Lok’nStore Group (AIM:LOK) lovely results, cash flowing and plenty more to go for
The UK self-storage group issued excellent results for the year ended 31 July 2015. With a new store development programme under way it offers many attractions, notably cash generation!
Revenue for the year was up 10.9% to £15.42m driven by prices achieved for rented self-storage units which are up 4.2%. Operating profit was up 147% to £3.6m and pre-tax profit up materially to £1.97m. The net operating cash inflow was, as one might expect given the nature of activities, a majestic £5.6m. Year-end net debt was £25.1m representing net gearing of 47.7%. The statement clarified that if leaseholds, which are stated at depreciated historic cost in the statement of financial position, are stated at the latest valuation, gearing drops to 39.2%. The results statement also offers a calculation of…