Self-storage provider Big Yellow Group PLC’s (LON:BYG) has been focused on improving its occupancy rate after Brexit uncertainty hit its final quarter results.
The company, which posts its first quarter trading update on Friday, said in May that its closing occupancy at the end of the 2019 financial year rose 1.9 percentage points to 82.4% from 80.5% despite a more muted final quarter in the run up to the original Brexit date.
It said since the year end, its book of reservations has grown to similar levels as last year and further growth in occupancy is expected over the traditionally stronger summer period providing there are no “significant external shocks”. The occupancy rate should peak at over 85% over summer, Big Yellow said.
"Looking ahead, we remain focused on our core objective of increasing occupancy to 90%, which in turn should drive traction on pricing and further rate growth,” executive chairman Nicholas Vetch said.
However, he added: “The key risk to our business is supply, and this remains constrained, particularly in London and the South East, with four store openings in the year offset by three store closures.”
Investors will be hoping to see a rebound in the first quarter after a disappointing end to fiscal year 2019, although Brexit uncertainty remains a key headwind.
Investors await guidance from Close Brothers
Close Brothers Group PLC (LON:CBG) has said it expects to report solid full-year results after a strong performance in the third quarter.
In a trading update in May, the group said its banking division has performed as expected in current market conditions, while its market facing businesses continued to experience lower activity levels.
Its loan book increased by 1.5% in the quarter to £7.5bn, up slightly from the £7.4bn seen at the end of its second quarter, predominantly driven by commercial and property loans, which are up 3.6% in the year to date.
Managed assets increased to £10.9bn at the end of April from £10.3mln in January, supported by positive market movements and continued net inflows.
The company publishes a year-end trading update on Friday ahead of its full-year results in September and the key focus will be on the outlook.
Significant announcements due:
Trading updates: Close Brothers Group PLC (LON:CBG), Record PLC (LON:REC, SSP Group PLC (Q3) (LON:SSP), Big Yellow Group PLC (LON:BYG)
AGMs: Itaconix Plc (LON:ITA), Live Company Group PLC (LON:LVCG)
Economic data: UK public sector finances; US University of Michigan consumer sentiment survey