Safestore Holdings
SAFE · Main Market · Real Estate · mcap £1,090m · 496.8p
Financials · balance sheet 30 Apr 26 · last twelve months · today’s market value
Source: results 11 Jun 26 ↗
- Market cap
- £1,085m
- Owner’s net cash
- −£985.4m
- Net cash / market cap
- -91%
- EV ex leases
- £2,063m
- Revenue
- £242.1m
- Operating profit
- £99.7m
- Free cash flow after leases
- £93.0m
- EV / EBIT
- 20.7×
- FCF yield
- 8.6%
- Price / tangible book
- 0.48×
- ROCE
- 3%
- Net income (owners)
- £65.2m
Share price × shares in issue (from the company’s voting-rights notices)flags: shares_assumed_constant
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£985.4m − £0.0m − £0.0m − £0.0m = −£985.4m
Owner’s net cash ÷ Market cap−£985.4m ÷ £1,085m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,085m + £1,000m − £14.6m + £0.0m + £0.0m + £0.0m − £7.8m + £0.0m = £2,063m
Revenue, last twelve monthsLTM to 2026-04-30
Operating profit, last twelve monthsLTM to 2026-04-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£105.9m − £2.7m − £0.0m − £10.2m − £0.0m
EV ex leases ÷ Operating profit (LTM)£2,063m ÷ £99.7m
Free cash flow after leases ÷ Market cap£93.0m ÷ £1,085m
Market cap ÷ Tangible book£1,085m ÷ £2,274m
Operating profit (LTM) ÷ (Total assets − Current liabilities)£99.7m ÷ (£3,621m − £164.9m) = £99.7m ÷ £3,456m
Net income (owners), last twelve monthsLTM to 2026-04-30
Market value
- Market cap
- £1,085m
Share price × shares in issue (from the company’s voting-rights notices)flags: shares_assumed_constant
Cash and debt · balance sheet 2026-04-30
- Cash
- £14.6m
- Borrowings
- £1,000m
- Net cash / (debt) ex leases
- −£985.4m
- Lease liabilities
- £115.4m
- Owner’s net cash
- −£985.4m
- Net cash / market cap
- -91%
- Cash − total liabilities
- −£1,332m
Balance sheet 2026-04-30
Borrowings, current + Borrowings, non-current£95.5m + £904.5m
Cash − Borrowings£14.6m − £1,000m = −£985.4m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£15.2m + £100.2m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£985.4m − £0.0m − £0.0m − £0.0m = −£985.4m
Owner’s net cash ÷ Market cap−£985.4m ÷ £1,085m
Cash − Total liabilities (the strictest view: cash covers everything owed)£14.6m − £1,347m = −£1,332m
Last twelve months · LTM to 2026-04-30
- Revenue
- £242.1m
- Operating profit
- £99.7m
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- £65.2m
- Cash from operations
- £105.9m
- Free cash flow after leases
- £93.0m
- Cash conversion
- 162%
Revenue, last twelve monthsLTM to 2026-04-30
Operating profit, last twelve monthsLTM to 2026-04-30
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsLTM to 2026-04-30
Cash from operations, last twelve monthsLTM to 2026-04-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£105.9m − £2.7m − £0.0m − £10.2m − £0.0m
Cash from operations ÷ Net income (owners)£105.9m ÷ £65.2m
Enterprise value
- EV ex leases
- £2,063m
- EV incl. leases
- £2,178m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,085m + £1,000m − £14.6m + £0.0m + £0.0m + £0.0m − £7.8m + £0.0m = £2,063m
EV ex leases + Lease liabilities£2,063m + £115.4m
Valuation at today’s market cap
- EV / EBIT
- 20.7×
- EV / EBITDA
- –
- FCF yield
- 8.6%
- Price / book
- 0.48×
- Tangible book
- £2,274m
- Price / tangible book
- 0.48×
- NCAV (net current asset value)
- −£1,304m
- Price / NCAV
- –
- Net-net working capital
- −£1,312m
EV ex leases ÷ Operating profit (LTM)£2,063m ÷ £99.7m
EV ex leases ÷ EBITDA (pre-IFRS 16)£2,063m ÷ –
Free cash flow after leases ÷ Market cap£93.0m ÷ £1,085m
Market cap ÷ Total equity£1,085m ÷ £2,274m
Total equity − Goodwill − Other intangibles£2,274m − £0.0m − £0.0m
Market cap ÷ Tangible book£1,085m ÷ £2,274m
Current assets − Total liabilities£43.3m − £1,347m
Market cap ÷ NCAV£1,085m ÷ −£1,304m
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£14.6m + 0.75 × £27.0m + 0.5 × £0.4m − £1,347m
Returns and quality
- ROCE
- 3%
- ROE
- 3%
- Current ratio
- 0.26×
- Net debt / EBITDA
- –
- Accruals ratio
- -1.1%
Operating profit (LTM) ÷ (Total assets − Current liabilities)£99.7m ÷ (£3,621m − £164.9m) = £99.7m ÷ £3,456m
Net income (owners, LTM) ÷ Total equity£65.2m ÷ £2,274m
Current assets ÷ Current liabilities£43.3m ÷ £164.9m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)£985.4m ÷ –
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(£65.2m − £105.9m) ÷ £3,621m
H1 Apr 26 vs H1 Apr 25 · results 11 Jun 26 ↗
- Revenue
- £121m +7%
- Operating profit
- £53.3m −53%
- Net income
- £33.4m −58%
- Cash from operations
- £47.2m +15%
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Trading update 03 Sep 266 figures since the last report
Q3 revenue up 4.1% at CER; UK and Expansion Markets grew, Paris weaker; FY26 EPS expected in lower half of forecasts.
