Safestore turns a corner

Safestore Holdings reported full-year pre-tax profits of £29.2m on revenue up 5.7 percent to £88.2m. The profit represented a massive turnaround for the self-storage group which reported a 2009 loss of £9.4m.

The company made a gain on investment properties of £18.5m compared with a previous £41.6m loss. The total value of its property portfolio rose £39.4m to £687.2m and compares with £31.8m at the half-year valuation.

Safestore reported a 6.1 percent increase to 2.94m sq ft in closing occupancy. The average self-storage rental rate per sq ft in the UK also rose 3.3 percent.

Steve Williams, chief executive, is retiring at the end of April. Peter Gowers, chief executive of InterContinental Hotel Group’s Asia Pacific arm, will replace him. Williams said the group had enjoyed good levels of enquires and new lets since the end of the financial year with reservations for future new lets at high levels.