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Upbeat Safestore shrugs off house market slump
30 Jun 2009Self-storage group Safestore today reported a 4.3% rise in profits as it weathered the collapse in the housing market.
The firm, which attracts customers who need to store furniture and other belongings when moving house, said profits hit £22 million in the six months to the end of April.
Revenues were up 3.3% to £41.3 million, although this was thanks to the opening of new sites around the UK including Clapham. Like-for-like revenues fell 1.2%.
"It is encouraging that the business has performed well at a time of such economic uncertainty," said chief executive Steve Williams.
Safestore, which has 93 sites in the UK including 42 within the M25, said it only suffered a "relatively small" drop in "domestic" customers so far this year despite so few people moving house.
It benefited from people who cannot move but still require storage space to accommodate a growing family, space to rent out a room or an office at home.
Tenants moving to smaller, cheaper homes also require storage space.
Reader views (1)
All this proves is that Safestore is ripping customers off.
They and others like them rely on the housing and business sector both of whom are going through bad times, yet they still managed an increase in profits, is it by magic or are they charging too much ?
- Mr S.Port, London, 01/07/2009 00:28
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