U.K. self-storage operator Big Yellow Group Plc released operating results for the six months and the second quarter ending Sept. 30. Highlights include:
- Occupancy growth of 209,000 square feet across all stores in the period, compared to occupancy growth of 96,000 square feet in 2009.
- Revenue was up 8 percent compared to the six months to March 31, 2010 and up 7 percent from the same six months last year.
- Store revenue was up 10 percent from March 31, 2010 to £61.4 million.
- Adjusted profit before taxes is up 26 percent.
- Cash inflows from operating activities (after finance costs) increased by 50 percent.
"The business is experiencing the usual seasonal slowdown, but as in previous years, we look forward to an improvement in demand from early 2011 as we enter our more buoyant spring and summer trading periods," said Nicholas Vetch, executive chairman.
Big Yellow operates 61 self-storage facilities and has nine under development. To read the full financial report, visit www.bigyellow.co.uk and click on the Investor Relations link at the top of the Web page.