U.K. self-storage operator Big Yellow Group Plc recently reported that its second-quarter 2009 revenue fell 6 percent. According to a statement issued to the Regulatory News Service, the company’s sales dropped to £13.5 million in the three months ended June 30, from £14.3 million in the same period of 2008. Same-store occupancy suffered an 8 percent decline during the quarter when compared with the same quarter a year earlier, though it rose 1 percent when compared with the quarter ending March 31, 2009.
Trading conditions have recently shown improvement, with positive occupancy performance in June, Big Yellow CEO James Gibson said in the statement. The company anticipates the usual slowdown in the fall, he said.
Big Yellow raised approximately £32.9 million in a share sale in May. The sale gave the company “very strong” finances, according to real estate analyst John Cahill, who has put a “buy” recommendation on Big Yellow stock.
Source: Bloomberg.com, Big Yellow Group First-Quarter Revenue Declines 6%