Highlights
Strong Financial Performance
Group like-for-like revenue at CER up 8.1% with UK up 9.2% and Paris up 5.0%
Cash Tax Adjusted Earnings per Share up 19.3% at 19.8p
21% increase in the final dividend to 8.05p (FY2015: 6.65p)
Operational Focus
Balanced approach to revenue management
o Like-for-like average occupancy for the year up 3.5%
o Good like-for like pricing growth with UK rate up 4.5% and Paris rate up 2.3%
12 Space Maker stores acquired for £42.3m, immediately earnings enhancing
Enquiry growth of 7.5% after implementation of new consumer website
Opened five new stores (including Chiswick on 4 November 2016), completed one extension on time and on budget with a second extension completing in January 2017 and secured new freehold site in Mitcham, London
Strong and Flexible Balance Sheet
Group loan-to-value ratio ("LTV") at 31%, interest cover ratio ("ICR") at 5.5x and full year underlying finance costs reduced by £1.3m notwithstanding acquisition of Space Maker
Frederic Vecchioli, Safestore's Chief Executive Officer, commented:
"The Group has delivered another strong financial year, building on the improvements made to its operating performance over the last three years. Over this three year period, we have grown EPS by 78% and increased our dividend per share by over 100%.
"During the last twelve months we have also strengthened our market leading positions in the UK and Paris with the acquisition of Space Maker in the UK and the opening of five new stores.
"As we enter the new financial year, we continue to see good levels of interest in self-storage and remain focused on the significant opportunity represented by our 1.62m square feet of currently unlet space. In addition, our balance sheet capacity and flexibility allows us to continue to seek selected development and acquisition opportunities. The company is in a strong position and we look forward to the future with confidence."
