Last checked at 7 Jul 2009 07:00
7 July 2009
Big Yellow Group PLC
("Big Yellow" or "the Company")
Interim Management Statement
The Board of Big Yellow Group PLC, the UK's leading self storage brand, is pleased to provide the following update on trading for the first quarter ending 30 June 2009.
Quarterly highlights
| ● | The wholly owned stores in the group increased occupancy by 56,000 sq ft over the quarter to 1,788,000 sq ft at 30 June. | |
| - | Up 3% from 1,732,000 sq ft occupied at 31 March 2009 | |
| - | Down 2% from 1,819,000 sq ft at the same time last year | |
| - | The four stores trading in the Big Yellow Limited Partnership ("Partnership) increased occupancy by 13,000 sq ft in the quarter | |
| ● | Same store occupancy at 30 June was 1,389,000 sq ft (71.5% of capacity) | |
| - | Up 1% from 1,379,000 sq ft at 31 March 2009 (70.9% of capacity) | |
| - | Down 8% from 1,506,000 sq ft for the same quarter last year (77.5% of capacity) | |
| ● | Occupancy of the 16 wholly owned lease-up stores open for more than a year was 380,000 sq ft | |
| - | Up 9% from 349,000 sq ft at 31 March 2009 | |
| - | Up 21% from 313,000 sq ft for the same quarter last year | |
| ● | Total store revenue for the quarter was £13.5 million | |
| - | Up 1% from £13.4 million for the quarter to 31 March 2009 | |
| - | Down 6% from £14.3 million for the same quarter last year | |
| - | This excludes management fees earned of £0.6 million (same quarter last year: £0.2 million, quarter to 31 March 2009 £0.5 million) | |
| ● | All wholly owned stores average achieved net rents of £25.70 per sq ft per annum | |
| - | Broadly unchanged from £25.73 for the quarter to 31 March 2009 | |
| - | Down 2% from £26.21 for the same quarter last year | |
| ● | Packing material, insurance sales and other storage related income was £2.0 million | |
| - | Up 5% from £1.9 million for the quarter to 31 March 2009 | |
| - | Unchanged from £2.0 million for the same quarter last year | |
Store update
During the period we opened one new store, a 75,000 sq ft store in Twickenham, and now have 51 wholly owned open stores with a total self storage capacity of 3.2 million sq ft.
We intend to open a further five stores in the current financial year, all within the Big Yellow Limited Partnership. The stores are located in Edinburgh, Poole, Nottingham, Sheffield Bramall Lane and Reading, and will have a total capacity of 293,000 sq ft.
We received planning in May of this year on a proposed store in Eltham comprising 70,000 sq ft of self storage and 8,500 sq ft of A1 retail .The store is located in London on the roundabout at the junction of the A20 and South Circular and we intend to commence demolition in the Autumn.
The number of stores open and sites in planning or under development (including a total of 13 in the Partnership) now total 70. Of the 15 sites in the development pipeline, 13 have planning permission, with a further application submitted. We obtained planning consent on Camberley during the quarter.
James Gibson, Chief Executive Officer, commented:
"Following the final statement in May, trading conditions have continued to show an improvement with a pleasing occupancy performance in June.
We anticipate the usual seasonal slowdown in the Autumn and continuing cyclical uncertainty but remain more cautiously optimistic."
For further information, please contact:
Big Yellow Group PLC 01276 477 811
Nicholas Vetch, Chairman
James Gibson, Chief Executive Officer
Weber Shandwick Financial 020 7067 0700
Nick Oborne/ John Moriarty
Notes to Editors
Big Yellow Group PLC is one of the leading and most dynamic self-storage groups in the UK. It was founded in 1998 by Nicholas Vetch, Philip Burks and James Gibson and listed on AIM in May 2000, moving to the Official List of the London Stock Exchange in 2002.
Big Yellow has expanded rapidly and now operates (both directly and within Big Yellow Limited Partnership) from 55 stores, 51 in London and the South, and one each in Leeds, Sheffield, Birmingham and Liverpool with a further 15 stores in development. Of the 70, 59 are held freehold and four long leasehold, together representing more than 90% of the portfolio. All the stores have the distinct yellow branding, in accessible main road locations, with the majority being within the M25 or in strong urban conurbations. When fully built out the portfolio will provide approximately 4.5 million sq ft of flexible storage space.
The Group has pioneered the development of the latest generation of self-storage facilities, which utilise state of the art technology and are located in high profile, main road locations. Its focus on the location and visibility of its buildings, coupled with excellent customer service, has created the most recognised brand name in the UK self-storage industry.