Financial Highlights

Strong Financial Performance

  • Group like-for-like1 revenue at CER2 up 8.1% with UK up 9.2% and Paris up 5.0%
  • Cash Tax Adjusted Earnings per Share3 up 19.3% at 19.8p
  • 21% increase in the final dividend to 8.05p (FY2015: 6.65p)
Operational Focus
  • Balanced approach to revenue management
    • Like-for-like average occupancy for the year up 3.5%
    • Good like-for like pricing growth with UK rate up 4.5% and Paris rate up 2.3%
  • 12 Space Maker stores acquired for £42.3m, immediately earnings enhancing
  • Enquiry growth of 7.5% after implementation of new consumer website
  • Opened five new stores (including Chiswick on 4 November 2016), completed one extension on time and on budget with a second extension completing in January 2017 and secured new freehold site in Mitcham, London

Strong and Flexible Balance Sheet

  • Group loan-to-value ratio (“LTV”4) at 31%, interest cover ratio (“ICR”5) at 5.5x and full year underlying finance costs reduced by £1.3m notwithstanding acquisition of Space Maker
1 – CER is Constant Exchange Rates (Euro denominated results for the current period have been retranslated at the exchange rate effective for the comparative period, and the impact of foreign exchange swaps has been reversed, in order to present the reported results on a more comparable basis).
2 – Like-for-like adjustments have been made to remove the impact of the closure of Whitechapel and New Malden in 2015, and the 2016 openings of Wandsworth, Altrincham, Birmingham (including closure of our existing Birmingham store) and Emerainville. In addition, the impact of the acquisition of Space Maker on 29 July 2016 has been adjusted.
3 – Cash tax adjusted earnings per share is defined as profit or loss for the year before exceptional items, corporate transaction costs, change in fair value of derivatives, gain/loss on investment properties and the associated tax impacts as well as exceptional tax items and deferred tax charges, divided by the weighted average number of shares in issue (excluding shares held by the Safestore Employee Benefit Trust).
4 – LTV ratio is Loan-to-Value ratio, which is defined as gross debt (excluding finance leases, but adjusted for the fair value of the US dollar cross currency swap) as a proportion of the valuation of investment properties and investment properties under construction (excluding finance leases).
5 – ICR is interest cover ratio, and is calculated as the ratio of underlying EBITDA after leasehold rent to underlying finance charges.
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