Highlights
Strong operating performance
delivers 29%
earnings growth1
“In this seasonally stronger trading period, coupled with the improving demand environment for our product, we are pleased
to have delivered a strong performance in the first half.”
| Financial metrics | Six months ended 30 September 2014 |
Six months ended 30 September 2013 |
% |
|---|---|---|---|
| Revenue | £39.9 million | £35.9 million | 11 |
| Adjusted profit before tax(1) | £18.4 million | £14.2 million | 29 |
| Adjusted EPRA diluted earnings per share(2) | 13.0 pence | 10.1 pence | 29 |
| Interim dividend per share | 10.4 pence | 8 pence | 30 |
| Adjusted NAV per share(3) | 461.9 pence | 436.3 pence | 6 |
| Cash flow from operating activities (after finance costs) | £17.8 million | £14.0 million | 27 |
| Store metrics | |||
| Occupancy growth – all stores (sq ft)(4) | 288,000 | 232,000 | 24 |
| Occupancy growth – wholly owned stores (sq ft)(4) | 214,000 | 188,000 | 14 |
| Occupancy – like for like wholly owned stores | 75.2% | 70.5% | 7 |
| Average achieved net rent per sq ft | £26.38 | £25.25 | 4 |
| Like-for-like revenue per available foot(5) | £22.61 | £20.39 | 11 |
| Statutory metrics | |||
| Profit before tax | £35.3 million | £34.5 million | 2 |
| Basic earnings per share | 25.2 pence | 24.7 pence | 2 |
1 see note 6; 2 see see note 8; 3 see note 14; 4 excludes 24,000 sq ft of occupancy acquired with Oxford 2, 5 see Portfolio Summary
- Strong revenue performance driving earnings and dividend growth
- Adjusted profit before tax up 29% to £18.4 million
- Cash flow from operating activities (after finance costs) increased by 27% to £17.8 million
- 30% increase in interim dividend to 10.4 pence per share
- Refinancing completed reducing the Group’s average cost of debt and extending the average maturity of facilities
- Prominent 70,000 sq ft MLA Gypsy Corner store on A40 in West London opened on 1 April 2014 and early trading has been encouraging
- Acquisition of 35,000 sq ft freehold store in Oxford
- Acquisition of an existing freehold building in Cambridge for conversion to a 55,000 sq ft self storage centre
288,000sq ft
Occupancy growth of 288,000 sq ft
(2013: 232,000 sq ft)
75.2%
Wholly owned store occupancy
of 75.2% (2013: 70.5%)
£18.4m
Adjusted profit before tax up 29% to
£18.4 million (2013: £14.2 million)
10.4p
Interim dividend of 10.4 pence
per share an increase of 30%
(2013: 8 pence per share)