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LOK Lok'n Store Group Plc

850.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lok'n Store Group Plc LSE:LOK London Ordinary Share GB0007276115 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 850.00 832.00 848.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Services, Nec 28.96M 4.69M 0.1420 59.86 280.9M

Lok'nStore Group PLC Interim Results (6771L)

23/04/2018 7:00am

UK Regulatory


Lok'n Store (LSE:LOK)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Lok

TIDMLOK

RNS Number : 6771L

Lok'nStore Group PLC

23 April 2018

LOK'NSTORE GROUP PLC

("Lok'nStore" or "the Group")

Lok'nStore Group Plc, the fast growing self-storage company announces interim results for the six months to 31 January 2018

"Strong cash flows and balance sheet fund growth strategy and pipeline of new landmark stores"

Highlights:

Strong trading and cash flow

   --       Revenue GBP8.82 million up 5.7% (31.1.2017: GBP8.34 million) LFL(1) up 8.3% 
   --       Group operating costs down by 1.4% at GBP4.80 million (31.1.2017: GBP4.87 million) 
   --       Group Adjusted EBITDA(2) GBP3.85 million up 16.3% (31.1.2017: GBP3.31 million) 
   --       Adjusted pre-tax profit GBP2.55 million up 21.3% (31.1.2017: GBP2.10 million) 

Cash flow growth supports 11.0% dividend increase - progressive dividend policy

-- Cash available for Distribution (CAD) (3) GBP2.96 million up 13.0% (31.1.2017: GBP2.62 million)

-- Cash available for Distribution (CAD) per share (annualised) 20.5 pence (31.1.2017: 18.6 pence) up 10.2%

   --        Interim dividend 3.33 pence per share up 11.0% (31.1.2017: 3 pence per share) 

Significant growth in asset value

   --       Adjusted Net Asset Value (NAV) per share(4) up 7.9% to GBP4.18 (31.1.2017: GBP3.87) 
   --       Total assets(5) up to GBP154.5 million up 8.4% (31.1.2017: GBP142.6 million) 

Strong balance sheet, efficient use of capital, low debt

   --        Net debt GBP23.45 million (31.1.2017: GBP16.67 million) 
   --        Loan to value(6) ratio 16.8% (31.1.2017: 14.4%) 
   --        Average cost of debt 1.72% (31.1.2017: 1.69%) 
   --        Post period-end: Bank facility increased by GBP10 million to GBP50 million 

Consistent performance of the self-storage business

   --        Core self-storage revenue GBP7.32 million up 4.5% (31.1.2017: GBP7.0 million) LFL up 7.6% 

-- Adjusted Store EBITDA(7) GBP4.29 million up 11.6% (31.1.2017: GBP3.85 million) LFL up 14.4%

   --        Store EBITDA margin increased to 58.6% from 54.5% 
   --        Occupied units pricing up 0.4% LFL 
   --        Unit Occupancy up 6.0% LFL 

Healthy pipeline of new landmark stores(8)

   --        2 new stores opened in this period in Gillingham and Hemel Hempstead 
   --        2 new sites acquired in this period in Bedford and Bournemouth 

-- Current pipeline of 7 contracted stores adds 26% of extra trading space to the overall portfolio, 22% to

our owned   portfolio and 41% to the managed portfolio 
   --        4 pipeline sites are currently with lawyers 

-- Following successful completion of the pipeline, we will have 11 stores under management contracts

Confident outlook

   --       Positive momentum carried into second half 
   --       The Group continues to grow strongly 

Commenting on the Group's results, Andrew Jacobs CEO of Lok'nStore Group said,

"With strong trading and reduced costs Lok'nStore's profits and margins continue to grow rapidly. We are using our robust balance sheet to invest in the future growth of the business building more new landmark stores in a structurally under-supplied market. We have opened 2 new stores in the period and added 2 more to our pipeline with four more sites currently with lawyers.

"Our objective is to open more landmark stores while remaining conservatively geared delivering sustainable growth and consistently increasing dividends."

Enquiries:

 
 Lok'nStore: 
  Andrew Jacobs, CEO 
  Ray Davies, Finance Director             01252 521 010 
 finnCap Ltd 
  Julian Blunt / Giles Rolls, Corporate 
  Finance 
  Alice Lane, Corporate Broking            020 7220 0500 
 Camarco 
  Billy Clegg / Tom Huddart                0203 757 4980 
 

Notes - What we mean when we say ... (and why we use these key performance indicators (KPIs))

1. LFL- Like for like - This measure is used to give transparency on performance in the operating business unrelated to the opening of new stores or closure of old stores therefore giving visibility of the true trading picture. During December 2016 and January 2017 Lok'nStore closed its store in Staines. Our new store in Gillingham opened in December 2017. Like-for-like (LFL) growth figures for the period strip out these 2 effects.

2. Group Adjusted EBITDA - Earnings before interest, tax, depreciation and amortisation - The measure is designed to give clarity on the operating cash flow of the business stripping away non-cash charges, finance charges and tax. Adjusted EBITDA is defined as earnings before all depreciation and amortisation charges, losses or profits on disposal, share-based payments, acquisition costs, exceptional costs finance income, finance costs and taxation.

3. CAD - Cash available for Distribution - is calculated as Adjusted EBITDA minus total net finance cost, less capitalised maintenance expenses, New Works Team costs and current taxation. This measure is designed to give clarity to the capacity of the business to generate net operating cash that can be used to pay dividends to shareholders on a continuing basis.

4. NAV - Adjusted Net Asset Value per share - Adjusted net asset value per share is the net assets of the business adjusted for the valuation of leasehold stores and deferred tax divided by the number of shares at the year-end. The shares held in the Group's employee benefits trust and any treasury shares are excluded from the number of shares.

5. Total assets - Total assets of GBP154.5 million is calculated by adding the independent valuation of the leasehold properties (GBP16.7 million) less their corresponding net book value (NBV) of GBP2.8 million to the total assets as shown in the balance sheet of GBP140.6 million.

6. LTV - Loan to value ratio - measures the debt of the business expressed as a percentage of total property assets giving a perspective on the gearing of the business. The calculation is based on net debt of GBP23.5 million (31.1.2017: GBP16.7 million) as a percentage of the total properties independently valued by JLL and including development land assets totalling GBP139.7 million (31.1.2017: GBP118.5 million) as set out in the Business and Financial Review.

7. Store adjusted EBITDA is Adjusted EBITDA (see 3 above) before the deduction of central and head office costs.

8. Pipeline sites - 11 sites including 7 sites which have been contracted and 4 sites which are currently progressing to contract with lawyers.

Glossary

Abbreviation

Adjusted EBITDA Earnings before all depreciation and amortisation charges, losses or profits on disposal, share basedpayments, acquisition costs, and non-recurring professional costs, finance income, finance costs and taxation

   CAD                             Cash available for Distribution 
   Capex                           Capital Expenditure 
   CSOP                           Company Share Option Plan 
   EBT                              Employee Benefit Trust 
   EMI                              Enterprise Management Incentive Scheme 
   ESOP                           Employee Share Option Plan 
   EU                                European Union 
   HMRC                           Her Majesty's Revenue & Customs 
   IAS                               International Accounting Standard 
   IFRIC                            International Financial Reporting Interpretations Committee 
   IFRS                             International Financial Reporting Standard 
   JLL                               Jones Lang LaSalle 
   LIBOR                           London Interbank Offered Rate 
   LFL                               Like for like 
   LTV                              Loan to Value Ratio 
   NAV                             Net Asset Value 
   NBV                             Net book value 
   Operating Profit              Earnings before interest and tax (EBIT) 
   RICS                             Royal Institution of Chartered Surveyors 
   Sq. ft.                           Square Feet 

Store adjusted

   EBITDA                         Adjusted EBITDA (see above) but before central and head office costs 
   VAT                              Value Added Tax 

Chairman's Statement

Healthy growth, increased dividend and active store opening programme

Lok'nStore continues to grow rapidly as evidenced by these strong results and the increased dividend. This growth will continue. We have the people and the balance sheet strength to buy and build many more landmark stores.

New sites can be difficult to find. The understandable desire to preserve 'greenfield' spaces and the restrictive planning laws that this necessitates leads to high land prices. This is why the UK self-storage market remains structurally undersupplied. However improvements in our store acquisition, design and development processes have resulted in the biggest pipeline of new landmark stores in the company's history.

These smart, modern buildings, which already make up over two-thirds of the space Lok'nStore owns, so the Board looks forward to further expansion with confidence.

Positive trading

For the half year period to January 2018 trading has been good with revenue, profits and assets all increasing.

An increase in Group revenue of 5.7% to GBP8.82 million (31.1.2017: GBP8.34 million) resulted mainly from occupancy growth with prices holding steady. Stripping out the effect of the Staines closure and the early trading from our new store in Gillingham, like for like Group revenue increased by 8.3%.

Progressive Dividend

Dividend payments will reflect the growth in the underlying cash generated by the business as reflected in the cash available for distribution (CAD) which is up 13% period to period.

At this interim stage we will pay one third of the previous year's total annual dividend which equates to 3.33 pence per share, up 11.0% on the 3.00 pence per share interim dividend last year. The increase in the interim dividend follows a consistent pattern of dividend growth reflecting the sustained growth of the Group. The interim dividend will be paid on 15 June 2018 to shareholders on the register on 4 May 2018. The ex-dividend date will be 3 May 2018. The final deadline for Dividend Reinvestment Election is 21 May 2018. The final dividend will be declared when the Group's full year results are announced.

Balance Sheet and financial platform strengthened to support a rapid store development programme

Lok'nStore has worked to increase the value of its assets and this is reflected in our higher NAV and low LTV metrics. Our bank facilities run until 2023 and were increased post balance sheet by GBP10 million to GBP50 million with no change to underlying covenants. We continue to benefit from low interest costs. This is all reported in more detail in the remainder of the Statement.

The growth of sales, profit and asset values combined with innovative asset management allows us to report a loan-to-value (LTV) ratio of only 16.8% (31.1.2017: 14.4%) and net debt of GBP23.5 million (31.1.2017: GBP16.7 million) while we invested GBP10.9 million in store development in this period.

The Group continues to source high quality sites. Our rapid store development programme has led to an increase in new and purpose built space to 64% of our owned portfolio. Trading at our new landmark stores has been excellent. This underpins our confidence that our strong pipeline of seven more landmark stores will add further momentum to sales and earnings growth. They will add 26% more trading space to our portfolio.

Reduced Operating Costs

We have a strong record of reducing our group operating costs each year however we cautioned at our 2017 year end results that although we maintain a disciplined approach to costs, continuing to reduce them is increasingly challenging while delivering both strong revenue growth and an acceleration of our store opening programme. Nevertheless in this period we have reduced Group operating costs which are down 1.4% and we provide a breakdown in the Business Review. Any future cost increases will be driven by the increase in number of stores, chiefly showing in local business rates, staffing and advertising. However we are not seeing significant cost pressures outside of these areas.

Group margins will increase by building more landmark freehold stores and increasing the number of managed stores we operate from a broadly unchanged central cost platform. Group Adjusted EBITDA margins in the period were 43.7% up from 39.7% in the corresponding period last year.

Lok'nStore increases its existing GBP40 million Banking Facility to GBP50 million (Post Balance sheet)

In February 2018, after the period-end the Group increased its bank facility by GBP10 million to GBP50 million. The increased facility will provide funding for landmark site acquisitions and working capital to support the Group's ambitious growth plans.

The facility was originally agreed with The Royal Bank of Scotland plc in January 2016 and the term extended in January 2017. This larger facility runs until January 2023. The interest rate is set at the London Inter-Bank Offer Rate (LIBOR) plus a 1.40%-1.65% margin based on a loan to value covenant test (currently the margin is 1.40%). Bank covenants and margin are unaffected by this increase in facility.

The cost of our debt on GBP28.8 million drawn (gross) averaged 1.72% in the period.

