Notification of results

RNS Number : 6855S

Lok'n Store Group PLC

15 September 2010

 



15 September 2010

Lok'nStore Group plc

("Lok'nStore" or the "Company")

Notification of results

Lok'nStore Group plc, the AIM listed self-storage company, will be announcing preliminary results for the year ended 31 July 2010 on Monday 18^th October 2010, not on Monday 8^th November 2010, as was previously disclosed.

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Enquiries

Lok'nStore Group plc	01252 521010
Andrew Jacobs, Chief Executive Ray Davies, Finance Director
Arbuthnot	020 7012 2000
Nick Tulloch Ben Wells
Financial Dynamics	020 7831 3113
Billy Clegg Edward Westropp

Notes to Editors

Lok'nStore runs a high quality portfolio of 22 self-storage centres across the South East of England.  All stores carry the distinctive bright orange and silver livery and are located in prominent locations adjacent to main roads and town centres. Total space available is 1.2 million sq ft, of which 64% is freehold and 36% leasehold. Lok'nStore has a pipeline of 2 new sites and 2 replacement sites, all of which have planning permissions.

As at 31^st January 2010, adjusted net asset value was £2.10 per share with a loan-to-value ratio of 30.9% on £25m of net debt. Lok'nStore has a £40m facility with RBS which runs until 2012.

The UK self-storage market remains under-supplied with only 0.4 sq ft per person versus around 7 sq ft per person in the more mature US market. The UK market has been growing at 10-15% per annum for the last 10 years. (Source: The Self-Storage Association).

 

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