Lok'nStore's dividend payments to shareholders reflect the growth in the underlying Cash Available for Distribution (CAD) which is up 20.0% on an annualised basis.
At this interim stage they will pay one third of the previous year's total annual dividend which equates to 4.33 pence per share, up 8.25% on the 4 pence per share interim dividend last year. The increase in the interim dividend follows a consistent pattern of dividend growth reflecting the continued growth of the Group. The interim dividend will be paid on 11 June 2021 to shareholders on the register on 7 May 2021. The ex-dividend date will be 6 May 2021. The final deadline for Dividend Reinvestment Election by investors is 21 May 2021. The final dividend will be declared when the Group's full year results are announced in late October 2021.
Other financial highlights include:
Strong trading
Group revenue £10.21 million up 13.9% (31.1.2020: £8.97 million)
Group adjusted EBITDA1 profit £5.5 million up 17.3% (31.1.2020: £4.7 million)
Cash flow growth drives interim dividend increase
Cash available for Distribution (CAD)3 £3.49 million up 19.7% (31.1.2020: £2.92 million)
Increasing net asset value
Adjusted Net Asset Value (NAV) per share5 up 6.8% to £5.68 (31.1.2020: £5.32)
(31.7.2020: £5.56)
Secure balance sheet
£11.3 million cash at period-end (31.7.2020: £13.1 million)
Net debt (excluding lease liabilities) £42.6 million (31.7.2020: £38.3 million)
Loan to value ratio6 20.4% (31.7.2020: 19.3%)
Average cost of debt 1.55 % (31.7.2020: 1.69%)
