LONDON (ShareCast) - Storage company Safestore saw an increase in revenue and underlying earnings in the first half of its financial year despite difficult market conditions.
Underlying earnings before interest, tax, depreciation and amortisation
(EBITDA) rose 4.3% to £22m in the six months to 30 April 2009 from £21.1m the year before.
After taking a £30m hit on the paper value of its investment properties, the company recorded a pre-tax loss of £11.7m, compared to a pre-tax profit of £28.5m the year before, when the profits were boosted by an £18.2m boost to the value of its property portfolio.
At the end of April 2009 the property portfolio was valued at £640.4m, up £1.7m or 0.3% on the figure at the end of October 2008.
Revenue rose 3.3% to £41.3m from £40m, but excluding new sites fell 1.2%. The average rental rates was up 7.2% to £25.24 per square foot.
The interim dividend has been held at 1.65p.
"The second half of the year has begun positively. We continue to make progress on the rate per sq ft and we have seen positive occupancy growth. We are encouraged by six consecutive months of occupancy growth and believe that our business model will show continued resilience,2 said Steve Williams, Safestore's chief executive.
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