12th Jan 2016 07:57
LONDON (Alliance News) - Self-storage space provider Big Yellow Group PLC on Tuesday said its revenue increased in the third quarter as it boosted the lettable area on its books and improved its occupancy rate.
The FTSE 250-listed company said its revenue for the quarter to the end of December was up 21% to GBP25.7 million from GBP21.3 million a year earlier. Like-for-like revenue, which includes new stores acquired, rose 10% in the quarter.
The company's maximum lettable area increased to 4.4 million square feet, up from 4.3 million, and its closing occupancy rate improved 2.5 percentage points to 73.6% from 71.1%.
"Whilst it is early in the quarter, we have had a positive start to January with an improving book of reservations and look forward to delivering occupancy growth over this quarter and continuing into our seasonally stronger spring and summer trading period," said Chief Executive James Gibson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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