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(Alliance News) - Self-storage sites operator Big Yellow Group PLC on Wednesday said revenue climbed in its first quarter, despite more subdued levels activity due to the Covid-19 lockdown.
Big Yellow said its revenue in the quarter ended June 30 rose 2.3% year-on-year to GBP31.8 million from GBP31.1 million.
"During the lockdown we saw reduced activity levels in the business across our domestic and business customer base. As the lockdown eased from mid-May, we have seen increased activity from both businesses and individuals," Big Yellow said.
Move ins during the month of April slumped 49% annually, but the decline eased to 29% in May and 16% in June. For the whole first-quarter, move ins were 28% lower year-on-year at 13,560.
Chief Executive James Gibson said: "Immediately following the lockdown in March, we saw an impact on demand through a significant reduction in our activity levels and an initial loss in net occupancy, although year-on-year revenue continued to grow, driven by rental growth.
"The business proved to be relatively resilient, although not immune to the resultant seismic economic shock caused by the lockdown."
As of July 14, 98% of Big Yellow's first quarter revenue has been collected, roughly the same level as a year ago.
On Monday, the company announced the opening of a new 77,000 square feet store in Camberwell, London.
Construction at the group's 57,000 sq ft store in Bracknell and another 71,000 sq ft store in Battersea, London was delayed by the Covid-19 lockdown, but are now back in development. Big Yellow anticipates their opening in September and November, respectively.
Construction has started on the group's 55,000 sq ft store in Uxbridge, West London, with hope of it opening in summer next year.
Big Yellow On Monday also announced that it has exchanged contracts to acquire a site in Wapping, London, adjacent to an existing store for GBP18.6 million.
Big Yellow shares were up 0.8% at 992.50 each on Wednesday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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