Positive Outlook for Growth

Lok'nStore is a dynamic business designed to deliver significant future growth with an established record of consistent profit and cash generation. It is particularly pleasing to note that the momentum reported earlier in the year has translated into a strong start to the second half.

Our main objective is to steadily increase the cash available for distribution (CAD) per share enabling a predictable growth of the dividend from a strong asset base with conservative levels of debt.

In order to achieve this our focus will be on three key areas:

   1.   Fill stores and improve pricing to increase cash flow from the existing stores 
   2.   Acquire sites to build more landmark stores 
   3.   Increase the number of stores we manage for third parties 

Our current pipeline of 11 new stores will contribute to the achievement of these objectives.

Finally, I should like to thank all of our employees for the huge contribution they have made to the Group's success. Managing growth is a key challenge to organisations. It is a challenge which our staff are meeting with expertise, dedication and enthusiasm.

Simon G Thomas

Chairman

20 April 2018

Business and Financial Review

The Performance of our Stores - Self-storage business steady

   --      Self-storage revenue GBP7.32 million up 3.8% (31.1.2017: GBP7.00 million) LFL up 6.9% 
   --      Adjusted Store EBITDA GBP4.29 million up 11.6% (31.1.2017: GBP3.85 million) LFL up 14.4% 

-- Unit occupancy increased 6.0% year on year on a like for like basis to 66% of current lettable area (CLA)

   --      Occupied units pricing up 0.4% LFL 

With operating costs firmly under control during the period (down 1.4%) steady revenue growth has translated into healthy profit growth. Total adjusted store EBITDA in the self-storage business, a key performance indicator of profitability and cash flow of the business, increased 11.6% to GBP4.29 million (31.01.2017: GBP3.85 million). Like for like growth in store EBITDA was 14.4%.

The overall adjusted EBITDA margin across all stores was up at 58.6% (31.1.2017: 54.5%) with the adjusted Store EBITDA margins of the freehold stores at 66.9% (31.1.2017: 62.9%) and the leasehold stores at 44.1% (31.1.2017: 41.3%).

Over the course of the year unit occupancy rose by a healthy 6.0% LFL and unit pricing growth was up 0.4 % LFL.

As you can see from the table below as the business develops the balance of the stores continues to shift towards landmark freehold stores and managed stores which have a higher than average store EBITDA margin (66.9% and 100% respectively versus 58.6% across all stores). The impact of this is to continue to increase the average store EBITDA margin of the Group overall, and this effect is accentuated by operating more stores from a relatively fixed central cost base. In this context the new stores in the pipeline will over time make a larger than average contribution to Group profits as they become established trading units.

At the end of January 2018, 34.8% of Lok'nStore's self-storage revenue was from business customers (31.1.2017: 34.5%) with the remainder from household customers. By number of customers 18.8% of our customers were business customers (31.1.2017: 19.7%).

 
                                                                                 When Fully Developed 
 Portfolio Analysis      Number       % of Property   % of Adjusted   Adjusted   % lettable   Number       Total 
  and Performance         of stores    Valuation       Store EBITDA    Store      space        of stores    % lettable 
  Breakdown                                                            EBITDA     Lok Owned                 space 
                                                                       Margin 
                                                                       (%) 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 As at 31 January 
  2018 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Freehold and 
  long leasehold 
  stores                 13           87.7            72.7            66.9       65.8         17           54.3 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Operating Leaseholds 
  stores                  7           12.3            27.3            44.1       34.2         7            21.2 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Managed Stores           8                                           100                     11           24.5 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Total stores 
  trading                28                                                                   35 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Pipeline stores 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Owned                    4 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Managed                  3 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Total Self Storage      35           100             100             58.6       100          35           100 
                        -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 Document Storage         2           -               -               -          -            2            - 
----------------------  -----------  --------------  --------------  ---------  -----------  -----------  ------------ 
 

Total freeholds and long leasehold stores account for 88% of total property values.

Ancillary Sales

Ancillary sales consisting of boxes and packaging materials, insurance and other sales increased 1.1% over the year accounting for 10.8% of self-storage revenues (31.1.2017: 11.1%). We continue to promote customer goods insurance to new customers with the result that 91% (31.1.2017: 90%) of our new customers purchased the product over the period. This has resulted in nearly 80% of our customers being insured through Lok'nStore.

Saracen - Document storage business

   --      Revenue GBP1.18 million up 2.6% (31.01.2017: GBP1.15 million) 
   --      Adjusted EBITDA GBP0.36 million up 43.6%  (31.01.2017: GBP0.25 million) 

In Saracen we have further reduced cost by vacating surplus property and this has helped to increase Adjusted EBITDA significantly up 43.4% from a steady increase in turnover compared to the corresponding period last year. This is part of a continuing strategy within the document storage business of optimising the utilisation of trading space which has now been consolidated into two trading units.

Our Stores

Lok'nStore has 28 freehold, leasehold and managed stores trading. Of these, 20 stores are owned with 13 freehold or long leasehold, 7 leasehold and 8 further sites operate under management contracts.

The average unexpired term of the Group's operating leaseholds is approximately 10 years and 2 months as at 31 January 2018 (11 years and 2 months: 31 January 2017). All of our current leasehold stores are inside the Landlord and Tenant Act providing us with a strong security of tenure.

Growth from new stores and more new landmark stores to come

Lok'nStore's strong operating cash flow, solid asset base, and tactical approach to its store property portfolio provide the Group with opportunities to improve the terms of its property usage in all stages of the economic cycle. Our focus on the trading business gives us many opportunities and our property decisions are always driven by the requirements of the trading business.

   --      Early trading at Gillingham has been excellent 
   --      New and purpose built stores lettable space 64% of portfolio 
   --      4 further new store opportunities identified and are progressing with lawyers 

-- Current pipeline of 7 contracted stores adds 26% of extra trading space to the overall portfolio, 22% to our owned portfolio and 41% to the managed portfolio

Development of four new landmark stores

Wellingborough, Bedford, Bournemouth, and Leicester.

Wellingborough

The Wellingborough site is in a prominent retail location with large catchment areas and little established competition. The total capital investment of approximately GBP5 million has been financed from cash flow and our bank facility. After the period-end we completed the development and the store opened on 23 March 2018.

Purchase of the Bedford site

On 1 December 2017 contracts were completed on the purchase of a site in Bedford which will be developed as a purpose built landmark store. The site is in a prominent location to the South-East of Bedford town centre, adjacent to a modern retail park and a large food retailer on a very busy arterial road. Net capital expenditure of GBP6 million will be funded from cash flow and existing banking facilities. Subject to the completion of all planning matters the store is scheduled to open in 2019 and deliver around 55,000 sq. ft. of trading space.

Acquisition of a freehold site for a new landmark store in Bournemouth, Dorset

The 3-acre site is in a highly prominent location on Castle Lane, adjacent to a major food retailer and Bournemouth Hospital. Building work will follow completion of all relevant planning matters, and the circa GBP8 million of net capital expenditure will be funded from cash flow and existing banking facilities. Opening is scheduled for 2019. When developed, this store will add around 80,000 sq. ft. of trading space.

Post Balance Sheet: Acquisition of a freehold site for a new landmark store in Leicester (subject to planning)

The 1 acre site is in a highly prominent location opposite a major food retailer in the heart of Leicester's busy retail district. The total investment of circa GBP8.5 million will be funded from cash flow and existing banking facilities. When developed this store will add around 60,000 sq. ft. of trading space.

More Managed Stores

Over recent years we have been developing our management services to third party storage owners. We have eleven stores under management with eight of these open and trading and three in Exeter, Ipswich and Dover under development and scheduled to open in 2018/19.

In the case of managed stores Lok'nStore receives a standard monthly fee, a performance fee based on certain objectives and a fee on successful exit. In some cases we charge acquisition, planning and branding fees. This allows us to earn revenue from our expertise and knowledge of the self-storage industry without having to commit our capital, to amortise various fixed central costs over a wider operating base, and to drive more visits to our website moving it up the rankings and benefitting all the stores we both own and manage.

In this period we earned GBP0.31 million (31.1.2017: GBP0.18 million) in management fees. We expect this to increase steadily over the coming years.

 
 Management fees     Six months ended   Six months ended 
                      31 January 2018    31 January 2017 
                      Unaudited          Unaudited 
                           GBP                GBP 
------------------  -----------------  ----------------- 
 Total management 
  fees               311,524            180,881 
------------------  -----------------  ----------------- 
 

Three stores currently being developed under management contracts

   ü Exeter                                  - scheduled to open next financial year 
   ü Ipswich                                 - scheduled to open next financial year 
   ü Dover                                    - scheduled to open next financial year 

Summary - Stores Property review

The most recent site acquisition in Leicester increases our pipeline of new landmark stores which are legally secured, to seven. All are in prominent locations with large catchment areas and little established competition and demonstrate the Company's ability to source high quality sites adding to future sales and earnings growth. These eye-catching buildings, with their distinctive orange Lok'nStore branded livery and prominent signage, create highly visible landmarks, which continue to be a big contributor of new customers. We are in the final stages of construction at Wellingborough and the early stages of construction at both Dover and Exeter. Bedford, Ipswich, Bournemouth and Leicester are all in the design and planning stage. All of these new stores will be open by the end of 2019. This will increase the number of stores we operate to 35 and will capitalise on our efficient operating systems and growing internet marketing presence.

Flexible approach to site acquisition

We continue our strategy of actively managing our store operating portfolio to ensure we are maximising both trading potential and asset value. This includes strengthening our distinctive brand, increasing the size and number of our stores and replacing stores or sites where it will increase shareholder value. We prefer to own freeholds if possible, and where opportunities arise we will seek to acquire the freehold of our leasehold stores. However we are happy to take leases on appropriate terms and benefit from the advantages of a lower entry cost, with further options to create value later. Our most important consideration is always the trading potential of the store rather than the type of property tenure.

Store property assets and Net Asset Value

   --      Total assets now GBP154.5 million up 8.4% (31.1.2017: GBP142.6 million) 
   --      Adjusted net asset value of GBP4.18 per share up 7.9% on last year 

Financial results

   --      Group Revenue GBP8.82 million up 5.7% (31.1.2017: GBP8.34 million)  LFL up  8.3% 
   --      Group Adjusted EBITDA  GBP3.85 million up 16.3% (31.1.2017: GBP3.31 million) 
   --      Average cost of debt currently 1.72% (31.1.2017: 1.69%) 
   --      LTV still only 16.8% (31.1.2017: 14.4%) 

-- Cash available for Distribution (CAD) GBP2.96 million up 13.0% (31.1.2017: GBP2.62 million)

   --      Interim dividend up 11%  to 3.33 pence per share (31.1.2017: 3.00 pence per share) 
   --      Cash balances GBP5.4 million (31.1.2017: GBP12.1 million) 
   --      Investment in new stores GBP10.9 million (31.1.2017: GBP2.8 million) 

Lok'nStore is a robust business which generates an increasing cash flow from its strong asset base. With a low LTV of 16.8% and low interest margins of 1.4% on its extended banking facility the business has a firm base for growth. The value of the Group's property assets underpins a flexible business model with stable and rising cash flows and low credit risk.

Management of interest rate risk

With GBP28.8 million of gross debt currently drawn against the GBP50 million bank facility the Group is not committed to enter into hedging instruments going forwards but rather to keep such matters under review.

It is not the intention of the Group to enter into an interest rate hedging arrangement at this time given our low level of debt, low loan to value ratio and high interest cover.

Taxation

The Group has made a current tax provision against earnings in this period of GBP0.49 million (31.1.2017: GBP0.42 million) based on a corporation tax rate of 20%. The deferred tax provision which is calculated at forward corporation tax rates of 17% and is substantially a tax provision against the potential crystallisation (sales) of revalued properties and past 'rolled over' gains amounts to GBP16.63 million. (31.1.2017: GBP14.45 million) (See Note 16).

