Big Yellow Group PLC, a U.K. self-storage operator, released operating results for the six months ending September 2011. Highlights include:
- Occupancy growth of 250,000 square feet across all stores in the period, compared to 209,000 square feet in 2010. This is an average of 3,900 square feet of growth per store.
- Store revenue for the six months was up 7.4 percent (£31.9 million).
- Annualized store revenue was up 10 percent from March 2011 to £65.8 million.
- Cash inflows from operating activities (after net finance costs) increased by 14 percent to £13.5 million for the period compared to £11.9 million in 2010.
The company opened a store in Eltham during the six-month period, and another in Stockport in September. Development is underway for new facilities in New Cross and Chiswick, slated to open in February and May, respectively.
"In what is our seasonally strongest period, we have delivered a solid performance, with improved occupancy growth across the portfolio compared to the same period last year, said Nicholas Vetch, executive chairman. This performance has been pleasing, particularly in light of the continuing pressures on the consumer and muted economic environment coupled with the historically low level of housing activity.
Big Yellow operates more than 60 self-storage facilities in the United Kingdom.