Share Prices & Company Research

Market News

20 Nov 2018 | 14:21

Big Yellow adjusted profit up 9% as rental income, occupancy rates improve

Storage provider Big Yellow Group posted a 22% fall in first-half profit owing to lower gains on property revaluations, though its underlying profit rose amid higher sales.

Pre-tax profit for the six months through September declined to £61.4m, even as revenue rose 7% to £62.2m.

Adjusted pre-tax profit, which stripped out valuation gains, rose 9% to £33.3m.

Big Yellow declared an interim dividend of 16.7p per share, up 9% on-year.

Average net rent per square foot increased 3.7%, while occupancy of like-for-like stores rose 1.5 percentage points to 84.9%.

'It is self-evident that the current political and economic outlook is more uncertain than usual, but as a management team we cannot influence the outcomes,' chief executive Nicholas Vetch said.

'We remain focused on strengthening our market leading brand and operating platform; filling stores and then driving rental growth at higher occupancy levels; and developing new high quality stores, while maintaining a conservative capital structure.'

'We believe this strategy positions the group to provide a good degree of protection against adversity, and at the same time flexibility to invest in our business and exploit growth opportunities when they come along.'

At 2:21pm: (LON:BYG) Big Yellow Group Plc share price was +17.25p at 936.75p

Story provided by
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.