Record financial results ahead of expectations on all measures
· Revenue £15.42 million up 10.9% (2014: £13.91 million)
· Adjusted EBITDA £5.68 million up 23.1% (2014: £4.62 million)
· Operating profit £3.66 million up 18.7% (2014 normalised: £3.08m)
· Profit before taxation £2.65 million up 34.6% (2014 normalised: £1.97 million)
· Cost ratio reduced to 61.2% (2014: 64.7%).
Strong cash flow supports 14.3% dividend increase - progressive dividend policy
· Annual dividend 8 pence per share up 14.3% (2014: 7 pence per share)
· Funds from Operations (FFO) £4.98 million up 25.2% (2014: £3.97 million)
· FFO per share of 19.6 pence per share up 22.1% (2014: 16.1 pence per share)
Asset backed: Adjusted Net Asset Value per share up 11.4% to £3.02 (2014: £2.71)
· Total assets now circa £100 million
Strong balance sheet, efficient use of capital, low debt
· Net debt down to £25.3 million (2014: £25.5 million)
· Loan to value ratio down to 25.8%6 (2014: 28.2%)
Self-storage business performing strongly
· Store EBITDA £7.197 million up 18.6% (2014: £6.06 million)
· Store EBITDA margins up 3 percentage points to 53.7% (2014: 50.7%)
· Unit Pricing up 4.2%
· Total occupancy up 0.6% with 57,203 sq. ft. of new units fitted
· Ancillary sales up 6.3%
Document storage showing good volume growth
· Year-end boxes stored up 36.2%
· Revenue £1.96 million up 6.5% (2014: £1.84 million)
Growth from new stores and more new stores to come
· New and purpose built stores lettable space will represent 59% of owned store portfolio
· New Reading store opened October 2014
· New Aldershot store opened May 2015
· New Chichester store due to open by end 2015
· New Southampton and Bristol stores due to open spring 2016
· Constantly reviewing new store opportunities
Post Balance sheet
· Additional £2 million received on sale of old Reading store
· Sale of Swindon store for £3.5 million (2014 NBV £1.4 million)