Earnings per share

Basic earnings per share were 6.70 pence (31.1.2017: 6.91 pence per share) and diluted earnings per share were 6.58 pence (31.1.2017: 6.74 pence per share) showing small declines due to the increased number of shares in issue.

Reduced Operating costs

Group operating costs amounted to GBP4.80 million for the period, a 1.4% decrease year on year (31.1.2017: GBP4.87 million).

We have a strong record of reducing our group operating costs each year however we cautioned at our 2017 year end results that although we maintain a disciplined approach to costs continuing to reduce them is increasingly challenging while delivering both strong revenue growth and an acceleration of our store opening programme.

For this period we have contained overall costs which are down 1.4% and we provide a breakdown below. Future cost increases are driven by the expansion of the business in the areas of rates, staffing and advertising (higher internet marketing costs). Overall the cost increases are mainly driven by the expansion of the business and we are seeing little other cost pressures.

Property costs which mainly constitute rent and rates have risen in recent years as we felt the effects of higher rates bills as we opened our new landmark stores particularly at Southampton and Bristol. However we have in this period been able to secure rate reductions for past periods on these sites and this has contributed to the reduction in property costs. Rents have remained broadly static but overall are lower in this period as the closure of Staines has eliminated rent costs (31.01.2017: GBP62,447) and utility costs are lower as a result of a renegotiation of our energy tariffs.

 
 Group                 Increase      Six months   Six months   Year 
                        (decrease)    ended 31     ended 31     ended 31 
                        in costs      Jan          Jan          July 
                        %             2018         2017         2017 
                                      GBP'000      GBP'000      GBP'000 
--------------------  ------------  -----------  -----------  ---------- 
 Property costs        (5.4%)        1,974        2,087        4,179 
 Staff costs            1.8%         2,194        2,156        4,389 
 Overheads              1.8%           552          542        1,098 
 Distribution costs    (2.4%)            81           83         171 
--------------------  ------------  -----------  -----------  ---------- 
 Total                 (1.4%)        4,801        4,868        9,837 
--------------------  ------------  -----------  -----------  ---------- 
 

Cash flow and financing

At 31 January 2018 the Group had cash balances of GBP5.4 million (31.1.2017: GBP12.1 million). Cash inflow from operating activities before investing and financing activities was GBP3.76 million (31.1.2017: GBP2.90 million). As well as using cash generated from operations to fund some capital expenditure, the Group has a five year revolving credit facility which runs until January 2023. This provides sufficient liquidity for the Group's current needs. Undrawn committed facilities at the period-end amounted to GBP11.2 million (31.1.2017: GBP11.2 million). See also Note 22 (i) (Events after the Reporting Date).

Gearing

At 31 January 2018 the Group had GBP28.8 million of gross borrowings (31.1.2017: GBP28.8 million) representing gearing of 26.1% (31.1.2017: 20.7%) on net debt of GBP23.5 million (31.1.2017: GBP16.7 million). After adjusting for the uplift in value of short leaseholds which are stated at depreciated historic cost in the statement of financial position, gearing is 22.6% (31.1.2017: 17.7%). After adjusting for the deferred tax liability carried at period end of GBP16.6 million gearing drops to 19.5% (31.1.2017: 15.3%).

Cash available for Distribution (CAD) up 13%

Cash available for Distribution (CAD) provides a clear picture of ongoing cash flow available for dividends. The CAD was up 13% in the period although at a per share level this was partially offset by the increase in the number of shares outstanding resulting from the sale of the Treasury shares. Cash available for Distribution (CAD) per share (Annualised) was up 10.2% to 20.5 pence (31.1.2017:18.6 pence).

To illustrate this fully the table below shows the calculation of CAD.

Analysis of Cash Available for Distribution (CAD)

 
 
                              Six months          Six months              Year ended 
                               ended 31 January    ended 31 January       31 July 
                               2018                2017                   2017 
                               GBP'000             GBP'000                GBP'000 
 Group Adjusted EBITDA        3,852               3,313                   6,493 
 Less: Net finance costs 
  (per Income Statement)       (296)               (151)                   (297) 
 Capitalised maintenance 
  expenses                      (45)                (55)                    (90) 
 New Works Team                 (69)                (66)                   (138) 
 Current tax                   (485)               (424)                   (792) 
                             ------------------  ----------------------  --------------- 
 Total deductions              (895)               (696)                  (1,317) 
                             ------------------  ----------------------  --------------- 
 Cash Available for 
  Distribution                2,957               2,617                   5,176 
                             ------------------  ----------------------  --------------- 
 
 Increase over last period    13.0% 
 
                                  Number Number                              Number 
 Number of shares in 
  issue (excluding treasury 
  and EBT shares)                28,806,711             28,084,149                   28,679,711 
 CAD per share (annualised)          20.5p                18.6p                     18.0p 
 
 

Capital expenditure and capital commitments

The Group has grown through a combination of building new stores, existing store improvements and relocations. We have concentrated on extracting value from existing assets and developing through collaborative projects and management contracts. As we accelerate the store development programme capital expenditure during the period increased to GBP10.9 million (31.1.2017: GBP2.8 million). This was primarily the construction and fitting out work at our development sites in Gillingham and Wellingborough as well as the acquisition of the Bedford, Bournemouth and Leicester sites.

Market Valuation of Freehold and Operating Leasehold Land and Buildings

On 31 July 2017 professional valuations were prepared by Jones Lang LaSalle (JLL) for eleven freeholds, one long leasehold and seven operating leasehold properties. This valuation has been adopted for the 31 January 2018 period-end. The valuation was prepared in accordance with the RICS Valuation - Professional Standards, published by The Royal Institute of Chartered Surveyors (the "Red Book"). The valuation has been provided for accounts purposes and, as such, is a Regulated Purpose Valuation as defined in the Red Book.

A deferred tax liability arises on the revaluation of the properties and on the rolled-over gain arising from the disposal of some properties. It is not envisaged that any tax will become payable in the foreseeable future on these disposals due to the availability of rollover relief.

It is not the intention of the Directors to make any other significant disposals of trading stores, although individual disposals may be considered where it is clear that value can be added by recycling the capital into other opportunities.

The Board will continue to commission independent valuations on its trading stores annually to coincide with its year-end reporting.

The valuations of our freehold property assets are included in the Statement of Financial Position at their fair value, but under applicable accounting standards no value is included in respect of our leasehold stores to the extent that they are classified as operating leases. The value of our operating leases in the valuation totals GBP16.7 million (31.1.2017: GBP16.6 million). Instead we have reported by way of a note the underlying value of these leasehold stores in future revaluations and adjusted our Net Asset Value (NAV) calculation accordingly to include their value. This ensures comparable NAV calculations.

Analysis of Total Property Value

 
                                       31 Jan                            31 Jan 2017                   31 July 
                       No of            2018 Valuation   No of            Valuation    No of            2017 Valuation 
                        stores/sites    GBP'000           stores/sites    GBP'000       stores/sites    GBP'000 
                      --------------  ----------------  --------------  ------------  --------------  ---------------- 
 Freehold and long 
  leasehold valued 
  by 
  JLL (1)                12              102,900           12              96,125        12              102,900 
 Leasehold valued by 
  JLL (2)              7               16,725            7               16,575        7               16,725 
                      --------------  ----------------  --------------  ------------  --------------  ---------------- 
 Freehold land and 
  buildings at 
  Director 
  valuation              1               4,148             1               3,000         1               4,195 
                      --------------  ----------------  --------------  ------------  --------------  ---------------- 
 Subtotal              20              123,773           20              115,700       20              123,820 
 Sites in 
  development 
  at cost              5               15,880            2               2,792         2               5,124 
                      --------------  ----------------  --------------  ------------  --------------  ---------------- 
 Total                 25              139,653           22              118,492       22              128,945 
                      --------------  ----------------  --------------  ------------  --------------  ---------------- 
 
   (1)      Includes related fixtures and fittings (refer note 9) 

(2) The seven leaseholds valued by JLL are all within the terms of the Landlord and Tenant Act (1954) giving a degree of security of tenure. The average length of the leases on the leasehold stores valued was 10 years and 8 months at the date of the 2017 valuation (2016 valuation: 11 years and 8 months).

Total freeholds account for 88.0% of property values (31.1.2017: 86.0%).

Adjusted Net Asset Value per Share

Adjusted net assets per share is the net assets of the Group adjusted for the valuation of leasehold stores and deferred tax divided by the number of shares at the period-end. The shares currently held in the Group's employee benefits trust (own shares held) and in treasury are excluded from the number of shares.

At January 2018 the adjusted net asset value per share increased to GBP4.18 from GBP3.87 year on year, up 7.9%. This is a result of cash generated from operations offset in part by an increase in the shares in issue due to the sale of treasury shares and the exercise of share options during the period.

 
                                                      31 Jan       31 Jan       31 July 
                                                       2018         2017         2017 
   Analysis of net asset value (NAV)                   GBP'000      GBP'000      GBP'000 
                                                       Unaudited    Unaudited    Audited 
---------------------------------------------------  -----------  -----------  ---------- 
 
  Net assets                                            89,775      80,733       89,119 
   Adjustment to include operating/short leasehold 
    stores at valuation 
   Add: JLL leasehold valuation                          16,725      16,575       16,725 
   Deduct: leasehold properties and their 
    fixtures and fittings at NBV                         (2,777)     (3,006)      (2,878) 
---------------------------------------------------  -----------  -----------  ---------- 
                                                      103,723      94,302       102,966 
---------------------------------------------------  -----------  -----------  ---------- 
 
   Deferred tax arising on revaluation of 
   leasehold properties(1)                              (2,371)      (2,307)      (2,354) 
---------------------------------------------------  -----------  -----------  ---------- 
 
   Adjusted net assets                                  101,350      91,995       100,612 
---------------------------------------------------  -----------  -----------  ---------- 
                                                        Number       Number      Number 
   Shares in issue                                       '000         '000         '000 
---------------------------------------------------  -----------  -----------  ---------- 
 
 Opening shares in issue                              29,303       29,109       29,109 
  Shares issued for the exercise of options             127          90           194 
---------------------------------------------------  -----------  -----------  ---------- 
 Closing shares in issue                              29,430       29,199       29,303 
  Shares held in treasury                               -            (492)        - 
  Shares held in EBT                                    (623)        (623)        (623) 
---------------------------------------------------  -----------  -----------  ---------- 
 
   Closing shares for NAV purposes                      28,807       28,084       28,680 
---------------------------------------------------  -----------  -----------  ---------- 
 
   Adjusted net asset value per share after             GBP3.52      GBP3.28      GBP3.51 
   deferred tax provision 
---------------------------------------------------  -----------  -----------  ---------- 
 
 
   Adjusted net asset value per share before 
   deferred tax provision 
 Adjusted net assets                                  101,350        91,995     100,612 
 Deferred tax liabilities and assets recognised 
  by the Group                                        16,633         14,446      16,363 
 Deferred tax arising on revaluation of 
  leasehold properties(1)                              2,371           2,307       2,354 
---------------------------------------------------  -----------  -----------  ---------- 
 
   Adjusted net assets before deferred tax              120,354      108,748      119,329 
---------------------------------------------------  -----------  -----------  ---------- 
 
   Closing shares for NAV purposes                      28,807       28,084       28,680 
---------------------------------------------------  -----------  -----------  ---------- 
 
   Adjusted net asset value per share before            GBP4.18      GBP3.87      GBP4.16 
   deferred tax provision 
---------------------------------------------------  -----------  -----------  ---------- 
 

(1) A deferred tax adjustment in respect of the uplift in the value of the leasehold properties has been included. Although this is a memorandum adjustment as leasehold properties are included in the Group's financial statements at cost and not at valuation, this deferred tax adjustment is included in the adjusted net asset value calculation in order to maintain a consistency of tax treatment between freehold and leasehold properties.

