15th Jan 2019 08:59
LONDON (Alliance News) - FTSE 250-listed self-storage provider Big Yellow Group PLC said on Tuesday it saw growth in its third quarter revenue, buoying expectations for the rest of the year.
Big Yellow said that revenue for the three months to the end of December was GBP31.7 million, up 7.1% from GBP29.6 million the year before, while like-for-like revenue, which strips out new sites recently opened or acquired, rose by 6.4%.
For the nine months to the end of December, revenue rose by 7.0% to GBP93.8 million from GBP87.7 million, and on a like-for-like basis revenue grew by 6.5%.
Big Yellow's closing occupancy rate at the end of December was 81.1%, up 1.4 percentage points from 79.7% the prior year.
The group said that construction is underway on its Manchester and Camberwell stores, which are expected to open in Summer 2019 and Spring 2020 respectively.
In addition, Big Yellow has been granted planning consent for a 57,000 square feet store in Bracknell, and has started the process of transferring customers in its Battersea store for redevelopment.
"As with the first half, this growth is coming from both occupancy and rate, and we would expect to see this continuing in 2019 as we return to occupancy growth in our fourth quarter and seasonally stronger Spring and Summer trading period. We remain focussed on our core objective of 90% occupancy across the portfolio," said Chief Executive Officer James Gibson.
Shares in Big Yellow Group were up 0.2% at 900.00 pence on Tuesday.
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