Safestore Holdings, a London-listed self-storage company, announced that its revenue has increased in the third quarter of fiscal 2023. This growth was primarily driven by strong performance with domestic customers. The company also expects its full-year adjusted earnings per share to meet the lower end of market expectations.
Q3 Revenue and Performance
In the third quarter, Safestore Holdings recorded revenue of £56.5 million ($70.7 million), compared to a restated figure of £54.7 million from the previous year. This represents a 2.9% rise at constant exchange rates. On a like-for-like basis, revenue was 1.3% higher at £52.7 million or 1.2% higher at constant exchange rates.
Despite the revenue growth, the company’s occupancy levels experienced a decline. Year-on-year occupancy was down 5.2% at 79.1%, and on a like-for-like basis, it decreased by 3.5% to 81.8%.
Outlook for Fiscal 2023
Safestore Holdings expects its adjusted diluted European Public Real Estate Association earnings per share for fiscal 2023 to be towards the lower end of the company’s provided consensus range of 47.3 pence to 50.3 pence. This metric is closely monitored in the industry.
CEO’s Confidence in the Future
Chief Executive Frederic Vecchioli expressed confidence in the company’s resilience and future prospects: “The business has demonstrated its inherent resilience in recent times and we look to the future with confidence.”