The quiet boards are always the best. 🤸a92;️😎 |
 A Black Country warehouse has been sold for more than £1.25m to a self-storage business.
Harris Lamb was instructed to sell the 43,000 sq ft Sun Works building on Sun Street in Quarry Bank. Safestore has now snapped up the property.
Charles D’Auncey, director of the business’ agency team, said: "The well documented shortage of industrial stock in the region meant that we very quickly had a lot of enquiries about the site.
"Its location, a highly prominent site at the junction of Quarry Bank and Merry Hill Road close to Merry Hill shopping centre meant it offered fantastic logistics links and with the site being suitable for a number of uses, subject to planning, interest was not limited to manufacturers and distributors.
"Within a few weeks, we put out a call for best bids, with Safestore paying in excess of the £1.25m asking price to secure the premises."
He said that Safestore, which currently operates 119 UK-wide locations, planned to convert the warehouse into a storage solution to enable businesses, students and households to keep valuables and belongings in secure, CCTV-protected units until they are required, on a short or long-term basis
D'Auncey added: "The business wanted to expand the number of storage opportunities within the West Midlands.
"The easy-to-reach location made Sun Works a perfect site for a prime Black Country operation." |
Yes, still v happy to hold - not an outrageous valuation and div increase shows their confidence |
Another great set of results wow . Talking to someone in the industry a customer comes along for a short let and never leaves ,people hate to throw stuff away. Safe by name and probably my safest share. |
another Simon Thompson I am a genius stock |
Update looks on track - happy to hold |
so that is why it was hammered today by nervous punters . always dangerous to hold stock on resukts day but not so on days leading up to results normally . Must be insiders who have got wind of likely results ! |
Due tomorrow:
First quarter trading update for the three months ended 31 January 2018 on Thursday 22 February 2018 |
Losos - sorry and it is just " no overhead resistance " in charting terms or as punters in OZ used to say " north of river " . Just means it has reached all time high and no big obstacles to overcome . have a good weekend |
arja - what's a 'NOR situation' ??? (Sorry I tried to find out, nothing came up on Google, not that I'm surprised haha) |
nice looking chart and NOR situation . Who knows what it can do from here ! |
Results for year ending 31st October 2017 have been published this morning.
As good as anticipated & positive outlook/start to new year as well.
Reading the results this seems to be a very well run business from the trading, staff development & financing all looks very professional.
The sector is also resilient to macroeconomic issues & downturn, making it a defensive investment under these circumstances whilst at the same time very progressive. |
Excellent trading update this morning, and concludes that earnings for year ending 31st October are likely to be ahead of consensus. |
Strength ahead of Q4 Trading Update to be announced a week on Thursday 16 Nov. |
Frustrating to see share price back at levels last seen in April this year.
Last weeks Q3 trading update was positive...
CEO Commented "The company is in a strong position and remains on course to meet the Board's full year expectations." |
Trading update due tomorrow |
 At first glance these results look very good to me; I particularly like the dividend increase 😄
Safestore Holdings plc
("Safestore", "the Company" or "the Group")
Results for the year ended 31 October 2016
A third consecutive year of double-digit EPS6 growth
Key measures
Year Ended 31 October 2016
Year Ended 31 October 2015
Change
Change-CER 1
Underlying and Operating Metrics- like-for-like 2
Revenue
£112.5m
£102.3m
10.0%
8.1%
Underlying EBITDA 3
£62.7m
£55.9m
12.2%
11.8%
Closing Occupancy (let sq ft- million) 4
3.61
3.56
1.4%
n/a
Closing Occupancy (% of MLA) 5
73.7%
72.7%
+1.0ppts
n/a
Average Occupancy (let sq ft- million) 4
3.54
3.42
3.5%
n/a
Average Storage Rate
£26.31
£24.85
5.9%
3.9%
Underlying and Operating Metrics- total
Revenue
£115.4m
£104.8m
10.1%
8.3%
Underlying EBITDA 3
£64.2m
£57.1m
12.4%
12.1%
Closing Occupancy (let sq ft- million) 4
3.97
3.58
10.9%
n/a
Closing Occupancy (% of MLA) 5
71.0%
72.6%
-1.6ppts
n/a
Average Storage Rate
£26.17
£24.85
5.3%
3.3%
Cash Tax Adjusted Earnings per Share 6
19.8p
16.6p
19.3%
n/a
Dividend per Share
11.65p
9.65p
20.7%
n/a
Free Cash flow 7
£42.4m
£37.3m
13.7%
n/a
EPRA Basic NAV per Share
£3.00
£2.56
17.0%
n/a
Statutory Metrics
Profit before tax 8
£94.9m
£118.2m
-19.7%
n/a
Basic Earnings per Share
42.0p
52.4p
-19.8%
n/a
Highlights
Strong Financial Performance
· Group like-for-like2 revenue at CER1 up 8.1% with UK up 9.2% and Paris up 5.0%
· Cash Tax Adjusted Earnings per Share up 19.3% at 19.8p
· 21% increase in the final dividend to 8.05p (FY2015: 6.65p)
Operational Focus
· Balanced approach to revenue management
o Like-for-like average occupancy for the year up 3.5%
o Good like-for like pricing growth with UK rate up 4.5% and Paris rate up 2.3%
· 12 Space Maker stores acquired for £42.3m, immediately earnings enhancing
· Enquiry growth of 7.5% after implementation of new consumer website
· Opened five new stores (including Chiswick on 4 November 2016), completed one extension on time and on budget with a second extension completing in January 2017 and secured new freehold site in Mitcham, London
Strong and Flexible Balance Sheet
· Group loan-to-value ratio ("LTV"9) at 31%, interest cover ratio ("ICR"10) at 5.5x and full year underlying finance costs reduced by £1.3m notwithstanding acquisition of Space Maker
Frederic Vecchioli, Safestore's Chief Executive Officer, commented:
"The Group has delivered another strong financial year, building on the improvements made to its operating performance over the last three years. Over this three year period, we have grown EPS6 by 78% and increased our dividend per share by over 100%.
"During the last twelve months we have also strengthened our market leading positions in the UK and Paris with the acquisition of Space Maker in the UK and the opening of five new stores.
"As we enter the new financial year, we continue to see good levels of interest in self-storage and remain focused on the significant opportunity represented by our 1.62m square feet of currently unlet space. In addition, our balance sheet capacity and flexibility allows us to continue to seek selected development and acquisition opportunities. The company is in a strong position and we look forward to the future with confidence." |
Good results again this morning. The up on all key metrics. Think there is more to come here. I look at the cash adjusted EPS of 19.8p for a PER of 19 and a dividend yield of 3.2%. |
Great to see the share price boosted after todays update.
I really think this sector is off the radar as far as share investors are concerned. A well run self storage business surely is a solid investment at the moment IMO. Increasing population, people have more stuff etc.
Safestore is the UK's largest self-storage group with 134 stores.
Safestore operates more self-storage sites inside the M25 than any competitor.
Safestore has strengthened its market positions in both the UK and Paris with the acquisition of Space Maker (29 July 2016). |
Good trading update: revenue above median market forecasts and EPS to the top end of market forecasts. It gives again ... |
Trading update due tomorrow |
Holdings RNS:- Norges Bank increase their stake... |
Bought the trading statement today.
If does seem to me that the real estate sector has underperformed price-wise since the referendum vote, which seems overly pessimistic to moi. :-) |
It's just given a little more: "we are confident in generating cash tax adjusted earnings slightly ahead of current market expectations" from Q3 update. |
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Hot Features
Premium
