Annual report 2019
During 2019 revenue increased by 25 per cent as a result of increased occupancy and higher prices at comparable facilities, as well as increased capacity. At the same time operating expenses only increased by 15 per cent. This is thanks to the scalability inherent in our business model. The number of employees decreased due to a higher degree of digitalisation and better efficiency. In conjunction with the listing, there was a new share issue, which was over-subscribed, with the result that the Company is going into 2020 with strong finances.
Message from our CEO
Right from the start in 2015 our vision has been to digitalise the self storage industry and be at the forefront of the development. In four years we have become one of Sweden’s leading self storage players. Our success is the result of a clear growth strategy. We have now implemented digitalisation and automation throughout our operations, which gives us greater scalability and a stable platform from which we can continue to grow.
Business idea, goals and strategy
24Storage is a challenger on the self storage market thanks to digitalisation and smart stores in the right locations. We are currently in a build-up phase and still have a large number of newly opened stores. The cash flow from letting activities is increasing as the stores achieve a higher degree of maturity. The scalability in our business model also means that profitability will rise in the longer term when we grow.
We offer customers convenient, accessible storage space outside the home or office. Digitalising and automating manual processes means operations and staffing can be centralised, which gives advantages of scale that increase as we grow.
Our work with sustainability starts in our operations and the place where we are active. As we are a property company that has construction activities and at the same time a storage company that targets the local community’s citizens, both private customers and companies, we have a constant responsibility for where, how and for what purpose we build.
We have an effective organisation which has been strengthened during the year in line with our growth strategy. We use digital solutions and automation to a greater extent than our competitors, which enables central, more effective, staffing of our facilities. We work together to create an attractive work place with our goal being to make 24Storage the best alternative on the market for both our customers and our employees.
SWEDEN’S ONLY LISTED SELF STORAGE COMPANY
24Storage is a Swedish limited company and is registered on Nasdaq First North Growth Market. The corporate governance in 24Storage is based on the Nasdaq Issuer Rules, the Companies Act, good practice in the stock market, the Company’s articles of association, internal steering documents and other applicable laws, rules and recommendations.
The Board of Directors and the Chief Executive Officer of 24Storage AB (publ), Corporate ID 556996-8141, Domicile in Stockholm, present the Annual Report and Consolidated Accounts for the financial year 2019.