16th Jul 2015 06:46
LONDON (Alliance News) - Self-storage provider Big Yellow Group PLC on Thursday said its revenue increased in the first quarter of its financial year, boosted by the acquisition of its regional portfolio joint venture, though like-for-like revenue also increased.
Big Yellow said its total revenue in the first quarter to the end of June was GBP24.1 million, up from GBP18.9 million a year earlier, thanks to the company acquiring the 67% of the Big Yellow Partnership Ltd, its regional joint venture, that it did not already own in December. But like-for-like revenue, which does not include those regional stores, also increased, up to GBP20.7 million from GBP18.9 million.
The group said its closing occupancy rate at the end of June was 75.5%, up from 71.2% a year earlier. On a like-for-like basis, its closing occupancy was 76.3%, compared to 71.2%.
The company's closing rent per square foot declined in the quarter, however, down to GBP25.40 from GBP26.37 a year earlier.
"Overall, our first quarter has seen a continuation in the positive trading momentum we achieved last year. As previously indicated the uncertainty in the lead up to the General Election did result in softer trading in the first half of the quarter. However, following the conclusive outcome, we saw an improvement in demand, with a return to more normal trading, and a strong performance in the second half of the quarter," said Chief Executive James Gibson.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Big Yellow