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Self-storage company Lok'nStore reported a fall in profit as higher costs offset an uptick in revenue.
For the year ended 31 July 2019, pre-tax profit fell to £4.6m from £4.8m a year earlier and revenue rose 10.5% to £16.9m.
Revenue was driven by occupancy increases in both old and new stores, but was offset by costs, which rose 9.6% to £9.4m in the year.
During the year, five new stores were opened or acquired and 3 new sites were acquired, with the pipeline rising to 14 stores, taking the total to 48 stores when developed, the company said.
The annual dividend offered was 12p per share, up 9.1% on last year's 11p a share.
'With a strong balance sheet and low gearing helped by capital recycling, we will continue to build more landmark stores in an under-supplied market. This will add considerable momentum to sales and earnings growth and positions the group well for the future,' the company said.
At 9:21am: (LON:LOK) Lokn Store Group PLC share price was +15p at 563p