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17 Jul 2025 07:00
17 July 2025
Big Yellow Group PLC ("Big Yellow" or "the Group")
Q1 Trading Statement
Big Yellow, the UK's brand leader in self storage, provides the following update on trading for the first quarter ended 30 June 2025.
Results
Financial metrics | Quarter ended 30 June 2025 | Quarter ended30 June 2024 |
Change |
Total revenue for the quarter | £51.5 million | £50.2 million | 3% |
Store revenue for the quarter1 | £51.1 million | £49.5 million | 3% |
Store metrics | |||
Store Maximum Lettable Area ("MLA") | 6,423,000 | 6,419,000 | 0.1% |
Closing occupancy (sq ft) | 5,103,000 | 5,249,000 | (2.8%) |
Occupancy growth in the quarter (sq ft) | 47,000 | 220,000 | (173,000 sq ft) |
Closing and like-for-like occupancy1 | 79.4% | 81.8% | (2.4 ppts) |
Average achieved net rent per sq ft | £35.67 | £34.13 | 5% |
Closing net achieved rent per sq ft | £35.75 | £34.06 | 5% |
1All stores are currently like-for-like
Occupancy across all 109 stores increased by 47,000 sq ft (0.7% of the MLA at 30 June 2025) compared to a gain of 220,000 sq ft in the same quarter last year (3.4% of the MLA at 30 June 2024).
Closing occupancy for the portfolio has increased by 0.7 ppts to 79.4% from 78.7% at 31 March 2025 and is down 2.4 ppts from 30 June 2024.
Closing net achieved rent per sq ft for all stores was £35.75, an increase of 5% from the same time last year, with average rate up 5% on the same quarter last year.
The Group's revenue for the quarter was up 3% compared to the same quarter last year.
Operating expenses
We have continued to focus on cost control over the early months of this financial year, identifying savings across a number of lines. Our investment into automation has allowed us to not replace certain leavers from the business, resulting in reductions in headcount and staff costs without impacting customer service. Our utilities expenditure continues to benefit from our investment in solar and other energy efficiency measures, and our property rates have benefited from a much lower inflator in the current financial year.
With the above savings, we are pleased to report that for the first quarter of this financial year, like-for-like store operating expenses were broadly in line with the same quarter last year, although for the full year we anticipate them to increase by 2% to 3%.
If short term interest rates continue to fall, we will benefit from our £223 million of floating rate debt, representing 54% of our total debt.
Property
As previously announced, the Group is on site at nine of its pipeline stores, which will add approximately 730,000 sq ft of capacity. Our 70,000 sq ft store at Staines, London opens later this month. We have a further three stores due to open this financial year; Queensbury, London (72,000 sq ft opening in October 2025), Slough Bath Road (95,000 sq ft opening in February 2026), and Wembley, London (73,000 sq ft opening in March 2026). We anticipate opening a further four stores in the year ending 31 March 2027, with West Kensington, London following in 2028.
Jim Gibson, Chief Executive Officer, commented:
"As stated in our May results, we saw some softening of demand and loss of occupancy at the start of the quarter due to elevated levels of macroeconomic uncertainty. Despite this we have delivered strong average rate growth of 5% through our yield management processes, which has resulted in 3% revenue growth for the quarter compared to last year.
We saw some improvement in demand through the quarter, which has continued into July, with improved year-on-year occupancy performance. Our customer base remains stable with move-outs lower than last year."
For further information, please contact:
Big Yellow Group PLC 01276 477 811
Nicholas Vetch, Executive Chairman
Jim Gibson, Chief Executive Officer
John Trotman, Chief Financial Officer
Sodali & Co 0207 100 6451
Ben Foster
Victoria Heslop
Notes to Editors
Big Yellow is the UK's brand leader in self storage and operates from a platform of 109 stores. We have a pipeline comprising 14 proposed self storage facilities (including one replacement store). The current maximum lettable area of the existing platform is 6.4 million sq ft. When fully built out the portfolio will provide approximately 7.4 million sq ft of flexible storage space. 99% of our stores and sites by value are held freehold and long leasehold, with the remaining 1% short leasehold. Currently by revenue 75% of our stores are in London and its commuter towns, with the balance in larger regional conurbations.
Our stores utilise state of the art technology for our digital and operating platforms including security, and we focus on locating our stores in high profile, accessible, main road locations. We also focus on providing excellent customer service, a highly engaged employee culture, and with significant and increasing investment in sustainability.
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