Shares Drop for U.K.'s Big Yellow Self Storage

According to an article on Forbes.com, shares in Big Yellow shed 1.7 percent after the self-storage group posted a 12 percent fall in first-half pretax profit, scrapped its interim dividend and said it continues to experience tough trading conditions.

Citigroup says Big Yellow's failure to pay a dividend is a surprise which is blamed on continuing build-out on "potentially highly profitable existing London sites," with the key word "potentially," adds the broker.

Citigroup says it is cautious on the self-storage market as a whole and on Big Yellow, with the poor first half results reinforcing that view. For more information, visit http://www.bigyellow.co.uk/.