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15 Jan 2019 | 07:36

Big Yellow Group touts stronger Q4 as revenue rises 7.1% in Q3

Storage provider Big Yellow Group posted a 7.1% rise in revenue for its fiscal third quarter even as occupancy slipped.

For the third quarter ended 31 December 2018, revenue increased by 7.1% to £31.7m and 6.4% to £31.5m on a like-for-like basis.

Occupancy decreased by 126,000 sq ft compared to a loss of 170,000 sq ft in the same quarter last year, which the company blamed on seasonality.

The average achieved net rent per sq ft for the quarter was up 3.0% compared to the same quarter last year.

The revenue from the Armadillo portfolio for the quarter increased by 17% to £3.8m from a year earlier. '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 James Gibson, Chief Executive Officer.

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