U.K. self-storage operator Big Yellow Group PLC released financial results for the first half of its 2020 fiscal year, which ended Sept. 30. The company reported same-store revenue of £63.8 million, up 4.2 percent year over year. Total revenue for the six months was £64.3 million, a 3.4 percent increase from the previous year. Average occupancy across its portfolio closed at 83.4 percent compared to 83.8 percent a year ago, while same-store occupancy was 84.1 percent, up from 83.8 percent.
“The economic and political environment is currently less than helpful; however, despite this, we have continued to deliver growth in revenue, cash flow and profit,” said Nicholas Vetch, executive chairman. “We have a proven business model which we have developed over the last two decades, and we will continue to innovate and optimize our marketing strategy and improve our operating performance to drive revenue. Crucially, we will also maintain our focus on managing costs such that revenue growth transmits efficiently to the bottom line.”
During the period, Big Yellow acquired development sites in the Harrow, Hayes and Slough areas of London, bringing the number of properties in its project pipeline to 13. They comprise 890,000 square feet. It also received planning approvals for development projects planned for the Hove, Queensbury and Uxbridge areas of the city.
“As we open new stores from spring 2020, we anticipate that shareholders will see an increasing contribution in our performance from that expansive strategy,” Vetch said.
Big Yellow Group operates 100 self-storage locations in the United Kingdom under the Big Yellow Self Storage and Armadillo Self Storage brand names, with most concentrated in Greater London and Southeast England. Its total portfolio comprises 5.7 million square feet.
Big Yellow, Results for the Six Months Ended 30 September 2019