Lok'nStore Group has reported a decrease in its pretax profit for fiscal 2023, with figures falling to £6.7 million from £15.9 million. This decline was influenced by the sale of four trading stores during the previous year. Despite the dip in profit, the company experienced a modest increase in revenue, which grew to £27.1 million from £26.9 million.
This revenue growth was primarily driven by a 12% on-year increase in same-store revenue, following a price hike of 6.8%. However, adjusted EBITDA also experienced a downturn, dropping to £15.1 million from £16.3 million.
Andrew Jacobs, Chair of Lok'nStore Group, highlighted the high demand for UK self-storage assets and the positive impact of new store openings as key factors driving the company's performance. These factors contributed to a 1.4% increase in net asset value.
In addition to these financial results, Lok'nStore Group also announced an increase in its annual dividend to 19 pence per share, up from the previous year's 17.25 pence. This reflects the company's commitment to providing returns for shareholders even amidst challenging market conditions.
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