Corporate and Social Responsibilities

Lok'nStore conducts its business in a manner that reflects honesty, integrity and ethical conduct. We believe that the long-term success of the business is best served by respecting the interests of all our stakeholders. Management of social, environmental and ethical issues is of high importance to Lok'nStore. These issues are dealt with on a day-to-day basis by the Group's managers with principal accountability lying with the Board of Directors. We look for opportunities to address our responsibility to the environment, and we pay close attention to our energy use, carbon dioxide emissions, water use and waste production. At each year-end Lok'nStore commissions a full assessment of the Group's environmental impact.

Customers

We believe in clarity and transparency towards our customers. Brochures and literature are written in plain English, explaining clearly our terms of business without hiding anything. We are open and honest about our products and services and do not employ pressure selling techniques or attempt to take advantage of any vulnerable groups. If we make a mistake we acknowledge it, deal with the problem quickly, and learn from our error. We listen to our customers as we know that they can help us improve our service to them.

   Andrew Jacobs                                    Ray Davies 
   Chief Executive Officer                            Finance Director 

Consolidated Statement of Comprehensive Income

For the six months ended 31 January 2018

 
                  Notes                 Six months               Six months                    Year ended 
                                             ended                    ended                      31 July 
                                        31 January               31 January                        2017 
                                              2018                     2017                      Audited 
                                         Unaudited                Unaudited                      GBP'000 
                                           GBP'000                  GBP'000 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 Revenue              1                      8,819                    8,343                        16,654 
 
 Total 
  property, 
  staff, 
  distribution 
  and general 
  costs              2a                    (4,967)                  (5,030)                       (10,161) 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 
   Adjusted 
   EBITDA(1)                                 3,852                    3,313                        6,493 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 Amortisation 
  of intangible 
  assets                                      (83)                     (83)                        (165) 
 Depreciation                                (962)                    (897)                      (1,856) 
 Equity settled 
  share based 
  payments           18                       (17)                     (48)                        (97) 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 
                                           (1,062)                  (1,028)                      (2,118) 
 Store 
  relocation 
  costs                                          -                     (21)                       (29) 
 Property 
  disposal 
  costs                                          -                     (14)                       (15) 
 Director 
  retirement 
  costs                                          -                        -                       (69) 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
                                           (1,062)                  (1,063)                      (2,231) 
 Operating                                                                                                            4,262 
 profit                                      2,790                    2,250 
 
 Finance income       3                         71                      174                        309 
 Finance cost         4                      (314)                    (325)                       (606) 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 
 Profit before 
  taxation            5                      2,547                    2,099                       3,965 
 Income tax 
  expense             6                      (621)                    (229)                       (904) 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 
 Profit for the 
  period                                     1,926                    1,870                       3,061 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 
 Profit 
 attributable 
 to: 
 Owners of the 
  parent             19                      1,926                    1,870                       3,061 
 
 Other 
 Comprehensive 
 Income 
 Items that 
 will not be 
 reclassified 
 to profit and 
 loss 
 Increase in 
  property 
  valuation                                    629                      391                       7,772 
 Deferred tax 
  relating to 
  change 
  in property 
  valuation                                  (119)                      499                       (932) 
                                               510                      890                       6,840 
 Items that may 
 be 
 subsequently 
 reclassified 
 to profit and 
 loss 
 Increase in 
  fair value of 
  cash 
  flow hedges                                    -                       37                        37 
 Other 
  comprehensive 
  income                                       510                      927                       6,877 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 Total 
  comprehensive 
  income for 
  the period                                 2,436                    2,797                       9,938 
---------------  ------  -------------------------  -----------------------  ---------------------------------------------- 
 
 
 Attributable to: 
  Owners of the parent                    2,436     2,797     9,938 
---------------------------------      --------  --------  -------- 
 
 Earnings per share attributable 
  to owners of the Parent 
 Basic                              8    6.70p    6.91p     11.02p 
 Diluted                            8    6.58p     6.74p    10.64p 
---------------------------------      --------  --------  -------- 
 

(1) Adjusted EBITDA is defined in the accounting policies section of the notes to the interim report.

Consolidated Statement of Changes in Equity

Attributable to owners of the Parent

 
                                         Share      Share       Other   Revaluation        Retained        Total 
                                       capital    premium    reserves       reserve        earnings       equity 
                                       GBP'000    GBP'000     GBP'000       GBP'000         GBP'000      GBP'000 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 
   1 August 2016 - Audited                 291      3,567       8,432        45,602          13,583       71,475 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 
   Profit for the period                     -          -           -             -           1,870        1,870 
 Other comprehensive income: 
 Increase in property valuation 
  net of deferred tax                        -          -           -           890               -          890 
 Decrease in fair value of 
  cash flow hedges net of deferred 
  tax                                        -          -          37             -               -           37 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Total comprehensive income 
  for the year                               -          -          37           890           1,870        2,797 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Transactions with Owners 
 Dividend paid                               -          -           -             -         (1,778)      (1,778) 
 Share based payments                        -          -          48             -               -           48 
 Transfers in relation to share 
  based payments                             -          -        (66)             -              66            - 
 Deferred tax credit relating 
  to share options                           -          -         221             -               -          221 
 Sale of shares from treasury 
  (net of costs)                             -      4,704           -             -           3,117        7,821 
 Exercise of share options                   1        148           -             -               -          149 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Total transactions with owners              1      4,852         203             -           1,405        6,461 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Transfer additional dep'n 
  on revaluation net of deferred 
  tax                                        -          -           -         (115)             115            - 
 
   31 January 2017 - Unaudited             292      8,419       8,672        46,377          16,973       80,733 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 
   Profit for the period                     -          -           -             -           1,191        1,191 
 Other comprehensive income: 
 Increase in property valuation 
  net of deferred tax                        -          -           -         5,950               -        5,950 
 Total comprehensive income 
  for the year                               -          -           -         5,950           1,191        7,141 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Transactions with Owners 
 Dividend paid                               -          -           -             -           (859)        (859) 
 Share based payments                        -          -          49             -               -           49 
 Transfers in relation to share 
  based payments                             -          -        (73)             -              73            - 
 Deferred tax credit relating 
  to share options                           -          -       (179)             -               -        (179) 
 Sale of shares from treasury 
  (net of costs)                             -      1,446           -             -             624        2,070 
 Exercise of share options                   1        163           -             -               -          164 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Total transactions with owners              2      1,609       (203)             -           (162)        1,245 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Transfer additional dep'n 
  on revaluation net of deferred 
  tax                                        -          -           -         (162)             162            - 
 
   31 July 2017 - Audited                  293     10,028       8,469        52,165          18,164       89,119 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 
   Profit for the period                     -          -           -             -           1,926        1,926 
 Other comprehensive income: 
 Increase in property valuation 
  net of deferred tax                        -          -           -           510               -          510 
 Total comprehensive income 
  for the year                               -          -           -           510           1,926        2,436 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Transactions with Owners 
 Dividend paid                               -          -           -             -         (2,016)      (2,016) 
 Share based payments                        -          -          17             -               -           17 
 Transfers in relation to share 
  based payments                             -          -        (80)             -              80            - 
 Deferred tax credit relating 
  to share options                           -          -        (16)             -               -         (16) 
 Exercise of share options                   1        234           -             -               -          235 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Total transactions with owners              1        234        (79)             -         (1,936)      (1,780) 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 Transfer additional dep'n 
  on revaluation net of deferred 
  tax                                        -          -           -         (148)             148            - 
 
   31 January 2018 - Unaudited             294     10,262       8,390        52,527          18,302       89,775 
-----------------------------------  ---------  ---------  ----------  ------------  --------------  ----------- 
 

Consolidated Statement of Financial Position

31 January 2018

 
 
                                                            31 January                    31 January           31 July 
                                                                  2018                          2017              2017 
                                                             Unaudited                     Unaudited           Audited 
                                Notes                          GBP'000                       GBP'000           GBP'000 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 Assets 
 Non-current assets 
 Intangible assets                                               3,343                         3,509             3,428 
 Property, plant and 
  equipment                       9                            127,447                       106,628           116,901 
 Development loan capital        10                                  -                         3,319             3,463 
                                                               130,790                       113,456           123,792 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 Current assets 
 Inventories                     11                                236                           168               203 
 Trade and other receivables     12                              4,192                         3,271             4,266 
 Cash and cash equivalents                                       5,359                        12,140            11,386 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 
   Total current assets                                          9,787                        15,579            15,855 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 Total assets                                                  140,577                       129,035           139,647 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables         13                           (4,912)                       (4,522)           (5,032) 
 Taxation                                                        (573)                         (597)             (463) 
                                                               (5,485)                       (5,119)           (5,495) 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 
 Non-current liabilities 
 Borrowings                       15a                         (28,684)                      (28,737)          (28,670) 
 Deferred tax                     16                          (16,633)                      (14,446)          (16,363) 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
                                                              (45,317)                      (43,183)          (45,033) 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 
   Total liabilities                                          (50,802)                      (48,302)          (50,528) 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 Net assets                                               89,775                              80,733            89,119 
-----------------------------  ------  -------------------------------  ----------------------------  ---------------- 
 
 
 Equity 
 Equity attributable to owners 
  of the parent 
 Called up share capital          17      294      292      293 
 Share premium                         10,262    8,419   10,028 
 Other reserves                   18    8,390    8,672    8,469 
 Retained earnings                19   18,302   16,973   18,164 
 Revaluation reserve                   52,527   46,377   52,165 
-------------------------------  ---  -------  -------  ------- 
 Total equity                          89,775   80,733   89,119 
-------------------------------  ---  -------  -------  ------- 
 
 

Approved by the Board of Directors and authorised for issue on 20 April 2018 and signed on its behalf by:

   Andrew Jacobs                                    Ray Davies 
   Chief Executive Officer                            Finance Director 

Consolidated Statement of Cash Flows

For the six months ended 31 January 2018

 
                                                         Six months    Six months         Year 
                                                              ended         ended        ended 
                                                         31 January    31 January      31 July 
                                                               2018          2017         2017 
                                                          Unaudited     Unaudited      Audited 
                                                Notes       GBP'000       GBP'000      GBP'000 
---------------------------------------------  ------  ------------  ------------  ----------- 
 Operating activities 
 Cash generated from operations                   21a         3,756         2,897        5,523 
 Income tax paid                                              (375)             -        (502) 
 
   Net cash from operating activities                         3,381         2,897        5,021 
 
   Investing activities 
 Development loan capital repaid /(invested)                  3,463         (160)        (304) 
 Purchase of property, plant and equipment          9      (10,879)       (2,770)      (6,628) 
 Interest received                                               68            18           25 
---------------------------------------------  ------  ------------  ------------  ----------- 
 Net cash used in investing activities                      (7,348)       (2,912)      (6,907) 
---------------------------------------------  ------  ------------  ------------  ----------- 
 
 Financing activities 
 Loans repaid from projects under management 
  contracts                                                       -           944          944 
 Finance costs paid                                           (280)         (315)        (574) 
 Equity dividends paid                                      (2,016)       (1,778)      (2,637) 
 Proceeds from issuance of ordinary 
  shares (net)                                                  236           148          313 
 Proceeds from sale of treasury shares 
  (net)                                                           -         7,821        9,891 
---------------------------------------------  ------  ------------  ------------  ----------- 
 
   Net cash (used in) / from financing 
   activities                                               (2,060)         6,820        7,937 
 Net (decrease) / increase in cash 
  and cash equivalents in the period                        (6,027)         6,805        6,051 
 
   Cash and cash equivalents at beginning 
   of the period                                             11,386         5,335        5,335 
---------------------------------------------  ------  ------------  ------------  ----------- 
 
   Cash and cash equivalents at end of 
   the period                                                 5,359        12,140       11,386 
---------------------------------------------  ------  ------------  ------------  ----------- 
 

Accounting Policies

General Information

Lok'nStore Group plc is an AIM listed company incorporated and domiciled in England and Wales. The address of the registered office is One Fleet Place, London EC4M 7WS, UK. Copies of this Interim Report and Accounts may be obtained from the Company's head office at 112 Hawley Lane, Farnborough, Hants, GU14 8JE, or from the investor section of the Company's website at http://www.loknstore.co.uk.