| Group revenue Q3 | £62.2m | £59.6m |
| Group revenue YTD | £182.8m | £172.4m |
| Like-for-like Group revenue Q3 growth (CER) | 1.9% | |
| Like-for-like UK revenue Q3 growth | 1.9% | |
| Like-for-like Paris revenue Q3 growth | -2.5% | |
| Like-for-like Expansion Markets revenue Q3 growth | 11.6% |
As stated by the company, unaudited. Read it →
Latest report: H1 Apr 26 (six months to 30 Apr 26), published 11 Jun 26 · read the results ↗
| 2026 (unaudited) £'m | 2025 (unaudited) £'m | |
|---|---|---|
| Revenue | 120.6 | 112.8 |
| Cost of sales | (42.9) | (38.9) |
| Gross profit | 77.7 | 73.9 |
| Administrative expenses | (14.2) | (10.4) |
| Share of profit/(loss) from joint ventures and associates | 1.9 | (0.1) |
| Operating profit before (loss)/gain on investment properties | 65.4 | 63.4 |
| (Loss)/gain on revaluation of investment properties | (12.1) | 49.5 |
| Operating profit | 53.3 | 112.9 |
| Finance income | 0.1 | 0.3 |
| Finance expense | (17.1) | (16.2) |
| Profit before income tax | 36.3 | 97.0 |
| Income tax charge | (2.9) | (17.7) |
| Profit for the period | 33.4 | 79.3 |
| Earnings per share for profit attributable to the equity holders | ||
| - basic (pence) | 15.3 | 36.3 |
| - diluted (pence) | 15.2 | 36.1 |
| (unaudited) £'m | (unaudited) £'m | (audited) £'m | |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Investment in associates | 7.8 | 6.3 | 6.5 |
| Investment in joint ventures | 45.2 | 37.8 | 44.4 |
| Investment properties | 3,506.4 | 3,413.0 | 3,480.1 |
| Property, plant and equipment | 7.3 | 6.5 | 7.2 |
| Derivative financial instruments | 1.6 | - | - |
| Deferred tax assets | 9.1 | 5.9 | 8.8 |
| Total non-current assets | 3,577.4 | 3,469.5 | 3,547.0 |
| Current assets | |||
| Inventories | 0.4 | 0.4 | 0.4 |
| Current tax assets | 1.3 | 0.3 | 1.0 |
| Trade and other receivables | 27.0 | 34.6 | 31.6 |
| Cash and cash equivalents | 14.6 | 16.9 | 11.0 |
| Total current assets | 43.3 | 52.2 | 44.0 |
| Total assets | 3,620.7 | 3,521.7 | 3,591.0 |
| Current liabilities | |||
| Borrowings | (95.5) | - | (96.5) |
| Trade and other payables | (53.7) | (52.7) | (54.0) |
| Current tax liabilities | (0.5) | - | - |
| Obligations under lease liabilities | (15.2) | (14.5) | (15.4) |
| Total current liabilities | (164.9) | (67.2) | (165.9) |
| Non-current liabilities | |||
| Borrowings | (904.5) | (924.4) | (861.7) |
| Deferred tax liabilities | (175.2) | (173.0) | (176.7) |
| Obligations under lease liabilities | (100.2) | (88.4) | (96.0) |
| Provisions | (2.3) | (2.3) | (2.3) |
| Total non-current liabilities | (1,182.2) | (1,188.1) | (1,136.7) |
| Total liabilities | (1,347.1) | (1,255.3) | (1,302.6) |
| Net assets | 2,273.6 | 2,266.4 | 2,288.4 |
| Shareholders' equity | |||
| Ordinary shares | 2.2 | 2.2 | 2.2 |
| Share premium | 62.7 | 62.7 | 62.7 |
| Translation reserve | 6.5 | 0.9 | 12.7 |
| Cash flow hedge reserve | 1.6 | - | - |
| Retained earnings | 2,200.6 | 2,200.6 | 2,210.8 |
| Total equity | 2,273.6 | 2,266.4 | 2,288.4 |
| 2026 (unaudited) £'m | 2025 (unaudited) £'m | |
|---|---|---|
| Profit before income tax | 36.3 | 97.0 |
