22nd Jul 2016 06:54
LONDON (Alliance News) - Big Yellow Group PLC Friday said revenue was 10% higher in the first quarter of the current financial year whilst like-for-like revenue experienced an 8.0% increase.
The self storage company managed to increase the average rent charged, improve its occupancy rate and increase the amount of storage space that was available to rent, pushing up revenue in the first quarter to the end of June.
Big Yellow had a maximum lettable area of 4.6 million square feet in the quarter and 3.6 million of those square feet was occupied in the first quarter of the year, equal to a 78% occupancy rate. Last year, 3.3 million square feet was occupied from a total available space of 4.4 million square feet, delivering a lower occupancy rate of 75.5%.
In addition, the average like-for-like net rent was higher in the quarter at GBP25.99 per square foot, compared to only GBP25.31 a year ago.
That pushed overall revenue for the quarter to GBP26.4 million from GBP24.1 million, a 10% lift, whilst like-for-like revenue increased 8.0% to GBP26.0 million from GBP24.1 million.
"We make no attempt to forecast the longer term impact of the referendum result, however current performance in the group's stores is satisfactory in the circumstances," said Chief Executive James Gibson.
By Joshua Warner; [email protected]; @JoshAlliance
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