Big Yellow Group PLC, a self-storage operator in the United Kingdom, posted a profit during the first half of 2011. Highlights include:
- Annual store revenue was up 7 percent to £63.7 million (U.S. $89 million)
- Total store revenue for the 52 stores was £15.3 million for the quarter (U.S. $21.3 million)
- Closing occupancy was 2,020,000 square feet across all 52 stores as of June 30, representing 61.3 percent of the storage companys 3,293,000-square-foot total capacity.
- Rental rates have increased year-on-year but are slightly down in the quarter due in part to a significant increase in the number of new customers who benefited from concessions.
- In the same quarter last year, average achieved rental rates fell 1 percent from the quarter to March 31, 2010.
"Given the continuing uncertainties in the macroeconomic environment it is right to remain cautious, said CEO James Gibson. We are, however, encouraged by the continuing positive performance of this business."
Big Yellow Self-Storage has more than 50 facilities in the United Kingdom, with most concentrated in Greater London.