| Loss/(gain) on the revaluation of investment properties | 12.1 | (49.5) |
| Share of (profit)/loss from joint ventures and associates | (1.9) | 0.1 |
| Depreciation | 1.2 | 0.8 |
| Net finance expense | 17.0 | 15.9 |
| Employee share options | 1.4 | 1.4 |
| Decrease/(increase) in trade and other receivables | 4.3 | (2.4) |
| Decrease in trade and other payables | (4.2) | (3.2) |
| Cash flows from operating activities | 66.2 | 60.1 |
| Interest received | 0.1 | 0.3 |
| Interest paid | (17.6) | (17.6) |
| Tax paid | (1.5) | (1.6) |
| Net cash inflow from operating activities | 47.2 | 41.2 |
| Cash flows from investing activities | ||
| Investment in joint ventures and associates | (1.0) | (36.8) |
| Expenditure on investment and development properties | (45.5) | (58.0) |
| Purchase of property, plant and equipment | (0.7) | (1.1) |
| Net cash outflow from investing activities | (47.2) | (95.9) |
| Cash flows from financing activities | ||
| Equity dividends paid | (41.8) | (39.5) |
| Net drawdown of borrowings | 50.5 | 90.0 |
| Debt issuance costs | - | (0.3) |
| Principal payment of lease liabilities | (5.0) | (5.1) |
| Net cash inflow from financing activities | 3.7 | 45.1 |
| Net increase / (decrease) in cash and cash equivalents | 3.7 | (9.6) |
| Exchange (loss)/gain on cash and cash equivalents | (0.1) | 1.2 |
| Opening cash and cash equivalents as 1 November | 11.0 | 25.3 |
| Closing cash and cash equivalents at 31 October | 14.6 | 16.9 |
| 2025 £'m | 2024 £'m | |
|---|---|---|
| Group | ||
| Revenue | 234.3 | 223.4 |
| Cost of sales | (79.9) | (73.7) |
| Gross profit | 154.4 | 149.7 |
| Administrative expenses | (20.7) | (16.1) |
| Share of profit from joint ventures and associates | 2.5 | - |
| Gain on revaluation of investment properties | 23.1 | 292.2 |
| Operating profit | 159.3 | 425.8 |
| Finance income | 0.5 | 0.1 |
| Finance expense | (32.7) | (27.3) |
| Profit before income tax | 127.1 | 398.6 |
| Income tax charge | (16.0) | (26.3) |
| Profit for the year | 111.1 | 372.3 |
| Earnings per Share for profit attributable to the equity holders | ||
| - basic (pence) | 50.9 | 170.5 |
| - diluted (pence) | 50.6 | 170.1 |
| 2025 £'m | 2024 £'m | |
|---|---|---|
| Group | ||
| Assets | ||
| Non-current assets | ||
| Investment properties | 3,480.1 | 3,284.1 |
| Property, plant and equipment | 7.2 | 5.7 |
| Investment in associates | 6.5 | 6.6 |
| Investment in joint ventures | 44.4 | - |
| Deferred tax assets | 8.8 | 6.3 |
| Total non-current assets | 3,547.0 | 3,302.7 |
| Current assets | ||
| Inventories | 0.4 | 0.4 |
| Current income tax receivables | 1.0 | 1.0 |
| Trade and other receivables | 31.6 | 31.7 |
| Cash and cash equivalents | 11.0 | 25.3 |
| Total current assets | 44.0 | 58.4 |
| Total assets | 3,591.0 | 3,361.1 |
| Current liabilities | ||
| Borrowings | (96.5) | - |
| Trade and other payables | (54.0) | (51.8) |
| Lease liabilities | (15.4) | (14.0) |
| Total current liabilities | (165.9) | (65.8) |
| Non-current liabilities | ||
| Borrowings | (861.7) | (824.2) |
| Deferred tax liabilities | (176.7) | (155.4) |
| Lease liabilities | (96.0) | (86.6) |