Basis of preparation

The interim results for the six months ended 31 January 2018 have been prepared on the basis of the accounting policies expected to be used in the 2018 Lok'nStore Group Plc Annual Report and Accounts and in accordance with the recognition and measurement principles of International Financial Reporting Standards as adopted by the European Union ('EU') ('IFRS').

The same accounting policies, presentation and methods of computation are followed in these interim condensed set of financial statements as have been applied in the Group's latest annual audited financial statements.

The interim results, which were approved by the Directors on 20 April 2018, are unaudited. The interim results do not constitute statutory financial statements within the meaning of section 434A of the Companies Act 2006.

Comparative figures for the year ended 31 July 2017 have been extracted from the statutory accounts for the Group for that period, which carried an unqualified audit report, did not include a reference to any matters to which the auditor drew attention by way of emphasis of matter, did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and have been delivered to the Registrar of Companies.

Going concern

The Directors can report that, based on the Group's budgets and financial projections, they have satisfied themselves that the business is a going concern. The Board has a reasonable expectation that the Company and the Group have adequate resources and facilities to continue in operational existence for the foreseeable future based on Group cash balances and cash equivalents of GBP5.4 million (31.01.2017: GBP12.1 million), undrawn committed bank facilities at 31 January 2018 of GBP11.2 million (31.01.2017: GBP11.2 million), and cash generated from operations in the period to 31 January 2018 of GBP3.76 million (31.01.2017: GBP2.90 million). The Group operates a GBP40 million five year revolving credit facility with Royal Bank of Scotland plc which provides funding for site acquisitions and working capital and which was increased to GBP50 million after the period end in February 2018. The Group is fully compliant with all bank covenants and undertakings and is not obliged to make any repayments prior to expiration. The Group had reported in its July year-end financial statements that it had agreed a two year extension on its existing banking facility with Royal Bank of Scotland plc and the facility which was due to expire in January 2021, will now run until January 2023. The financial statements are therefore prepared on a going concern basis.

Adjusted EBITDA

Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) is defined as profits from operations before all depreciation and amortisation charges, share-based payments and other non-recurring costs, finance income, finance costs and taxation.

Store adjusted EBITDA

Store adjusted EBITDA is defined as adjusted EBITDA (see above) but before central and head office costs.

Notes to the Financial Statements

For the six months ended 31 January 2018

   1              Revenue 

Analysis of the Group's revenue is shown below:

 
                                                            Six months             Six months        Year 
                                                                 ended                  ended       ended 
                                                            31 January             31 January     31 July 
                                                                  2018                   2017        2017 
                                                             Unaudited              Unaudited     Audited 
 Stores trading                                                GBP'000                GBP'000     GBP'000 
-----------------------------------------  ---------------------------  ---------------------  ---------- 
 
   Self-storage revenue                                          6,532                  6,225      12,343 
 Other storage related revenue                                     787                    778       1,550 
 Ancillary store rental revenue                                      -                      -          14 
 Sub-total - Self-storage revenue 
  - owned stores                                                 7,319                  7,003      13,907 
 Management fees - managed stores                                  312                    181         420 
-----------------------------------------  ---------------------------  ---------------------  ---------- 
 Sub-total                                                       7,631                  7,184      14,327 
 Stores under development 
 Non-storage income                                                  7                      8           - 
-----------------------------------------  ---------------------------  ---------------------  ---------- 
 Sub-total                                                       7,638                  7,192      14,327 
-----------------------------------------  ---------------------------  ---------------------  ---------- 
 Serviced archive and records management 
  revenue                                                        1,181                  1,151       2,327 
-----------------------------------------  ---------------------------  ---------------------  ---------- 
 Total revenue per statement of 
  comprehensive income                                           8,819                  8,343      16,654 
-----------------------------------------  ---------------------------  ---------------------  ---------- 
 

The segment information for the period ended 31 January 2018 and 2017 is as follows:

 
                                               Serviced                                 Serviced 
   2017/2018 - Unaudited                       archive                                  archive 
                                               and                                      and 
                                               records                                  records 
                                Self-storage   management   Total        Self-storage   management   Total 
                                 six months    six months   six months    six months    six months    six months 
                                 ended         ended        ended         ended         ended         ended 
                                 31 January    31 January   31 January    31 January    31 January    31 January 
                                 2018          2018         2018          2017          2017          2017 
                                 GBP'000       GBP'000      GBP'000       GBP'000       GBP'000       GBP'000 
-----------------------------  -------------  -----------  -----------  -------------  -----------  --------------------- 
 
   Revenue from external 
   customers                           7,638        1,181        8,819          7,192        1,151              8,343 
-----------------------------  -------------  -----------  -----------  -------------  -----------  ----------------- 
 
   Segment adjusted EBITDA             3,495          357        3,852          3,064          249              3,313 
 Depreciation                          (912)         (50)        (962)          (848)         (49)              (897) 
  Amortisation of intangible 
   assets                                  -         (83)         (83)              -         (83)               (83) 
 
   Equity settled share 
   based payments                       (17)            -         (17)           (48)            -               (48) 
 Store relocation costs                    -            -            -           (21)            -               (21) 
 Costs of disposal                         -            -            -           (14)            -               (14) 
 Segment profit                        2,566          224        2,790          2,133          117              2,250 
-----------------------------  -------------  -----------  -----------  -------------  -----------  ----------------- 
 
  Central costs not allocated 
  to segments: 
 Finance income                                                     71                                            174 
 Finance costs                                                   (314)                                          (325) 
-----------------------------  -------------  -----------  -----------  -------------  -----------  ----------------- 
 Profit before taxation                                          2,547                                          2,099 
 Income tax expense                                              (621)                                          (229) 
 
 Consolidated profit 
  for the financial period                                       1,926                                          1,870 
-----------------------------  -------------  -----------  -----------  -------------  -----------  ----------------- 
 
 
 
                                                          Serviced 
   2017 - Audited                                        archive & 
                                Self-storage    records management       Total 
                                        year                  year        year 
                                       ended                 ended       ended 
                                     31 July               31 July     31 July 
                                        2017                  2017        2017 
                                     GBP'000               GBP'000     GBP'000 
-----------------------------  -------------  --------------------  ---------- 
 Revenue from external 
  customers                           14,327                 2,327      16,654 
-----------------------------  -------------  --------------------  ---------- 
 
  Segment adjusted EBITDA              5,933                   560       6,493 
   Management charges                     25                  (25)           - 
-----------------------------  -------------  --------------------  ---------- 
 Segment adjusted EBITDA               5,958                   535       6,493 
 Depreciation                        (1,760)                  (96)     (1,856) 
 Amortisation of intangible 
  assets                                   -                 (165)       (165) 
 Equity settled share based 
  payments                              (97)                     -        (97) 
 Store relocation costs                 (29)                     -        (29) 
 Property disposal costs                   -                  (15)        (15) 
 Director retirement costs              (69)                     -        (69) 
 
   Segment profit                      4,003                   259       4,262 
-----------------------------  -------------  --------------------  ---------- 
 Central costs not allocated 
  to segments: 
 Finance income                                                            309 
 Finance costs                                                           (606) 
-----------------------------  -------------  --------------------  ---------- 
 Profit before taxation                                                  3,965 
 Income tax expense                                                      (904) 
 Consolidated profit for 
  the financial year                                                     3,061 
-----------------------------  -------------  --------------------  ---------- 
 
 
 
 2018                                                                                     Serviced 
  Unaudited                            Serviced archive                                    archive 
                                              & records                                  & records 
                        Self-storage         management         Total   Self-storage    management         Total 
                          31 January         31 January    31 January     31 January    31 January    31 January 
                                2018               2018          2018           2017          2017          2017 
                             GBP'000            GBP'000       GBP'000        GBP'000       GBP'000       GBP'000 
---------------------  -------------  -----------------  ------------  -------------  ------------  ------------ 
 Segment assets              134,660              5,917       140,577        122,935         6,100       129,035 
---------------------  -------------  -----------------  ------------  -------------  ------------  ------------ 
 
 Segment liabilities        (21,512)              (606)      (22,118)       (19,067)         (498)      (19,565) 
 Borrowings                                                  (28,684)                                 (28,737) 
---------------------  -------------  -----------------  ------------  -------------  ------------  ------------ 
 Total liabilities                                           (50,802)                                   (48,302) 
 Capital expenditure          10,863                 16        10,879          2,768             2         2,770 
---------------------  -------------  -----------------  ------------  -------------  ------------  ------------ 
 
 
 2017                                  Serviced archive 
  Audited               Self-storage          & records      Total 
                             31 July         management    31 July 
                                2017       31 July 2017       2017 
                             GBP'000            GBP'000    GBP'000 
---------------------  -------------  -----------------  --------- 
 Segment assets              133,457              6,190    139,647 
---------------------  -------------  -----------------  --------- 
 
 Segment liabilities        (21,189)              (669)   (21,858) 
 Borrowings                                               (28,670) 
---------------------  -------------  -----------------  --------- 
 Total liabilities                                        (50,528) 
---------------------  -------------  -----------------  --------- 
 Capital expenditure           6,459                169      6,628 
---------------------  -------------  -----------------  --------- 
 
 
 2a Property, staff, distribution,                 Six months      Six months       Year 
  general costs and retail cost of                      ended           ended      ended 
  sales                                            31 January      31 January    31 July 
                                                         2018            2017       2017 
                                                    Unaudited       Unaudited    Audited 
                                                      GBP'000         GBP'000    GBP'000 
-----------------------------------  ------------------------  --------------  --------- 
 Property and premises costs                            1,974           2,087      4,179 
 Staff costs                                            2,194           2,156      4,389 
 General overheads                                        552             542      1,098 
 Distribution costs                                        81              83        171 
-----------------------------------  ------------------------  --------------  --------- 
 Subtotal - operating costs                           4,801             4,868      9,837 
-----------------------------------  ------------------------  --------------  --------- 
 Retail products cost of sales                            166             162        324 
-----------------------------------  ------------------------  --------------  --------- 
                                                        4,967           5,030     10,161 
-----------------------------------  ------------------------  --------------  --------- 
 
   2b           Cost of sales of retail products 

Cost of sales represents the direct costs associated with the sale of retail products such as boxes and packaging and, the ancillary sales of insurance cover for customer goods, all of which fall within the Group's ordinary activities.

 
                                      Six months    Six months       Year 
                                           ended         ended      ended 
                                      31 January    31 January    31 July 
                                            2018          2017       2017 
                                       Unaudited     Unaudited    Audited 
                                         GBP'000       GBP'000    GBP'000 
----------------------------------  ------------  ------------  --------- 
 Retail                                       56            67        128 
 Insurance                                    20            20         37 
 Other                                         5             2          2 
----------------------------------  ------------  ------------  --------- 
                                              81            89        167 
 Serviced archive consumables and 
  direct costs                                85            73        157 
----------------------------------  ------------  ------------  --------- 
                                             166           162        324 
----------------------------------  ------------  ------------  --------- 
 
   2c           Other Income and costs 
 
                                Six months    Six months       Year 
                                     ended         ended      ended 
                                31 January    31 January    31 July 
                                      2018          2017       2017 
                                 Unaudited     Unaudited    Audited 
                                   GBP'000       GBP'000    GBP'000 
---------------------------  -------------  ------------  --------- 
 
 Property disposal costs                 -            14         15 
 Director retirement costs               -             -         69 
 Store relocation costs                  -            21         29 
---------------------------  -------------  ------------  --------- 
                                         -            35        113 
 -----------------------------------------  ------------  --------- 
 
   3              Finance income 
 
                    Six months    Six months 
                         ended         ended   Year ended 
                    31 January    31 January      31 July 
                          2018          2017         2017 
                     Unaudited     Unaudited      Audited 
                       GBP'000       GBP'000      GBP'000 
----------------  ------------  ------------  ----------- 
 Bank interest               5            18           25 
 Other interest             66           156          284 
----------------  ------------  ------------  ----------- 
                            71           174          309 
----------------  ------------  ------------  ----------- 
 
   4              Finance costs 
 
                                           Six months   Six months 
                                                ended     ended 31   Year ended 
                                           31 January      January      31 July 
                                                 2018         2017         2017 
                                            Unaudited    Unaudited      Audited 
                                              GBP'000      GBP'000      GBP'000 
---------------------------------------  ------------  -----------  ----------- 
 
   Bank interest                                  269          283          520 
 Non-utilisation fees and amortisation 
  of bank loan arrangement fees                    45           42           86 
                                                  314          325          606 
---------------------------------------  ------------  -----------  ----------- 
 

Most interest payable arises on bank loans classified as financial liabilities measured at amortised cost.

