Overview
Safestore Holdings (Safestore) has announced its annual results for the year ended 31 October 2016, which it describes as being, “A third consecutive year of double-digit EPS growth”. During the period, Group like-for-like revenue was up 10.0%, or 8.1% at constant exchange rates (CER), with the UK up 9.2% and Paris up 5.0%. Underlying EBITDA increased by 12.2% (11.8% on a CER basis) and Cash Tax Adjusted Earnings per Share was up by 19.3% at 19.8p. EPRA basic NAV per share increased by 17.0% to £3.00 (2015: £2.56). There has also been a 21% increase in the final dividend to 8.05p (2015: 6.65p).
In terms of operational developments, Safestore five new stores (including Chiswick on 4 November 2016), completed one extension (reortedly on time and on budget) with a second extension completing in January 2017 and secured new freehold site in Mitcham, London. The company also acquired 12 Space Maker stores, for £42.3m, which it says was immediately earnings enhancing. Like-for-like average occupancy for the year was up 3.5%, whilst the company reports like-for like pricing growth with the UK rate up 4.5% and the Paris rate up 2.3%. The company experienced enquiry growth of 7.5%, which it says is after the implementation of a new consumer website.
Safestore says that the Group loan-to-value ratio (LTV) was 31%, interest cover ratio (ICR) at 5.5x and full year underlying finance costs were reduced by £1.3m notwithstanding acquisition of Space Maker.
Safestore provides third year of double digit EPS growth : SAFE