were trading above 6 percent on the LSE.
Andrew Jacobs CEO of the company said, “Lok’nStore is trading well with increased occupancy driving cash flow per share and growth in net asset value. The Group has delivered record margins, operating profits and cash flow and we expect this momentum to continue.”
Announcing its preliminary results for the fiscal year ended July 31, 2013, the company said its profit before tax increased to 1.43 million pounds from 0.93 million pounds in the prior year.
Self-storage revenue grew 3.4 percent to 11.14 million pounds, and year-end unit occupancy was up 10.4 percent.
For the current year, the directors proposed a final dividend of 4.33 pence per share, to shareholders of record on November 15, payable on December 16.
LOK.L is currently trading at 184 pence, up 11 pence or 6.36 percent on the LSE.
On a per share basis, earnings were 5.72 pence, significantly higher than 2.99 pence per share a year earlier.
Net asset value per share before deferred tax provision improved 8.8 percent to 2.48 pounds and Funds From Operations, or FFO per share increased 8.5 percent.
Annual revenues improved 1.6 percent to 12.97 million pounds from 12.77 million pounds a year earlier.