Demand for storing pub furniture and office desks boost Lok’nStore
Storage firm Lok’nStore has been boosted by demand to hold pub furniture and office desks as lockdown measures keep people at home.
Shares in the company jumped on Monday after it reported positive revenue and profit growth in the face of the pandemic.
Lok’nStore said it has also stored PPE and medication by companies during and after the initial lockdown.
It said social distancing measures have seen companies strip out furniture to create space, calling on storage companies to home their items until restrictions relax again.
Revenues for the year to July 31 jumped by 6.44% to £18 million, while operating profits rose by 12.2% to £5.8 million for the period.
The company said it looks to the future “with confidence” despite tightening restrictions after “positive” trading since the end of the financial year.
It added that it has a pipeline of 14 new sites as it looks to expand its store portfolio amid strong demand nationwide.
Andrew Jacobs, executive chairman of the group, said: “This year Lok’nStore’s revenue, profits and asset values all moved ahead and trading since the year end has been good.
“Fourteen new sites will add considerably to future sales and earnings growth, enabling further increases in dividends.
“Our strategy remains to open more landmark stores in an under-supplied market while maintaining a conservative balance sheet, leading to an exciting period of growth.”
Shares in the company moved 5.3% higher at 553p on Monday.