18 July 2024
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 2024.
Results
Financial metrics
|
Quarter ended
30 June 2024
|
Quarter
ended
30 June 2023
|
Change
|
Total revenue for the
quarter
|
£50.2
million
|
£48.1
million
|
4%
|
Like-for-like store revenue for the
quarter (1)
|
£49.1
million
|
£47.6
million
|
3%
|
Store metrics
|
|
|
|
Store Maximum Lettable Area
("MLA")
|
6,419,000
|
6,416,000
|
-
|
Closing occupancy (sq ft)
|
5,249,000
|
5,255,000
|
-
|
Occupancy growth in the quarter (sq
ft)
|
220,000
|
167,000
|
32%
|
Closing occupancy
|
81.8%
|
81.9%
|
(0.1
ppts)
|
Like-for-like closing
occupancy (1)
|
82.4%
|
83.0%
|
(0.6
ppts)
|
Average achieved net rent per sq
ft
|
£34.13
|
£32.74
|
4%
|
Closing net achieved rent per sq
ft
|
£34.06
|
£32.88
|
4%
|
(1) Excluding Kings
Cross (opened June 2023).
Occupancy across all 109 stores increased by
220,000 sq ft (3.4% of the MLA at 30 June 2024) compared to a gain
of 167,000 sq ft in the same quarter last year (2.6% of the MLA at
30 June 2023).
Like-for-like closing occupancy for the
portfolio has increased by 3.4 ppts to 82.4% from 79.0% at 31 March
2024 and is down 0.6 ppts from 30 June 2023. Closing
occupancy was 81.8%, down 0.1 ppts from June 2023.
Closing net achieved rent per sq ft for all
stores was £34.06, an increase of 4% from the same time last year,
with average rate up 4% on the same quarter last
year.
The Group's revenue for the quarter was up 4%,
with like-for-like store revenue up 3% compared to the same quarter
last year.
Property
Our new freehold store in Slough
Farnham Road opens next week, and we will shortly start the process
of transferring customers from our nearby leasehold store to the
new location, ahead of surrendering the lease back to the
landlord. We have commenced the construction programme
of six other stores, which are at various stages, and we will
provide a more detailed update with our interim results in
November.
As previously reported, we were
pleased to obtain planning consent at appeal for a 68,400 sq ft
store in Kentish Town, in the London Borough of Camden, a densely
populated area of inner London. We now have planning on
nine of our 14 pipeline stores.
Jim Gibson, Chief Executive Officer,
commented:
"As stated in May, we saw an improvement in our
demand in the fourth quarter last year, which has continued into
the current quarter, delivering a solid occupancy performance,
coupled with continued growth in average rent. The
principal driver of demand has been from our domestic
customers.
We are focussed on driving occupancy to higher,
previously achieved levels and maintaining sustainable rental
growth reflective of a more modest inflationary
environment.
Following the receipt of planning on nine sites
we are now embarking on an intense period of construction activity,
particularly concentrated in London, which will be the driver of
significant value over the next few years."
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
020 7250
1446
Ben
Foster
Notes to Editors
Big Yellow is the UK's brand leader
in self storage. Big Yellow now operates from a platform of
109 stores, including 24 stores branded as Armadillo Self
Storage. We have a pipeline of 1.0 million sq ft comprising
14 proposed Big Yellow self storage facilities. The current
maximum lettable area of the existing platform (including
Armadillo) 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.
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, accessible, main road locations. Our focus on the
location and visibility of our stores, with excellent customer
service, a market-leading online platform, and significant and
increasing investment in sustainability, has created in Big Yellow
the most recognised brand name in the UK self storage
industry.