Highlights:
Record financial results ahead of expectations on all measures
Revenue £7.99 million up 4.7% (31.1.2015: £7.63 million) - like for like (LFL) 1 up 8%
Operating Costs down 0.6%
Adjusted EBITDA2 £3.30million up 13.1% (31.1.2015: £2.92 million)
Operating profit (pre-exceptionals3) £2.39 million up 17.4% (31.1.2015: £2.03 million)
Operating profit (post-exceptionals) £4.20 million up 106.8% (31.1.2015: £2.03 million)
Profit before taxation £3.79 million up 155.5% (31.01.15: £1.48 million)
Strong cash flow supports 14.6% dividend increase - progressive dividend policy
Funds from Operations (FFO) 4 £3.1 million up 22.7% (31.1.2015: £2.52 million)
Annualised FFO of 24 pence per share up 19.3% (31.1.2015: 20.1 pence per share)
Interim dividend 2.67 pence per share up 14.6% (31.1.2015: 2.33 pence per share)
Asset backed: Adjusted Net Asset Value per share5 up 14.1% to £3.07 (31.1.2015: £2.69)
Total assets now up to £113 million
Strong balance sheet, efficient use of capital, low debt
New £40 million Bank facility on lower interest margin
Additional £2 million received for sale of old Reading store
Sale and manage-back of Swindon store for £3.5 million (NBV £1.4 million)
Net debt £25.8 million (31.1.2015: £24.3 million)
Loan to value ratio down to 26.2%6 (31.1.2015: 27.5%)
Self-storage business performing strongly
Self-storage revenue £6.93 million up 3.3% (31.1.2015: £6.71 million) - LFL up 7.1%
Store EBITDA £3.847million up 5.4% (31.1.2015: £3.65 million)
Occupied units pricing up 3.3%
Occupancy up 2.4% LFL
Document storage profit more than doubles
Revenue £1.06 million up 14.7% (31.1.2015: £0.92 million)
Adjusted EBITDA £0.25million up 134% (31.1.2015: £0.11 million)
Growth from new stores and more new stores to come
New Chichester store opened January 2016 - early trading strong
New Southampton and Bristol stores due to open early May 2016
Constantly reviewing new store opportunities - pipeline of 4 new stores
