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Big Yellow PLC on Friday reported higher revenue in the three months to December 31, traditionally a ‘seasonally weaker’ period, the firm said.
The Bagshot, England-based self-storage company saw revenue rise to £51.4 million in the third-quarter from £50.5 million the year prior, up 2%. Like-for-like quarterly revenue also increase by 2% to £50.4 from £49.6 million in 2023.
In the year-to-date, both total revenue and LFL revenue rose 3%. Total YTD revenue was £151.4 million at December 31, versus £150.1 million the previous year. On a LFL basis, revenue for the year-to-date was £151.4 million compared with £147.7 million in 2023.
The revenue rise comes amid an expected decline in occupancy during the third-quarter. Occupancy across all stores fell by 180,000 square feet, which Big Yellow called ‘a significant improvement’ on the year prior, when occupancy fell by 249,000 square feet during the same period.
The closing occupancy rate at December 31 was up marginally at 77.7% from 77.6% the previous year.
Big Yellow said net achieved rent per square foot also increased by 1.7% to £35.30 from £34.70.
Yellow Cake plans to invest about £176 million in new store-building over the next three years. This is expected to be funded by existing capital and to remain in the target range of net debt to earnings before interest, taxation, depreciation and amortisation.
‘This, in our view, is not a moment to be carrying too much debt, and accordingly we remain focused on maintaining our net debt to Ebitda ratio, which is currently three times, within our target range of three to four times,’ noted Chief Executive Jim Gibson.
‘Events beyond our control, including policy making, are not making the job of running businesses any easier,’ Gibson added.
‘Nonetheless we are confident that this business will continue to prove itself resilient even if not completely immune from these challenges.’
Big Yellow shares were up 3.8% at 904.00 pence each on Friday morning in London.
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