Big Yellow Group PLC (LSE:BYG), the self-storage firm, reported a 2% rise in its third-quarter revenue with occupancy numbers improved in what the company described as ‘the traditionally weak’ quarter.
In the three months ended 31 December, revenue amounted to £51.4 million, from £50.5 million. Revenue in the financial year to date reached £154.4 million, up 3%,
Occupancy was down by some 180,000 square feet for the third quarter, versus a 249,000 square foot reduction in previous year. Overall closing occupancy was 77.7%, marginally higher than the 77.6% recorded at the same time last year.
The average net rent achieved per square foot during the quarter increased by 3% year-on-year to £34.87, with a year-to-date average of £34.53, up 4%.
"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,” chief executive Jim Gibson said in a statement.
“We are now turning our attention to our next financial year where we expect to see a continuing moderation in operating cost inflation.
“Self-evidently the macro-economic environment is adding to volatility, and therefore it remains to be seen whether that will negatively impact the improvements in trading we have seen more recently.”