| Provisions | (2.3) | (2.3) |
| Total non-current liabilities | (1,136.7) | (1,068.5) |
| Total liabilities | (1,302.6) | (1,134.3) |
| Net assets | 2,288.4 | 2,226.8 |
| Equity | ||
| Ordinary share capital | 2.2 | 2.2 |
| Share premium | 62.7 | 62.7 |
| Translation reserve | 12.7 | (2.4) |
| Retained earnings | 2,210.8 | 2,164.3 |
| Total equity | 2,288.4 | 2,226.8 |
| 2025 £'m | 2024 £'m | |
|---|---|---|
| Group | ||
| Cash flows from operating activities | ||
| Cash generated from operations | 138.5 | 133.1 |
| Interest received | 0.3 | 0.1 |
| Interest paid | (35.3) | (31.2) |
| Tax paid | (3.6) | (6.1) |
| Net cash inflow from operating activities | 99.9 | 95.9 |
| Cash flows from investing activities | ||
| Investment in joint ventures and associates | (38.9) | (2.5) |
| Expenditure on investment properties | (106.1) | (118.3) |
| Net proceeds from disposal of investment properties | 6.0 | - |
| Purchase of property, plant and equipment | (3.1) | (1.8) |
| Net cash outflow from investing activities | (142.1) | (122.6) |
| Cash flows from financing activities | ||
| Issue of share capital | - | 0.7 |
| Equity dividends paid | (66.6) | (65.9) |
| Proceeds from borrowings | 230.5 | 173.8 |
| Repayment of borrowings | (124.0) | (62.2) |
| Debt issuance costs | (1.3) | (1.3) |
| Principal payment of lease liabilities | (10.3) | (9.7) |
| Net cash inflow from financing activities | 28.3 | 35.4 |
| Net (decrease)/increase in cash and cash equivalents | (13.9) | 8.7 |
| Exchange loss on cash and cash equivalents | (0.4) | (0.3) |
| Cash and cash equivalents at 1 November | 25.3 | 16.9 |
| Cash and cash equivalents at 31 October | 11.0 | 25.3 |
| LTM Apr 26 | FY Oct 25 | FY Oct 24 | |
|---|---|---|---|
| Revenue to operating profit | |||
| Revenue | 242.1 | 234.3 | 223.4 |
| Gross profit | 158.2 | 154.4 | 149.7 |
| Operating profit | 99.7 | 159.3 | 425.8 |
| Operating profit to net income | |||
| Finance costs | (33.6) | (32.7) | (27.3) |
| Profit before tax | 66.4 | 127.1 | 398.6 |
| Tax | (1.2) | (16.0) | (26.3) |
| Net income (owners) | 65.2 | 111.1 | 372.3 |
| Per share | |||
| EPS basic | 29.9p | 50.9p | 170.5p |
| EPS diluted | 29.7p | 50.6p | 170.1p |
| Dividend per share | 30.8p | 30.7p | 30.4p |
| H1 Apr 26 | vs H1 Apr 25 | H2 Oct 25 | H1 Apr 25 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Revenue | 120.6 | +7% | 121.5 | 112.8 |
| Gross profit | 77.7 | +5% | 80.5 | 73.9 |
| Operating profit | 53.3 | −53% | 46.4 | 112.9 |
| Operating profit to net income | ||||
| Fair value gains / losses | (12.1) | n/m | – | 49.5 |
| Finance costs | (17.1) | +6% | (16.5) | (16.2) |
| Profit before tax | 36.3 | −63% | 30.1 | 97.0 |
| Tax | (2.9) | −84% | 1.7 | (17.7) |
| Net income (owners) | 33.4 | −58% | 31.8 | 79.3 |
| Per share | ||||
| EPS basic | 15.3p | – | 14.6p | 36.3p |
| EPS diluted | 15.2p | – | 14.5p | 36.1p |
| Dividend per share | 10.2p | – | 20.6p | 10.1p |
| LTM Apr 26 | FY Oct 25 | FY Oct 24 | |
|---|---|---|---|
| Operating activities | |||
| Cash from operations | 105.9 | 99.9 | 95.9 |
| Interest paid | (35.3) | (35.3) | (31.2) |
