Here is a summary of the trading statement from Safestore Holdings plc for the fourth quarter of 2024
The companys revenue for the fourth quarter of 2024 showed a slight increase of 0.5% compared to the same period in 2023, with a total revenue of £57.9 million. For the full fiscal year 2024, revenue decreased by 0.3% to £223.4 million.
The like-for-like revenue for the group, which includes only stores open throughout both periods, showed a slight increase of 0.4% for the quarter and a decrease of 0.5% for the full year.
Closing occupancy, which measures the percentage of maximum lettable area that is occupied, decreased slightly for the group, from 77.0% in 2023 to 74.6% in 2024.
The average storage rate, or the price per square foot, decreased by 1.9% compared to the previous year, contributing to the overall decline in revenue.
The companys UK business saw a decline in revenue of 1.9% for the quarter and 2.4% for the full year, with a decrease in both closing occupancy and average storage rates.
Paris operations showed a slight increase in revenue of 1.6% for the quarter and 1.5% for the full year, with a slight decline in closing occupancy but an increase in average storage rates.
The expansion markets, including Spain, the Netherlands, and Belgium, showed strong growth, with a 35.2% increase in revenue for the quarter and a 29.0% increase for the full year.
The company has continued to invest in new stores and extensions, adding a total of 327,000 square feet of maximum lettable area since the end of the third quarter.
The company expects diluted EPRA Earnings per Share for the full year to be in line with consensus forecasts.
Overall, Safestore Holdings plc has shown mixed results for the fourth quarter and full fiscal year 2024, with slight declines in some markets offset by strong growth in the expansion markets. The company continues to focus on expanding its operations and improving revenue performance.