U.K.-based self-storage operator Big Yellow Group PLC announced financial results for the year and quarter ended March 31st. The company experienced a revenue increase of 22 percent as well as strong growth in basic and adjusted pre-tax profit and earnings per share. In addition, cash flow from operations continues to improve with a maturing store portfolio.
As of March 31, Big Yellow had 43 operational stores providing 2.6 million square feet of storage space. Nine freehold sites were acquired during the year, with another six planning consents obtained in the second half. The company has 23 sites in development.
"We are currently enjoying good trading conditions, and we expect this to continue into the summer, said Nick Vetch, company co-founder and chairman. Planning remains a significant obstacle, but with a pipeline of 23 sites, of which 14 are in London, we hope this will deliver a steady stream of freehold store openings over the coming years. In the meantime, we intend to continue adding sites to the pipeline.
For more information, visit www.bigyellow.co.uk.