Safestore makes turnaround to secure profit

Self-storage warehouse group Safestore is managing to rent out more units across Britain, helping it to a first-half pre-tax profit.

The company, which generates much of its revenue from house movers, said it posted a pre-tax profit for the six months to April 30 of £6.7 million, compared with a loss of £11.7 million last year.

Revenue grew 2.8% to £42.4 million and it raised its interim dividend by 3% to 1.7p.

The company made a profit of £5 million related to its investment properties, compared with a loss of £30 million last year.

Average rental rate was up 1.1% to £25.51 pounds per square foot, while occupancy increased by 53,000 square feet compared with a loss of 11,200 square feet last year.

Safestore said it remained confident for its full-year results.