Lok ‘N Store 1H Pretax Profit Rose on Occupied Space Growth, Raises Dividend

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By Michael Susin

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Lok ‘n Store Group PLC said Monday that pretax profit for the first half of fiscal 2022 has increased–driven by robust growth in occupied space and pricing–and raised its dividend payout.

The London-listed self-storage company said pretax profit for the six months ended January 31 was 11.3 million pounds ($14.5 million), compared with GBP2.9 million the previous year.

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Revenue rose to GBP13.4 million from GBP10.2 million.

Adjusted earnings before interest, taxes, depreciation and amortization–a metric that strips out exceptional and other one-off items–rose 46.5% to GBP8.1 million.

The company said performance for the current period remains strong and it is seeing more new store opportunities, and added that it has secured a store pipeline that will add 35.5% more trading space in the coming years.

The board has declared an interim dividend of 5 pence a share, compared with 4.33 pence last year.

Write to Michael Susin at [email protected]

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Credit: www.marketwatch.com /

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