Measuring Our Progress in 2009...
and what that means

Highlights
> Revenue increase of 3% in the year, with same store revenue reduction of 4%
> Adjusted EBITDA up 2% to £30.3 million
> Adjusted profit before tax of £13.8 million (2008: £15.0 million)
> Cash generated from operations increased by 8% to £33.3 million
> Loss before tax of £71.5 million, down from a profit of £102.6 million in the prior year principally due to the reversal of some of the revaluation gains booked in the prior year; and the cost of derivative positions that were closed out in the year
> Rehedging of interest rate derivatives, saving an estimated £5.4 million per annum at current monthly variable rates
> Adjusted net assets per share of 457.0p (2008: 522.0p)
> 54 stores open at 31 March 2009 providing 3.4 million sq ft of self storage space
> Refinancing of £325 million core banking facility with HSH Nordbank, expiring in September 2013
> Nine planning consents obtained since 1 April 2008
 
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Financial Highlights
 

Year ended
31 March 2009
Year ended
31 March 2008*
%
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Revenue £58.5m £56.9m 3
Adjusted EBITDA(1) £30.3m £29.6m 2
(Loss)/ profit before tax (£71.5m) £102.6m (170)
Adjusted profit before tax(1) £13.8m £15.0m (8)
Basic (loss)/earnings per share (62.86p) 89.88p (170)
Adjusted earnings per share(2) 11.89p 11.72p 1
Dividend - final nil p 5.5p (100)
Dividend- total nil p 9.5p (100)
Adjusted NAV per share(3) 457.0p 522.0p (12)
Cash flow from operations £33.3m £30.8m 8
Wholly owned stores occupied space at year end(4) 1,732k sq ft 1,817k sq ft (5)
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(1) See note 10
(2) See note 12
(3) See notes 12 and 14
(4) See Portfolio summary
* restated see note 2
 
arrow Revenue increase of 3% in the year.
  +3%
 
arrow Adjusted EBITDA up 2%.
  £30.3m
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arrow Cash flow from operations up 8%.
  +8%
 
arrow Adjusted profit before tax £13.8m.
  £13.8m
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arrow 54 stores open providing 3.4m sq ft of self storage space
  3.4m sq ft
 
arrow Adjusted net assets per share of 457.0p
  457.0p
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