   5              Profit before taxation 
 
                                                Six months ended          Six months   Year ended 
                                                      31 January    ended 31 January      31 July 
                                                            2018                2017         2017 
                                                       Unaudited           Unaudited      Audited 
                                                         GBP'000             GBP'000     GBP '000 
---------------------------------------------  -----------------  ------------------  ----------- 
 
   Profit before taxation is stated 
   after charging: 
 Depreciation of plant, property and 
  equipment 
 - owned assets                                              962                 897        1,856 
 
             Amortisation of intangible 
              assets                                          83                  83          165 
              Operating lease rentals - land 
               and buildings                                 719                 764        1,488 
---------------------------------------------  -----------------  ------------------  ----------- 
 
 
   6              Taxation 
 
                                           Six months ended          Six months             Year 
                                                 31 January    ended 31 January    ended 31 July 
                                                       2018                2017             2017 
                                                  Unaudited           Unaudited          Audited 
                                                    GBP'000             GBP'000          GBP'000 
 Current tax: 
 UK corporation tax                                     486                 424              792 
----------------------------------------  -----------------  ------------------  --------------- 
 
   Deferred tax: 
 Origination and reversal of temporary 
  differences                                           135                  71              204 
 Adjustments in respect of prior 
  periods                                                 -                   -              173 
 Impact of change in tax rate 
  on closing balance                                      -               (266)            (265) 
----------------------------------------  -----------------  ------------------  --------------- 
 Total deferred tax charge                              135               (195)              112 
----------------------------------------  -----------------  ------------------  --------------- 
 Income tax expense for the period/year                 621                 229              904 
----------------------------------------  -----------------  ------------------  --------------- 
 

The charge for the period can be reconciled to the profit for the period as follows:

 
                                                                                    Year 
                                           Six months ended          Six months    ended 31 
                                                 31 January    ended 31 January      July 
                                                       2018                2017      2017 
                                                  Unaudited           Unaudited    Audited 
                                                    GBP'000             GBP'000    GBP'000 
 
   Profit before tax                                  2,547               2,099       3,695 
 
   Tax on ordinary activities at 
   the standard effective rate of 
   corporation tax in the UK of 20% 
   (31.1.2017: 20.0%)                                   509                 420         793 
 Expenses not deductible for tax 
  purposes                                                2                   2           2 
 Depreciation of non-qualifying 
  assets                                                144                  50         104 
 Share based payment charges in 
  excess of corresponding tax deduction                   3                  10          19 
 Adjustments in respect of prior 
  periods - deferred tax                                  -                   -         173 
 Impact of change in tax rate on 
  closing DT balance                                      -               (266)       (265) 
 Share option scheme                                      -                  12           5 
 Other timing differences                   (37)                         -             71 
----------------------------------------  -----------------  ------------------  ------------- 
 Income tax expense for the period/year                 621                 229        904 
----------------------------------------  -----------------  ------------------  ---------- 
 Effective tax rate                                   24.4%               10.9%         23% 
----------------------------------------  -----------------  ------------------  ---------- 
 
 

In addition to the amount charged to profit or loss for the period, deferred tax relating to the revaluation of the Group's properties of GBP118,872 (31.1.2017: GBP498,983) has been recognised directly in other comprehensive income (see note 16 on deferred tax).

   7              Dividends 
 
                                                   Six months   Six months 
                                                        ended     ended 31     Year ended 
                                                   31 January      January        31 July 
                                                         2018         2017           2017 
                                                    Unaudited    Unaudited        Audited 
                                                      GBP'000      GBP'000        GBP'000 
-----------------------------------------------  ------------  -----------  ------------- 
 Amounts recognised as distributions to equity 
  holders in the year: 
-----------------------------------------------  ------------  -----------  ------------- 
 
 Final dividend for the year ended 31 July 
  2016 (6.33 pence per share)                               -        1,778          1,778 
 Interim dividend for the six months to 31 
  January 2017 (3 pence per share)                          -            -            859 
 Final dividend for the year ended 31 July              2,016            -              - 
  2017 (7 pence per share) 
 
                                                        2,016        1,778          2,637 
-----------------------------------------------  ------------  -----------  ------------- 
 

In respect of the current period the Directors propose that an interim dividend of 3.33 pence per share will be paid to the shareholders. The total estimated dividend to be paid is GBP983,956 based on the number of shares currently in issue as adjusted for shares held in the Employee Benefits Trust. This interim dividend is an on-account payment of a final annual dividend and is ultimately subject to approval by shareholders at the 2018 Annual General Meeting and has not been included as a liability in these financial statements. The ex-dividend date will be 3 May 2018; the record date 4 May 2018; with an intended payment date of 15 June 2018. The final deadline for Dividend Reinvestment Election is 21 May 2018.

   8              Earnings per share 

The calculations of earnings per share are based on the following profits and numbers of shares.

 
                                           Six months    Six months         Year 
                                                ended         ended        ended 
                                           31 January    31 January      31 July 
                                                 2018          2017         2017 
                                            Unaudited     Unaudited      Audited 
                                              GBP'000       GBP'000      GBP'000 
-----------------------------------  ----------------  ------------  ----------- 
 Profit for the financial period                1,926         1,870        3,061 
-----------------------------------  ----------------  ------------  ----------- 
 
                                                             No. of       No. of 
                                        No. of shares        shares       shares 
-----------------------------------  ----------------  ------------  ----------- 
 Weighted average number of shares 
 For basic earnings per share              28,746,236    27,071,818   27,780,676 
 Dilutive effect of share options             526,509       651,347      999,657 
-----------------------------------  ----------------  ------------  ----------- 
 For diluted earnings per share            29,272,745    27,723,165   28,780,333 
-----------------------------------  ----------------  ------------  ----------- 
 

623,212 shares (31.01.2017: 623,212) are held in the Employee Benefit Trust and nil (31.01.2017: 491,869) shares are held in Treasury. Both are excluded from the above calculation.

 
                        Six months    Six months       Year 
                             ended         ended      ended 
                        31 January    31 January    31 July 
                              2018          2017       2017 
                         Unaudited     Unaudited    Audited 
--------------------  ------------  ------------  --------- 
 Earnings per share 
 Basic                       6.70p         6.91p     11.02p 
--------------------  ------------  ------------  --------- 
 Diluted                     6.58p         6.74p     10.64p 
--------------------  ------------  ------------  --------- 
 
   9              Property, plant and equipment 
 
                                                                                Fixtures, 
                 Development                   Long leasehold          Short     fittings 
                    property        Land and         land and      leasehold          and          Motor 
                      assets       buildings        buildings   improvements    equipment       vehicles 
                     at cost    at valuation     at valuation        at cost      at cost        at cost       Total 
 Group               GBP'000        GBP '000          GBP'000        GBP'000      GBP'000        GBP'000     GBP'000 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 Net book 
  value 
  at 31 July 
  2016 
  - Audited              458          80,953            9,263            782       12,902              5     104,363 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 Net book 
  value 
  at 31 
  January 2017 
  - Unaudited          2,792          80,865            9,314            769       12,884              4     106,628 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 Net book 
  value 
  at 31 July 
  2017 
  - Audited            5,124          87,548           10,293            719       13,213              4     116,901 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 
  Cost or 
  valuation 
 1 August 2017         5,124          87,548           10,293          2,599       23,984             17     129,565 
 Additions            10,756             105                -             18            -              -      10,879 
 Revaluations              -             145               49              -            -              -         194 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 31 January 
  2018 
  Unaudited           15,880          87,798           10,342          2,617       23,984             17     140,638 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 Depreciation 
 1 August 2017             -               -                -          1,880       10,771             13      12,664 
 Depreciation              -             372               63             49          478              -         962 
 Revaluations                          (372)             (63)              -            -              -       (435) 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 31 January 
  2018 
  Unaudited                -               -                -          1,929       11,249             13      13,191 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 
   Net book 
   value 
   at 31 
   January 
   2018 
   - Unaudited        15,880          87,798           10,342            688       12,735              4     127,447 
--------------  ------------  --------------  ---------------  -------------  -----------  -------------  ---------- 
 
 

Capital expenditure during the period totalled GBP10.9 million (31.1.2017: GBP2.8 million). This was primarily the purchase and subsequent construction works at our development sites in Gillingham and Wellingborough as well as completing fitting-out works at our Bristol store.

Property, plant and equipment (non-current assets) with a carrying value of GBP127.4 million (31.1.2017: GBP106.6 million) are pledged as security for bank loans (see note 15a).

Market Valuation of Freehold and Operating Leasehold Land and Buildings

Following the comprehensive external valuation at 31 July 2017 by JLL, the freehold and leasehold properties have not been externally valued at 31 January 2018, although in accordance with the Group's established policy it is the intention to do so at the next year end at 31 July 2018.

Although the Board did not commission an external valuation at this interim period-end it is mindful of the need to accord with the measurement principles of International Financial Reporting Standards as adopted by the European Union. Accordingly after consulting with our external valuers, whilst there has been continued market activity in the self storage sector since July 2017, the Directors considered that there had not been such a material movement in market yields that warranted a modification to the position as at 31 January 2018 in respect of our properties externally valued at 31 July 2017. The Directors therefore consider that it is appropriate to maintain the portfolio's external valuation without modification pending a comprehensive external valuation at our 31 July 2018 year-end.

   10           Development loan capital 

In May 2015 Lok'nStore opened a new store in Aldershot, Hampshire on behalf of outside investors, to which it provided development loan capital. The store is managed under the Lok'nStore brand. The Group has managed the building and subsequent operation of the store and has generated a return on GBP2.5 million of the total development capital committed to the project, as well as management fees for the construction, operation and branding of the store. On 31 October 2017 the entire development loan was repaid to Lok'nStore together with all accrued interest. Lok'nStore continues to manage the operation of the store.

 
                              31 January   31 January    31 July 
                                    2018         2017       2017 
                               Unaudited    Unaudited    Audited 
                                 GBP'000      GBP'000    GBP'000 
--------------------------  ------------  -----------  --------- 
 Development loan capital              -        3,319      3,463 
--------------------------  ------------  -----------  --------- 
 
   11           Inventories 
 
                                     31 January   31 January    31 July 
                                           2018         2017       2017 
                                      Unaudited    Unaudited    Audited 
                                        GBP'000      GBP'000    GBP'000 
----------------------------------  -----------  -----------  --------- 
 Consumables and goods for resale           236          168        203 
----------------------------------  -----------  -----------  --------- 
 

The amount of inventories recognised as an expense during the period was GBP77,039 (31.1.2017: GBP81,005).

   12           Trade and other receivables 
 
                                   31 January   31 January    31 July 
                                         2018         2017       2017 
                                    Unaudited    Unaudited    Audited 
                                      GBP'000      GBP'000    GBP'000 
--------------------------------  -----------  -----------  --------- 
 Trade receivables                      2,098        1,414      1,693 
 Other receivables                      1,473          857      1,822 
 Prepayments and accrued income           621        1,000        751 
                                        4,192        3,271      4,266 
--------------------------------  -----------  -----------  --------- 
 

The Directors consider that the carrying amount of trade and other receivables and accrued income approximates their fair value.

