Big Yellow like-for-like revenues up

Big Yellow Group's third quarter like-for-like revenue increased by 5% to £26.9m compared to the same quarter last year, and is up 6% for the year to date at £80.7m.

In the group's 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 revenue from the Armadillo portfolio for the quarter to 31 December increased by 17% to £2.6 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.

Chief executive James Gibson said: "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."