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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 StockMarketWire.com
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