Big Yellow Q1 revenues rise on local demand

Self-storage specialist Big Yellow reported a rise in like-for-like revenue for the first quarter, despite a slight fall in occupancy, as demand momentum continued.

The company on Thursday said like-for-like sales for the three months to June 30 were up 4% to £49.1m. Closing occupancy was down 0.6 percentage points to 82.4%.

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.

Chief executive Jim Gibson said the main driver of demand came from domestic customers, adding that the company was focused 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."

Reporting by Frank Prenesti for Sharecast.com