U.K. self-storage firm Big Yellow reported a 12 percent increase in its half-year adjusted pre-tax profit. Profit rose to £7.7 million in the six months ended Sept. 30 compared to £6.9 million the year before, due to increased occupancy levels. Loss before taxation decreased to £3.4 million from £54.3 million in the year prior. Revenue for the period slipped 3 percent to £29.2 million.
"We are experiencing the usual seasonal slowdown in trading; however, our cautious optimism at the time we last reported that the business was at least stabilizing appears to have been broadly well-founded," said Chairman Nicholas Vetch. "We expect the improvement in the economy to be slow and patchy, and the performance of this business will reflect that."
To preserve cash, the Big Yellow Board of Directors is continuing with the suspension of the interim dividend payment.
Source: ShareCast, Big Yellow reports bigger H1 profits