Dividend
The Board is pleased to increase the dividend by 1% to 30.70 pence for the full year, of which 20.60 pence is payable as a final dividend in April. They will continue to pursue a progressive dividend policy whilst rebuilding dividend cover over the medium term.
Other highlights
Financial and operational progress
Group revenue at constant exchange rates (CER) up 5.0% to £234.3 million, with 3.1% LFL growth; positive LFL growth across all geographies and increasing contribution from non-LFL stores:
- UK revenue +3.3% improved through the year reaching £167.5 million, with increasing domestic occupancy, unit partitioning and higher average storage rates9 driving LFL growth of 2.4%
- Paris revenue of €52.6 million +2.5% reflects solid LFL growth of 1.3% with increasing occupancy and flat average rates
- Expansion Markets15 total revenue of €26.2 million +27.0%; strong growth in LFL (+13.5%) and non-LFL stores; Spain, Netherlands and Belgium all performed well;
Underlying store EBITDAR increased by 3.1% to £155.9 million; inflationary cost pressures were partially offset by internal efficiencies, resulting in LFL cost of sales increase of 4.4%, broadly in line with sales and below the previously guided rise of 7-8%
Underlying EBITDAR was £137.0 million, up 1.2%, lower growth than store EBITDAR growth due to higher administrative costs
Operating profit down 62.6% to £159.3 million due to lower property revaluation gains of £23.1 million in FY 2025 (FY 2024: £292.2 million)
Underlying net finance costs increased by £5.0 million to £26.4 million due to increased borrowings to support the store expansion programme
Underlying profit before tax of £92.9 million declined by 4.2% reflecting the higher interest charge. The resulting Adjusted Diluted EPRA EPS was 40.3p, in line with consensus estimates. Statutory profit before tax of £127.1 million and Basic EPS of 50.9 pence declined 68.1% and 70.1% respectively, as a result of lower fair value gains on investment properties than in FY 2024
Dividend per share of 30.70p, up 1%, underpinned by robust cash flow from operating activities, in line with progressive dividend policy and reflecting confidence in future prospects
Balance sheet remained strong with £2.3 billion of net assets growing 2.8% in the year. LTV ratio of 28.1% and interest cover ratio ("ICR")17 of 4.0x; capital structure underpinned by investment property valuation of £3.5 billion
