Big Yellow Group PLC 3rd Quarter Results (7316T)
January 10 2017 - 1:00AM
UK Regulatory
TIDMBYG
RNS Number : 7316T
Big Yellow Group PLC
10 January 2017
10 January 2017
Big Yellow Group PLC
("Big Yellow" or "the Group")
Interim Management Statement
The Board of Big Yellow Group PLC, the UK's brand leader in self
storage, is pleased to provide the following update on trading for
the third quarter ended 31 December 2016.
Results
31 December 31 December
2016 2015 %
------------------------------------ ------------ ------------ ------
Store maximum lettable
area ("MLA") 4,551,000 4,404,000 +3
Closing Occupancy (sq ft) 3,436,000 3,240,000 +6
Closing Occupancy (% of +1.9
MLA) 75.5% 73.6% ppts
+2.4
Like-for-like Closing Occupancy(1) 76.0% 73.6% ppts
Revenue for the quarter GBP27.4m GBP25.7m +7
Like-for-like revenue for
the quarter(1) GBP26.9m GBP25.7m +5
Year to date revenue GBP82.2m GBP75.9m +8
Like-for-like revenue year
to date GBP80.7m GBP75.9m +6
Average quarterly like-for-like
net achieved rent per sq
ft(1) GBP26.33 GBP25.73 +2
------------------------------------ ------------ ------------ ------
(1) Excluding Cambridge which opened in January 2016 and Nine
Elms and Twickenham 2 (acquired from Lock and Leave on 28 April
2016).
In our seasonally weaker third quarter, the 73 stores decreased
in occupancy by 137,000 sq ft (3.0% of the MLA at 31 December 2016)
compared to a loss of 138,000 sq ft in the same quarter last year
(3.1% of the MLA at 31 December 2015).
The Group's like-for-like revenue increased by 5% compared to
the same quarter last year, and is up 6% for the year to date.
The revenue from the Armadillo portfolio for the quarter to 31
December 2016 increased by 17% to GBP2.6 million compared to the
same quarter last year. Like-for-like revenue, excluding West
Molesey and Canterbury (acquired from Lock and Leave in April
2016), increased by 4% compared to the same quarter last year.
Development
We commenced construction at Guildford Central in December, with
a view to the 55,000 sq ft MLA store opening in early 2018.
In December we obtained planning consent for a 25,000 sq ft
extension to our existing Wandsworth store, and we anticipate that
the extension works will be completed in Spring 2018.
We are continuing to progress planning on our other development
sites and will provide a further update in May with our final
results.
James Gibson, Chief Executive Officer, commented:
"After a weaker October, occupancy performance improved in
November and December, delivering a similar performance to last
year with a loss of 137,000 sq ft (3.0% of MLA) compared to a loss
of 138,000 sq ft (3.1% of MLA) in the prior year. Average year on
year rate growth slowed to 2.3% in the quarter compared to 2.8% for
the first half of the year.
Like-for-like revenue growth for the quarter to December was 5%,
impacted by the loss of occupancy in the quarter being more
front-ended. Our earnings guidance for the full year remains in
line with current consensus.
As we referred to in our half year results significant
uncertainties remain around the UK's economic outlook. That said,
we believe new supply in our key areas of operation, particularly
London, will remain constrained over the medium to longer term and
that the business is well placed to face down most challenges.
We look forward to delivering occupancy and revenue growth over
this quarter and to continuing this growth into our seasonally
stronger spring and summer trading period."
For further information, please contact:
Big Yellow Group PLC
01276 477 811
Nicholas Vetch, Executive Chairman
James Gibson, Chief Executive Officer
John Trotman, Chief Financial Officer
Teneo Blue Rubicon 020 3757 9234
Ben Foster
Chloe Maier
Notes to Editors
Big Yellow Group PLC is the UK's brand leader in self storage.
Big Yellow now operates from a platform of 89 stores, including 16
stores branded as Armadillo Self Storage, in which the Group has a
20% interest. We own a further seven Big Yellow self storage
development sites (including two extension sites), of which two
have planning consent. The current maximum lettable area of this
platform is 5.3 million sq ft. When fully built out the portfolio
will provide approximately 5.7 million sq ft of flexible storage
space. Of the Big Yellow stores and sites, 96% by value are held
freehold and long leasehold; with the remaining 4% 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 Big
Yellow stores, coupled with our excellent customer service and our
market leading online platform, has created the most recognised
brand name in the UK self storage industry.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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