U.K. self-storage operator Big Yellow Group Plc released financial results for the quarter ended June 30, 2010, revealing a 10 percent increase in revenue from its 51 wholly owned self-storage facilities.
Total revenue for the 51 stores was £14.4 million compared to £13.1 million for the same period last year. Annualized store revenue, including storage rent as well as the sale of packing materials and tenant insurance, was £59.8 million, up 9 percent from the same period a year ago and up 7 percent from last quarter. Total occupancy growth was 143,000 square feet, up from 69,000 square feet last year.
During the period, Big Yellow opened a 60,000-square-foot facility in High Wycombe, Buckinghamshire, England. The company plans to open two more facilities during this fiscal year: one in Camberley, Surrey, England, in January and the other in Eltham, South London, England, in March.
"The Group has enjoyed a robust quarter with a particularly strong June. We expect reasonable trading over the next few weeks before the usual seasonal slowdown from September,” said CEO James Gibson. “External influences remain uncertain, and we have limited visibility around the trading, but we continue to be cautiously encouraged by the recent performance."
To read the full financial report, visit www.bigyellow.co.ukand click on the “Investor Relations” link at the top of the Web page.