UK Self-Storage Operator Big Yellow Group Releases Financial Results for 3Q 2024 Fiscal YearUK Self-Storage Operator Big Yellow Group Releases Financial Results for 3Q 2024 Fiscal Year

ISS Staff

January 17, 2025

2 Min Read
A hand holding a smartphone with news headlines on the screen

U.K. self-storage operator Big Yellow Group PLC has released financial results for the third quarter of its 2024 fiscal year, which ended on Dec. 31. The business remains resilient despite challenging conditions marked by inflationary operating costs and new policies, according to a press release.

The company reported same-store revenue of £151 million, up 3% year-over-year. Total revenue was £51 million, a 2% increase from 2023. Same-store occupancy was 78.1%, down from 78.4% the prior year, while average rent per square foot for the quarter increased 4% to £34.87, a 3% increase from 2023, the release stated.

Occupancy across all Big Yellow locations decreased by 180,000 square feet, an improvement compared to a loss of 249,000 square feet during the same period in 2023. Overall move-ins increased by 2%, with the number of new commercial customers rising 9% compared to the same quarter in 2023. The company also expects to invest £176 million over the next three years to develop nine facilities, the release stated.

“Events beyond our control, including policy-making, are not making the job of running businesses any easier. Nonetheless, we are confident that this business will continue to prove itself resilient, even if not completely immune from these challenges,” said CEO Jim Gibson. “A return to adjusted [earnings per share] growth from the first nine months of the financial year is encouraging and will [continue] for the full year. We are now turning our attention to our next financial year, where we expect to see a continuing moderation in operating-cost inflation.”

Related:Sirius Real Estate Ltd. Hires Former Shurgard Executive as Self-Storage Property Director

Founded in 1998, Big Yellow Group operates 109 self-storage locations in the U.K. under the Big Yellow Self Storage and Armadillo brand names, with most concentrated in Greater London and Southeast England. Its total portfolio comprises 6.4 million rentable square feet.

Sources:
Big Yellow Self Storage, Trading Statement
Morningstar, Big Yellow Revenue Rises in “Seasonally Weaker” Third Quarter

Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.

You May Also Like