   13           Trade and other payables 
 
                                       31 January   31 January    31 July 
                                             2018         2017       2017 
                                        Unaudited    Unaudited    Audited 
                                          GBP'000      GBP'000    GBP'000 
------------------------------------  -----------  -----------  --------- 
 Trade payables                               960          593        818 
 Taxation and social security costs           496          666        288 
 Other payables                             1,221        1,156      1,692 
 Accruals and deferred income               2,235        2,107      2,234 
------------------------------------  -----------  -----------  --------- 
                                            4,912        4,522      5,032 
------------------------------------  -----------  -----------  --------- 
 

The Directors consider that the carrying amount of trade and other payables and accruals approximates fair value.

   14           Capital management and gearing 

The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance.

The gearing ratio at the period-end is as follows:

 
                              31 January   31 January    31 July 
                                    2018         2017       2017 
                               Unaudited    Unaudited    Audited 
                                 GBP'000      GBP'000    GBP'000 
---------------------------  -----------  -----------  --------- 
 Gross debt                     (28,816)     (28,816)   (28,816) 
 Cash and cash equivalents         5,359       12,140     11,386 
---------------------------  -----------  -----------  --------- 
 Net debt                       (23,457)     (16,676)   (17,430) 
 Total equity                     89,775       80,733     89,119 
 Net debt to equity ratio          26.1%        20.7%      19.6% 
---------------------------  -----------  -----------  --------- 
 
   15a         Borrowings 
 
                                               31 January        31 January    31 July 
                                           2018 Unaudited    2017 Unaudited       2017 
                                                  GBP'000           GBP'000    Audited 
                                                                               GBP'000 
---------------------------------------  ----------------  ----------------  --------- 
 Non-current 
 Bank loans repayable in more than two 
  years 
  but not more than five years 
 Gross                                             28,816            28,816     28,816 
 Deferred financing costs                           (132)              (79)      (146) 
---------------------------------------  ----------------  ----------------  --------- 
 Net bank borrowings                               28,684            28,737     28,670 
---------------------------------------  ----------------  ----------------  --------- 
 

The GBP40 million five year revolving credit facility which was executed in January 2016 with Royal Bank of Scotland plc. included a two year extension option which means it will now run until January 2023.

The GBP40 million five year revolving credit facility set the interest rate margin at the London Inter-Bank Offer Rate (LIBOR) plus 1.40%-1.65% based on a loan to value covenant test. This rate is 1.40% currently and the all in debt cost on GBP28.8 million drawn averaged 1.7% in the last five months.

The revolving credit facility is secured by legal charges and debentures over the freehold and leasehold properties and other assets of the business with a net book value of GBP127.4 million together with cross-company guarantees from Group companies. The Group is not obliged to make any repayments prior to expiration.

(Post Balance Sheet) In February 2018, after the period-end, the Group executed its GBP10 million accordion increasing its existing GBP40 million Banking Facility to GBP50 million. The increased facility will provide funding for site acquisitions and working capital to support the Group's ambitious growth plans for more landmark site acquisitions and working capital.

   16           Deferred tax 
 
                                         31 January   31 January   31 July 2017 
                                               2018         2017        Audited 
                                          Unaudited    Unaudited        GBP'000 
 Deferred tax liability                     GBP'000      GBP'000 
--------------------------------------  -----------  -----------  ------------- 
 
   Liability at start of period/year         16,363       15,361         15,361 
 Charge to income for the period/year           135        (195)            112 
 Tax charged directly to other 
  comprehensive income                          119        (499)            932 
 Credit to share based payment 
  reserve                                        16        (221)           (42) 
 Liability at end of period/year             16,633       14,446         16,363 
--------------------------------------  -----------  -----------  ------------- 
 

The following are the major deferred tax liabilities and assets recognised by the Group and the movements during the year:

 
                                                                                          Rolled 
                                                                                            over 
                       Accelerated                                Other   Revaluation       gain 
                           Capital       Tax   Intangible     temporary            of         on     Share 
                        Allowances    losses       assets   differences    properties   disposal   Options         Total 
                           GBP'000   GBP'000      GBP'000       GBP'000       GBP'000    GBP'000   GBP'000       GBP'000 
----------------  ----------------  --------  -----------  ------------  ------------  ---------  --------  ------------ 
 At 31 July 2016 
  - 
  Audited                    1,855         -          447            24        10,961      2,323     (249)        15,361 
 Charge/ 
  (credit) to 
  income for the 
  period                      (34)         -         (39)           (8)             -      (141)        27         (195) 
 Charge to other 
  comprehensive 
  income                         -         -            -             -         (511)         12         -         (499) 
----------------  ----------------  --------  -----------  ------------  ------------  ---------  --------  ------------ 
 Charge to share 
  based payment 
  reserve                        -        -           -          -             -           -       (221)      (221) 
----------------      ------------  --------  -----------  ------------  ------------  --------- 
 At 31 January 
  2017 
  - Unaudited                1,821         -          408            16        10,450      2,194     (443)        14,446 
----------------  ----------------  --------  -----------  ------------  ------------  ---------  --------  ------------ 
 Charge/ 
  (credit) to 
  income for the 
  period                       375         -         (14)             1             -       (48)       (7)           307 
 Charge to other 
  comprehensive 
  income                         -         -            -             -         1,431          -         -         1,431 
----------------  ----------------  --------  -----------  ------------  ------------  ---------  --------  ------------ 
 Charge to share 
  based payment 
  reserve                        -       -          -            -             -            -      179       179 
----------------      ------------  --------  -----------  ------------  ------------  --------- 
 At 31 July 2017 
  - 
  Audited                    2,196         -          394            17        11,881      2,146     (271)        16,363 
----------------  ----------------  --------  -----------  ------------  ------------  ---------  --------  ------------ 
 Charge/ 
  (credit) to 
  income for the 
  period                       161         -         (14)             -             -       (12)        -        135 
 Charge to other 
  comprehensive 
  income                         -         -            -             -           107         12      -            119 
----------------  ----------------  --------  -----------  ------------  ------------  ---------  --------  ------------ 
 
 Charge to share 
  based payment 
  reserve                        -       -          -            -               -         -          16       16 
----------------      ------------  --------  -----------  ------------  ------------  --------- 
 At 31 January 
  2018 
  - Unaudited                2,357         -          380            17        11,988      2,146     (255)        16,633 
----------------  ----------------  --------  -----------  ------------  ------------  ---------  --------  ------------ 
 
 
   17           Share capital 
 
                                           31 January   31 January 2017   31 July 2017 
                                                 2018         Unaudited        Audited 
                                            Unaudited           GBP'000        GBP'000 
                                              GBP'000 
--------------------------------------  -------------  ----------------  ------------- 
 Authorised: 35,000,000 ordinary 
  shares of 1 pence each                          350               350            350 
--------------------------------------  -------------  ----------------  ------------- 
 
                                           Called up,        Called up,     Called up, 
                                         allotted and      allotted and   allotted and 
                                           fully paid        fully paid     fully paid 
                                               Number            Number         Number 
--------------------------------------  -------------  ----------------  ------------- 
 Number of shares at start of 
  period/year                              29,302,923        29,109,322     29,109,322 
--------------------------------------  -------------  ----------------  ------------- 
 Options exercised during period/year         127,000            89,908        193,601 
--------------------------------------  -------------  ----------------  ------------- 
 Balance at end of period/year             29,429,923        29,199,230     29,302,923 
--------------------------------------  -------------  ----------------  ------------- 
 
 Allotted, issued and fully paid                  GBP               GBP            GBP 
  ordinary shares 
--------------------------------------  -------------  ----------------  ------------- 
 Balance at start of period/year              293,029           291,093        291,093 
 Options exercised during period/year           1,270               899          1,936 
--------------------------------------  -------------  ----------------  ------------- 
 Balance at end of period/year                294,299           291,992        293,029 
--------------------------------------  -------------  ----------------  ------------- 
 

The Company has one class of ordinary shares which carry no right to fixed income.

   18           Other reserves 
 
                                                                                 Share-based 
                                    Cash flow               Other      Capital 
                                        hedge    Merger   reserve   redemption       payment 
                                      reserve   reserve                reserve       reserve     Total 
 Group                                GBP'000   GBP'000   GBP'000      GBP'000       GBP'000   GBP'000 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 1 August 2016 - Audited                 (37)     6,295     1,294           34           846     8,432 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 
   Equity share based payments              -         -         -            -            48        48 
 Transfer to retained 
  earnings in relation 
  to share based payments                   -         -         -            -          (66)      (66) 
 Cash flow hedge reserve 
  net of tax                               37         -         -            -             -        37 
 Tax credit relating to 
  share options                             -         -         -            -           221       221 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 
   31 January 2017 - Unaudited              -     6,295     1,294           34         1,049     8,672 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 
   Equity share based payments              -         -         -            -            49        49 
 Transfer to retained 
  earnings in relation 
  to share based payments                   -         -         -            -          (73)      (73) 
 Tax credit relating to 
  share options                                                                        (179)     (179) 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 
   31 July 2017 - Audited                   -     6,295     1,294           34           846     8,469 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 
   Equity share based payments              -         -         -            -            17        17 
 Transfer to retained 
  earnings in relation 
  to share based payments                   -         -         -            -          (80)      (80) 
 Tax credit relating to 
  share options                             -         -         -            -          (16)      (16) 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 
   31 January 2018 - Unaudited              -     6,295     1,294           34           767     8,390 
-------------------------------  ------------  --------  --------  -----------  ------------  -------- 
 

The merger reserve represents the excess of the nominal value of the shares issued by Lok'nStore Group plc over the nominal value of the share capital and share premium of Lok'nStore Limited as at 31 July 2001. The other distributable reserve and the capital redemption reserve arose in the year ended 31 July 2004 from the purchase of the Company's own shares and a cancellation of share premium.

Share based payment reserve

Under IFRS2 there is the option to make transfers from the share based payment reserve to retained earnings in respect of accumulated share option charges where the options have either been exercised or have lapsed post-vesting. The total amounts calculated and accordingly transferred to retained earnings in the period amounted to GBP79,666 (31.1.2017: GBP65,570).

 
 19 Retained earnings                     Retained 
                                          earnings                  Retained 
                                            before 
                                         deduction   Own shares     earnings 
                                                of 
                                        own shares    (note 20)        Total 
 Group                                     GBP'000      GBP'000      GBP'000 
-----------------------------------    -----------  -----------  ----------- 
 1 August 2016 - Audited                    17,824      (4,241)       13,583 
-------------------------------------  -----------  -----------  ----------- 
 Profit for the financial period             1,870            -        1,870 
 Transfer from revaluation reserve             115            -          115 
 Transfer from share based payment 
  reserve (Note 18)                             66            -           66 
 Dividend paid                             (1,778)            -      (1,778) 
 Sale of treasury shares                         -        3,117        3,117 
-------------------------------------  -----------  -----------  ----------- 
 31 January 2017 - Unaudited                18,097      (1,124)       16,973 
-------------------------------------  -----------  -----------  ----------- 
 Profit for the financial period             1,191            -        1,191 
 Transfer from revaluation reserve             162            -          162 
 Transfer from share based payment 
  reserve (Note 18)                             73            -           73 
 Sale of treasury shares                         -          624          624 
 Dividend paid                               (859)            -        (859) 
 Transfer realised gain on asset                 -            -            - 
  disposal 
-----------------------------------    -----------  -----------  ----------- 
 31 July 2017 - Audited                     18,664        (500)       18,164 
-------------------------------------  -----------  -----------  ----------- 
 Profit for the financial period             1,926            -        1,926 
 Transfer from revaluation reserve             148            -          148 
 Transfer from share based payment 
  reserve (Note 18)                             80            -           80 
 Dividend paid                             (2,016)            -      (2,016) 
 31 January 2018 - Unaudited                18,802        (500)       18,302 
-------------------------------------  -----------  -----------  ----------- 
 

The transfer from revaluation reserve represents the additional depreciation charged on revalued assets net of deferred tax.

