(Alliance News) - Self-storage provider Big Yellow Group PLC on Thursday reported revenue growth for the third quarter, fostering confidence for the rest of the year.
Revenue for the three months to the end of December was GBP32.7 million, up 1.9% from GBP31.7 million the year before, while like-for-like revenue, which excludes new sites recently opened or acquired, rose by 2.9%.
For the nine-month period, revenue increased by 3.0% to GBP96.6 million from GBP93.8 million, while like-for-like revenue grew by 3.8%.
Big Yellow's closing occupancy rate as at December 31 was 79.9%, down 1.2 percentage points the 81.1% the same date the prior year.
However, the average achieved net rent per square foot rose by 2.9% to GBP28.03 from GBP27.24 the prior year.
Looking ahead, Big Yellow said the construction of its stores in Camberwell, Bracknell and Battersea - all in London - are on schedule and set to open in May, June and July, respectively.
In addition, the group has started the construction of its Uxbridge store, and is in ongoing discussions for other development sites.
"The economic and political uncertainty that we referred to in our interim results continued during the lead-up to the December election. Following, the election however, trading in the quarter improved," said Chief Executive Officer James Gibson.
"Despite this uncertainty, the business continued to deliver revenue and rate growth over the quarter. Since the start of the fourth quarter we are seeing a pick-up in demand, as represented by enquiries through our digital channels, and growing net reservations," Gibson added.
Shares in Big Yellow Group - which is based in Surrey - were down 1.4% at 1,149.15 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Big Yellow (BYG)