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Lok'nStore increased its dividend as the self-storage company despite reporting a fall in profit.
For the six months to 31 January 2020, pre-tax profit fell to £2.4m from £2.6m on-year while revenue rose 5.3% to £8.97m on-year.
The overall adjusted earnings (EBITDA) margin across all stores was 55.8% rising to 57.9% on a like for like basis, while unit occupancy increased 7.9 % year-on-year on a like-for-like basis. The interim dividend was raised 9% to 4p a share. 'Our results for the first half of the financial year are robust. Despite the current deeply unsettled circumstances Lok'nStore has a resilient business model and a flexible and conservative debt structure. We expect the Company to continue to thrive and grow in the medium and long term once the pandemic has passed,' the company said.