The Own Shares Reserve represents the cost of shares in Lok'nStore Group plc purchased in the market and held in the Employee Benefit Trust to satisfy awards made under the Group's share incentive plan.

   20           Own shares 
 
                         ESOP      ESOP    Treasury    Treasury   Own shares 
                       shares    shares      shares      shares        total 
                       Number       GBP      Number         GBP          GBP 
-------------------  --------  --------  ----------  ----------  ----------- 
 1 August 
  2016- Audited       623,212   499,910   2,466,869   3,741,036    4,240,946 
 31 January 
  2017 - Unaudited    623,212   499,910     491,869     624,247    1,124,157 
 31 July 2017- 
  Audited             623,212   499,910           -           -      499,910 
-------------------  --------  --------  ----------  ----------  ----------- 
 31 January 
  2018 - Unaudited    623,212   499,910           -           -      499,910 
-------------------  --------  --------  ----------  ----------  ----------- 
 

Following the disposal on 26 April 2017 in the previous period of the remaining shares held in Treasury, and with no purchases made during the current period, Lok'nStore Limited no longer holds any shares in Treasury at the period-end (31.1.2017: 491,869).

The Group operates an Employee Benefit Trust (EBT) under a settlement dated 8 July 1999 between Lok'nStore Limited and Lok'nStore Trustee Limited, constituting an employees' share scheme. Funds are placed in the trust by way of deduction from employees' salaries on a monthly basis as they so instruct for purchase of shares in the Company. Shares are allocated to employees at the prevailing market price when the salary deductions are made. As at 31 January 2018, the Trust held 623,212 (31.01.2017: 623,212) ordinary shares of 1 pence each with a market value of GBP2,461,687 (31.01.2017: GBP2,835,615). No shares were transferred out of the scheme during the period (2017: nil).. No options have been granted under the EBT.

   21           Cash flows 

(a) Reconciliation of profit before tax to cash generated from operations

 
                                          Six months    Six months       Year 
                                               ended         ended      ended 
                                          31 January    31 January    31 July 
                                                2018          2017       2017 
                                           Unaudited     Unaudited    Audited 
                                             GBP'000       GBP'000    GBP'000 
------------------------------------    ------------  ------------  --------- 
 
   Profit before tax                           2,547         2,099      3,965 
 Depreciation                                    962           897      1,856 
 Amortisation of intangible 
  assets                                          83            83        165 
 Equity settled share based 
  payments                                        17            48         97 
 Store relocation costs and 
  site disposal costs                              -            35         44 
 Interest receivable                            (71)         (174)      (309) 
 Interest payable                                314           325        606 
 (Increase) in inventories                      (33)           (3)       (38) 
 Decrease/(increase) in receivables               74           736      (284) 
 (Decrease) in payables                        (137)       (1,149)      (648) 
--------------------------------------  ------------  ------------  --------- 
 Cash generated from operations                3,756         2,897      5,523 
--------------------------------------  ------------  ------------  --------- 
 

(b) Reconciliation of net cash flow to movement in net debt

Net debt is defined as non-current and current borrowings, as detailed in note 15a less cash and cash equivalents.

 
                                       Six months    Six months       Year 
                                            ended         ended      ended 
                                       31 January    31 January    31 July 
                                             2018          2017       2017 
                                        Unaudited     Unaudited    Audited 
                                          GBP'000       GBP'000    GBP'000 
 
   (Decrease) / Increase in cash 
   in the period/year                     (6,027)         6,805      6,051 
 Change in net debt resulting                   -             -          - 
  from cash flows 
---------------------------------    ------------  ------------  --------- 
 Movement in net debt in period           (6,027)         6,805      6,051 
 Net debt brought forward                (17,430)      (23,481)   (23,481) 
-----------------------------------  ------------  ------------  --------- 
 Net debt carried forward                (23,457)      (16,676)   (17,430) 
-----------------------------------  ------------  ------------  --------- 
 
   22            Events after the Reporting Date 
   i)    Lok'nStore increases its existing GBP40 million Banking Facility to GBP50 million 

In February 2018, after the period-end the Group executed its GBP10 million accordion. The increased facility will provide funding for site acquisitions and working capital to support the Group's ambitious growth plans for more landmark site acquisitions and working capital.

   ii)   Wellingborough Store 

The store opened on 23 March 2018.

iii) Gloucester

On 2 March 2018 the Gloucester site was secured as a Managed Store.

iv) Leicester

Acquisition on 14 February 2018 of a freehold site for a new landmark store (subject to planning).

The 1 acre site is in a highly prominent location opposite a major food retailer in the heart of Leicester's busy retail district. The total investment of circa GBP8.5 million will be funded from cash flow and existing banking facilities. When developed, this store will add around 60,000 sq. ft. of trading space.

v) Fareham Store (Leasehold)

On 22 February 2018, the Group completed the Deed of Variation, Reversionary Lease and Rent Review Memorandum extending the lease term by ten years to 2036.

Our Stores/Sites

Head office

Lok'nStore plc

112 Hawley Lane

Farnborough

Hampshire GU14 8JE

   Tel   01252 521010 

www.loknstore.co.uk

Owned Trading Stores

 
 Basingstoke, Hampshire        Horsham, West Sussex          Poole, Dorset                 Bristol, Gloucestershire 
 Crockford Lane                 Blatchford Road               50 Willis Way                 Longwell Green 
 Chineham                       Redkiln Estate                Fleetsbridge                  Trade Park 
 Basingstoke                    Horsham                       Poole                         Aldermoor Way 
 Hampshire RG24                 West Sussex RH13              Dorset BH15 3SY               Bristol 
 8NA                            5QR                           Tel 01202 666160              BS30 7ET 
 Tel 01256 474700               Tel 01403 272001              poole@loknstore.co.uk         Tel 0117 967 
 basingstoke@loknstore.co.uk    horsham@loknstore.co.uk                                     7055 
                                                                                            bristol@loknstore.co.uk 
 Crayford, Kent                Luton, Bedfordshire           Portsmouth, Hampshire         Gillingham, Kent 
  Block B                       27 Brunswick Street           Rudmore Square                Courtney Road 
  Optima Park                   Luton                         Portsmouth PO2                Gillingham 
  Thames Road                   Bedfordshire LU2              8RT                           Kent ME8 0RT 
  Crayford                      0HG                           Tel 02392 876783              Tel 01634 366044 
  Kent DA1 4QX                  Tel 01582 721177              portsmouth@loknstore.co.uk    gillingham@loknstore.co.uk 
  Tel 01322 525292              luton@loknstore.co.uk 
  crayford@loknstore.co.uk 
                              ----------------------------  ----------------------------  ---------------------------- 
 
 Eastbourne, East              Maidenhead, Berkshire         Reading, Berkshire            Tonbridge, Kent 
  Sussex                        Stafferton Way                251 A33 Relief                Unit 6 Deacon 
  Unit 4, Hawthorn              Maidenhead                    Road                          Trading Estate 
  Road                          Berkshire                     Reading                       Vale Road 
  Eastbourne                    SL6 1AY                       RG2 0RR                       Tonbridge 
  East Sussex BN23              Tel 01628 878870              Tel 01189 588999              Kent TN9 1SW 
  6QA                           maidenhead@loknstore.co.uk    reading@loknstore.co.uk       Tel 01732 771007 
  Tel 01323 749222                                                                          tonbridge@loknstore.co.uk 
  eastbourne@loknstore.co.uk 
                              ----------------------------  ----------------------------  ---------------------------- 
 Fareham, Hampshire            Milton Keynes,                Southampton, Hampshire        Harlow, Essex 
  26 + 27 Standard             Buckinghamshire               Manor House Avenue             Edinburgh Way 
  Way                          Etheridge Avenue              Millbrook                      Temple Fields 
  Fareham Industrial           Brinklow                      Southampton                    Harlow 
  Park                         Milton Keynes                 Hampshire SO15                 Essex CM20 2GF 
  Fareham                      Buckinghamshire               0LF                            Tel 01279 882366 
  Hampshire PO16               MK10 0BB                      Tel 02380 783388               harlow@loknstore.co.uk 
  8XJ                          Tel 01908 281900              southampton@loknstore.co.uk 
  Tel 01329 283300             miltonkeynes@loknstore.co.u 
  fareham@loknstore.co.uk      k 
                              ----------------------------  ----------------------------  ---------------------------- 
 Farnborough, Hampshire        Northampton Central           Northampton Riverside         Sunbury, Middlesex 
 112 Hawley Lane                16 Quorn Way                 Units 1-4                      Unit C 
 Farnborough                    Grafton Street               Carousel Way                   The Sunbury Centre 
 Hampshire GU14                 Industrial Estate            Northampton                    Hanworth Road 
 8JE                            Northampton NN1              Northamptonshire               Sunbury on Thames 
 Tel 01252 511112               2PN                          NN3 9HG                        Middlesex TW16 
 farnborough@loknstore.co.uk    Tel 01604 629928             Tel 01604 785522               5DA 
                                nncentral@loknstore.co.uk    northampton@loknstore.co.uk    sunbury@loknstore.co.uk 
                              ----------------------------  ----------------------------  ---------------------------- 
 Southampton, Hampshire        ParknCruise 
 Third Avenue                  Manor House Avenue 
 Southampton                   Millbrook, Southampton 
 Hampshire SO15                Hampshire SO15 
 0JX                           0LF 
 Tel 02380 783388              Tel 02380 789966 
 southampton@loknstore.co.uk   southampton@parkncruise.co. 
                               uk 
                              ----------------------------  ----------------------------  ---------------------------- 
 

Development locations - LNS Owned Stores

 
 Wellingborough,    Bedford           Bournemouth          Leicester 
  19/21 Whitworth    69 Cardington     Land at Wessex       Part of land forming 
  Way                Road, Bedford.    Field, Deansleigh    part of Freemens 
  Wellingborough     NK42 0BQ          Road, Bournemouth    Common Road, Leicester 
  NN8 2EF                              BH7 7DU              LE2 7SL 
 

Managed stores - Trading

 
 Aldershot, Hampshire         Chichester, West              Woking                        Broadstairs 
  251, Ash Road                Sussex                        Marlborough Road              Unit 2, Pyramid 
  Aldershot                    17, Terminus                  Woking                        Business Park, 
  GU12 4DD                     Road                          GU21 5JG                      Poorhole Lane, 
  Tel 0845 4856415             Chichester                    Tel 01483 378323              Broadstairs, 
  aldershot@loknstore.co.uk    West Sussex                   woking@loknstore.co.uk        Kent CT10 2PT 
                               PO19 8TX 
                               chichester@loknstore.co.uk 
 
 Ashford, Kent               Crawley, West                 Swindon Kembrey               Hemel Hempstead 
  Wotton Road                 Sussex                        Park                          Fortius Point, 
  Ashford                     Sussex Manor                  Kembrey Street                47, Maylands Avenue, 
  Kent TN23 6LL               Business Park                 Elgin Industrial              Hemel Hempstead, 
  Tel 01233 645500            Gatwick Road                  Estate                        Hertfordshire HP2 
  Fax 01233 646000            Crawley                       Swindon                       7DE 
  ashford@loknstore.co.uk     RH10 9NH                      Wiltshire SN2 
                              Tel 01293 738530              8UY 
                              crawley@loknstore.co.uk       Tel 01793 421234 
                                                            swindoneast@loknstore.co.uk 
 

Managed stores - Under Development

 
 Dover, Kent           Exeter              Ipswich, 
  Honeywood Parkway,    Land on the West    Part of Site 7, 
  Whitfield,            Side of Matford     Futura Park, Ipswich 
  Dover, CT16 3FJ       Park Road, Marsh    IP3 9QH 
                        Barton, Exeter 
                        Devon 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 23, 2018 02:00 ET (06:00 GMT)

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