| Tax paid | (3.5) | (3.6) | (6.1) |
| Investing activities | |||
| Capex (PP&E) | (2.7) | (3.1) | (1.8) |
| Financing activities | |||
| Lease principal paid | (10.2) | (10.3) | (9.7) |
| Dividends paid | (68.9) | (66.6) | (65.9) |
| Shares issued | – | – | 0.7 |
| H1 Apr 26 | vs H1 Apr 25 | H2 Oct 25 | H1 Apr 25 | |
|---|---|---|---|---|
| Operating activities | ||||
| Cash from operations | 47.2 | +15% | 58.7 | 41.2 |
| Interest paid | (17.6) | 0% | (17.7) | (17.6) |
| Tax paid | (1.5) | −6% | (2.0) | (1.6) |
| Investing activities | ||||
| Capex (PP&E) | (0.7) | −36% | (2.0) | (1.1) |
| Financing activities | ||||
| Lease principal paid | (5.0) | −2% | (5.2) | (5.1) |
| Dividends paid | (41.8) | +6% | (27.1) | (39.5) |
| 30 Apr 26 | 31 Oct 25 | 31 Oct 24 | |
|---|---|---|---|
| Non-current assets | |||
| Property, plant & equipment | 7.3 | 7.2 | 5.7 |
| Investment property | 3,506.4 | 3,480.1 | 3,284.1 |
| Associates & JVs | 7.8 | 6.5 | 6.6 |
| Non-current assets | 3,577.4 | 3,547.0 | – |
| Current assets | |||
| Inventories | 0.4 | 0.4 | 0.4 |
| Trade receivables | 27.0 | 31.6 | 31.7 |
| Cash | 14.6 | 11.0 | 25.3 |
| Current assets | 43.3 | 44.0 | – |
| Total assets | 3,620.7 | 3,591.0 | 3,361.1 |
| Current liabilities | |||
| Trade payables | 53.7 | 54.0 | 51.8 |
| Borrowings, current | 95.5 | 96.5 | – |
| Lease liabilities, current | 15.2 | 15.4 | 14.0 |
| Current liabilities | 164.9 | 165.9 | – |
| Non-current liabilities | |||
| Borrowings, non-current | 904.5 | 861.7 | 824.2 |
| Lease liabilities, non-current | 100.2 | 96.0 | 86.6 |
| Non-current liabilities | 1,182.2 | 1,136.7 | – |
| Total liabilities | 1,347.1 | 1,302.6 | 1,134.3 |
| Equity | |||
| Total equity | 2,273.6 | 2,288.4 | 2,226.8 |
| Net cash and other figures | |||
| Net asset value | – | 2,288.4 | 2,226.8 |
| 30 Apr 26 | 31 Oct 25 | 30 Apr 25 | 31 Oct 24 | |
|---|---|---|---|---|
| Non-current assets | ||||
| Property, plant & equipment | 7.3 | 7.2 | 6.5 | 5.7 |
| Investment property | 3,506.4 | 3,480.1 | 3,413.0 | 3,284.1 |
| Associates & JVs | 7.8 | 6.5 | 6.3 | 6.6 |
| Non-current assets | 3,577.4 | 3,547.0 | 3,469.5 | – |
| Current assets | ||||
| Inventories | 0.4 | 0.4 | 0.4 | 0.4 |
| Trade receivables | 27.0 | 31.6 | 34.6 | 31.7 |
| Cash | 14.6 | 11.0 | 16.9 | 25.3 |
| Current assets | 43.3 | 44.0 | 52.2 | – |
| Total assets | 3,620.7 | 3,591.0 | 3,521.7 | 3,361.1 |
| Current liabilities | ||||
| Trade payables | 53.7 | 54.0 | 52.7 | 51.8 |
| Borrowings, current | 95.5 | 96.5 | – | – |
| Lease liabilities, current | 15.2 | 15.4 | 14.5 | 14.0 |
| Current liabilities | 164.9 | 165.9 | 67.2 | – |
| Non-current liabilities | ||||
| Borrowings, non-current | 904.5 | 861.7 | 924.4 | 824.2 |
| Lease liabilities, non-current | 100.2 | 96.0 | 88.4 | 86.6 |
| Non-current liabilities | 1,182.2 | 1,136.7 | 1,188.1 | – |
| Total liabilities | 1,347.1 | 1,302.6 | 1,255.3 | 1,134.3 |
| Equity | ||||
| Total equity | 2,273.6 | 2,288.4 | 2,266.4 | 2,226.8 |
| Net cash and other figures | ||||
| Net asset value | – | 2,288.4 | – | 2,226.8 |
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