SHARES in Safestore Holdings closed down over four per cent yesterday despite the self-storage provider reporting "solid" trading conditions in the UK market.

The firm unveiled a 0.8 per cent fall in revenue over the six months to April.

Underlying earnings before interest, taxes, depreciation, and amortisation was also down 3.7 per cent to £67m.

Meanwhile, satutory profit before income tax came in at £173.7m up from £103.4m in the first half of 2023.

After the slight fall in earnings, chief Frederic Vecchioli described the performance as "robust".

He said: "Our track record has delivered market leading returns with revenue growing 49.3 per cent since pre-pandemic as we grew occupied space by 31.8 per cent and increased rental rates by 14.7 per cent and ancillary revenue by 33.3 per cent across all of our markets.

"During the period our central pricing approach has meant that we have been able to adapt our approach across our different markets to enable optimisation of revenue."

(c) 2024 City A.M., source Newspaper