Big Yellow Group’s like-for-like revenue increased by 5% in its third quarter ended 31 December 2016, compared with the same quarter last year, and is up 6% for the year to date.
Occupancy at the self-storage company’s 73 sites decreased by 137,000 sq ft – 3% of the maximum lettable area – in Q3, compared with a decrease of 138,000 sq ft in the same quarter last year.
Revenue from the Armadillo portfolio increased by 17% to £2.6m, compared with the same quarter last year. Like-for-like revenue, excluding the West Molesey and Canterbury sites, which were acquired from Lock and Leave in April 2016, increased by 4% compared with the same quarter last year.
Big Yellow Group’s like-for-like revenue increased by 5% in its third quarter ended 31 December 2016, compared with the same quarter last year, and is up 6% for the year to date.
Occupancy at the self-storage company’s 73 sites decreased by 137,000 sq ft – 3% of the maximum lettable area – in Q3, compared with a decrease of 138,000 sq ft in the same quarter last year.
Revenue from the Armadillo portfolio increased by 17% to £2.6m, compared with the same quarter last year. Like-for-like revenue, excluding the West Molesey and Canterbury sites, which were acquired from Lock and Leave in April 2016, increased by 4% compared with the same quarter last year.
The company started construction at Guildford Central in December, with a view to the 55,000 sq ft store opening in early 2018.
In December, Big Yellow Group obtained planning consent for a 25,000 sq ft extension to its Wandsworth store. Extension works are expected to complete in spring 2018.
Chief executive James Gibson said: “After a weaker October, occupancy performance improved in November and December, delivering a similar performance to last 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.”
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