Safestore 1H Pretax Profit Rose on Investment Gains; Sees Full-Year Earnings Rising
By Joe Hoppe
Safestore Holdings PLC said Tuesday that its pretax profit and revenue rose for the first half of fiscal 2022, driven mainly by investment property gains, and forecasts full-year earnings slightly above market views.
The London-listed self-storage company posted a pretax profit of 285.2 million pounds ($350 million) in the six months to April 30, up from GBP167.3 million a year earlier, while revenue rose around 15% to GBP101.0 million.
Gains on investment properties rose to GBP223.9 million from GBP127.7 million, and underlying earnings before interest, taxes, depreciation and amortization increased to GBP65.2 million from GBP54.4 million, it said.
Net tangible assets per share–a key industry metric–rose to GBP7.93, from GBP5.90, it said.
The company forecast full-year diluted earnings per share at 47 pence, slightly above market analyst consensus forecasts of 45.9 pence.
Chief Executive Frederic Vecchioli said that while Safestore’s first-half performance was strong, the company is conscious of inflationary pressures. He said he is confident the company has the capability and discipline to mitigate likely cost inflation and deliver strong project returns.
The board declared an interim dividend of 9.4 pence a share, up from 7.5 pence a year earlier.
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