Safestore Holdings plc reported unaudited consolidated earnings results for the year ended October 31, 2016. For the period, the company reported revenue of GBP 115.4 million against GBP 104.8 million a year ago, this result was driven by a strong performance in the UK which grew like-for-like revenue by 9.2%, combined with another good performance by Une Pièce en Plus, which grew like-for-like revenue by 5.0%. Operating profit was GBP 109.3 million against GBP 134.2 million a year ago. Profit before income tax was GBP 94.9 million against GBP 118.2 million a year ago. Profit was GBP 87.4 million or 41.7 pence diluted per share against GBP 108.7 million or 52 pence diluted per share a year ago. Net cash inflow from operating activities was GBP 47.0 million against GBP 41.4 million a year ago. Purchase of property, plant and equipment was GBP 0.8 million against GBP 0.5 million a year ago. Expenditure on investment properties and development properties was GBP 28.3 million against GBP 7.5 million a year ago. Underlying EBITDA was GBP 64.2 million against GBP 57.1 million a year ago. Free cash flow was GBP 42.4 million against GBP 37.3 million a year ago. Net debt (including finance leases and cash) stood at GBP 369.2 million at 31 October 2016, an increase of GBP 86.4 million from the 2015 position of GBP 282.8 million.

The board of Safestore Holdings plc recommends a 21.1% increase in the final dividend to 8.05 pence per share resulting in an increase of 20.7% in the total dividend to 11.65 pence per share for the year. The total dividend for the year is covered 1.70 times by cash tax earnings. The group's dividend has increased by 103% in the last three years. Shareholders will be asked to approve the dividend at the company's annual general meeting will be held on 22 March 2017 and, if approved, the final dividend will be payable on 7 April 2017 to Shareholders on the register at close of business on 10 March 2017.