Lok'nStore Group 2017 final results
Group Revenue £16.65 million up 3.7% (2016: £16.06 million) - like for like (LFL) up 5.6%
Group Adjusted EBITDA £6.49 million up 3.1% (2016: £6.30 million) - LFL up 5.4%
Profit after taxation (adjusting for exceptional items) £3.17 million up 28.8% (2016: £2.46 million)
Rising cash flow supports 11.1% dividend increase - progressive dividend policy
Annual dividend 10 pence per share up 11.1% (2016: 9 pence per share)
Cash available for Distribution (CAD) £5.17 million up 9.9% (2016: £4.71 million)
Significant growth in asset value
Net Assets up 24.7% to £89.1 million
Adjusted Net Asset Value per share up 7.9% to £4.16 (2016: £3.86)
Strong balance sheet, efficient use of capital, low debt
Sale of all 2,466,869 Treasury shares held raising £9.9 million cash at average 405 pence per share (purchase cost 152 pence)
Net debt down to £17.4 million (2016: £23.5 million)
Loan to value ratio down to 14% (2016: 20.8%)
Extension of bank facility by 2 years until January 2023
More new stores to come delivering further growth
Expanding pipeline of 11 new landmark stores taking total to 37
3 new stores opening this financial year
Plus 4 further new sites secured
Current pipeline adds 338,300 sq. ft. (26.1%) of extra trading space
Strong balance sheet and rapidly expanding new store pipeline position the Group well for future growth
For all of the definitions of the terms used in the highlights above refer to the notes section below.
Commenting on the Group's results, Andrew Jacobs CEO of Lok'nStore Group said:
"We have created a strong platform for an exciting period of rapid growth for Lok'nStore increasing profits and assets and reducing our debt. Our adjusted net asset value per share has increased by 7.9% to £4.16 this year and we are raising the dividend by 11.1% to 10 pence per share making it the sixth successive year of substantial dividend growth.
We have secured a notable increase in our new store pipeline to 11 stores which will add around 45% more space to our operation over the coming years. This will add yet further momentum to sales and earnings growth.
Lok'nStore's strategy of opening new landmark stores gives us confidence that Lok'nStore can continue to deliver rapidly growing dividends for our investors."