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Safestore ups earnings guidance and outlines London expansion

City AM logo City AM 10/05/2021 Jessica Clark
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Storage firm Safestore is expanding its London presence and has upped its full-year earnings guidance after boosting revenue in the pandemic.

The FTSE 250 company will open two new London sites and expand two existing storage warehouses, it said.

Read more: Storage firm Safestore hails ‘excellent’ UK trading

The sites will be in Lea Bridge, Morden, Bermondsey and a location in north east London. 

Safestore said full year earnings guidance had been revised upwards, with adjusted diluted EPRA earnings per share expected to be between 37p to 38p.

It comes after group revenue in the latest quarter jumped 11.2 per cent, while occupancy reached 82.3 per cent, up from 71.5 per cent.

“We continue to focus on the significant upside from filling the 1.3m square feet of fully invested currently unlet space in our UK, Paris and Spain markets,” said Frederic Vecchioli, chief executive of Safestore.

“Whilst the potential for disruption arising from current COVID-19 crisis has not entirely abated, the inherent resilience of our business model as well as our recent and current trading allows me to look forward with optimism.

“The improving momentum in our second quarter performance gives me further confidence in relation to the outlook for the full year and I now anticipate that the business should deliver Adjusted Diluted EPRA Earnings per Share for 2020/21 in a range of 37p to 38p, which would represent an increase of 23 per cent to 26 per cent compared to the prior year.”

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