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LONDON - Safestore Holdings plc (LSE:SAFE) reported a 5.7% increase in group revenue at constant exchange rates for the third quarter ended July 31, 2025, according to a trading update released Thursday.
The self-storage operator posted total revenue of £59.6 million for the quarter, up from £56.3 million in the same period last year. Like-for-like group revenue rose 3.4% at constant exchange rates.
The company’s UK operations saw like-for-like revenue growth of 2.8%, while Paris increased by 1.7%. Expansion markets, which include Spain, the Netherlands, Belgium, and joint ventures in Germany and Italy, delivered the strongest performance with like-for-like revenue up 13.0%.
Group closing occupancy stood at 78.3% of current lettable area (CLA), down 1.1 percentage points from 79.4% in the same quarter last year. However, on a like-for-like basis, closing occupancy improved to 81.8% from 81.4%.
The average storage rate increased 1.6% to £29.96 per square foot at constant exchange rates.
During the quarter, Safestore opened a new 47,400 square foot store in Brussels, Belgium. The company also opened a 60,000 square foot store in Noisy, Paris in early Q4 2025.
The company secured a new five-year term loan of €77.5 million to refinance a portion of its drawn revolving credit facility, with interest rates fixed through a hedging arrangement.
"We are encouraged with our continued momentum with growth coming across all markets driven by both LFL stores and our new store opening programme," said Frederic Vecchioli, Chief Executive Officer, in the press release statement.
Safestore expects to deliver over 700,000 square feet of new space in the current financial year and maintains that it will be in line with earnings per share expectations for fiscal year 2025.
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