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Investing.com -- Safestore Holdings (LON:SAFE) reported a 5.7% year-on-year increase in group revenue for the third quarter at constant exchange rates, with like-for-like (LFL) group revenue rising 3.4%.
In the U.K., revenue climbed 2.8% on a like-for-like basis, marking a continuation of the company’s improving quarterly trajectory, supported by steady demand from domestic customers and benefits from unit partitioning.
Paris posted a 1.7% like-for-like revenue rise, underpinned by higher occupancy levels.
Expansion markets delivered the strongest performance, with like-for-like revenue up 13% on the back of both occupancy and rate growth.
Group closing occupancy stood at 81.8% of the company’s letable area, slightly above the 81.4% level recorded in fiscal 2024. Recently opened sites also contributed positively to overall revenue growth.
Safestore opened a new 47,400 sq ft store in Brussels during the quarter, followed by a 60,000 sq ft site in Noisy, Paris at the start of the fourth quarter. The development pipeline remains on track, with more than 700,000 sq ft of additional space expected to be delivered this financial year.
Chief Executive Officer Frederic Vecchioli said the company was “encouraged with our continued momentum with growth coming across all markets driven by both LFL stores and our new store opening programme.”
He added that the U.K. performance was improving due to “robust domestic customer demand and the benefits from our space partitioning programme.”
Safestore continues to expect full-year 2025 earnings per share (EPS) to be in line with market forecasts.