We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Big Yellow Group Plc | LSE:BYG | London | Ordinary Share | GB0002869419 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-12.00 | -1.01% | 1,174.00 | 1,172.00 | 1,176.00 | 1,180.00 | 1,158.00 | 1,158.00 | 887,845 | 16:35:26 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Special Whse & Storage, Nec | 199.62M | 239.83M | 1.2224 | 9.59 | 2.3B |
TIDMBYG
RNS Number : 4112F
Big Yellow Group PLC
10 July 2023
10 July 2023
Big Yellow Group PLC ("Big Yellow" or "the Group")
Q1 Trading Statement
Big Yellow, the UK's brand leader in self storage, provides the following update on trading for the first quarter ended 30 June 2023 .
Results
Quarter Quarter ended Financial metrics ended 30 June Change 30 June 2022 2023 Total revenue for the quarter (1) GBP48.1 million GBP45.1 million 6.7% Like-for-like store revenue for the quarter (1,2) GBP47.0 million GBP44.6 million 5.4% Store metrics Store Maximum Lettable Area ("MLA") 6,416,000 6,152,000 4% Closing occupancy (sq ft) 5,255,000 5,320,000 (1%) Occupancy growth in the quarter (sq ft) (3) 167,000 174,000 (4%) Closing occupancy 81.9% 86.5% (4.6 ppts) Big Yellow stores like-for-like closing occupancy (4) 85.2% 86.7% (1.5 ppts) Average achieved net rent per sq ft GBP32.74 GBP29.99 9% Closing net achieved rent per sq ft GBP32.88 GBP30.33 8%
(1) The Group changed the way it sold contents protections to its customers on 1 June 2022 to an Enhanced Liability Service ("ELS"), which is subject to VAT at 20% and not Insurance Premium Tax ("IPT") at 12%, the latter being included in revenue. We estimate the impact of this on the total revenue and like-for-like revenue for the quarter is 0.7%. For the remainder of the year, revenue from ELS will be on a comparable basis.
(2) Excluding Aberdeen (acquired June 2022), Harrow and Kingston North (both opened September 2022) and Kings Cross (opened June 2023).
(3) In June 2022, the Group acquired a store in Aberdeen with 39,000 sq ft of occupancy. The total increase in the Group's occupancy for the quarter to 30 June 2022 was 213,000 sq ft.
(4) As per (2), additionally excluding the Armadillo stores.
Occupancy across all 109 stores increased by 167,000 sq ft (2.6% of the MLA at 30 June 2023) compared to a gain of 174,000 sq ft in the same quarter last year (2.8% of the MLA at 30 June 2022).
Like-for-like closing occupancy for the Big Yellow stores has increased to 85.2% from 83.1% at 31 March 2023. Closing occupancy, which includes the impact of new store openings, was 81.9%.
The Armadillo stores, representing 10% of the Group's quarterly revenue, added 42,000 sq ft of occupancy with closing occupancy of 80%, up from 77% at the end of March.
Closing net achieved rent per sq ft for all stores was GBP32.88, an increase of 8% from the same time last year, with average rate up 9% on the same quarter last year.
The Group's like-for-like store revenue increased by 5.4% compared to the same quarter last year, 6.1% on a like-for-like ELS basis(1) . The total revenue increase compared to the same quarter last year of 6.7% includes the increasing impact of our recent Big Yellow store openings.
Property
The Group opened its 103,000 sq ft landmark store in Kings Cross on 5th June. Early trading has been strong, and we expect this store to make a valuable contribution to the Group's performance in the coming years.
The Group has acquired a 0.8 acre property for development on Belgrave Gate, central Leicester for GBP1.85 million. We will be seeking planning permission for a 58,000 sq ft self-storage centre on the site. The site is currently generating an income of approximately GBP110,000 per annum, across four short-term rolling tenancies.
This acquisition takes the number of stores in the Group's pipeline to 11, of which six have planning consent.
We will shortly be commencing construction on our new 63,000 sq ft Slough Farnham Road store, which as previously announced, will be replacing our existing similar capacity leasehold store.
Financing
During the period, the Group increased its revolving credit facility by GBP30 million to GBP270 million, taking total committed facilities to GBP548 million, with net debt at 30 June of GBP484 million. In addition, the Group has a $225 million unutilised credit approved shelf facility with Pricoa Private Capital, which can be drawn in fixed sterling notes with terms of between 7 and 15 years.
Jim Gibson, Chief Executive Officer, commented:
" We have had a solid start to the year with a return to occupancy growth this quarter, broadly in line with last year. We are continuing to manage yield, offsetting the adverse impact of inflation on our cost base, with average rents growing by 9% over the quarter. In addition, our prospect numbers are back at pre-Covid levels, and encouragingly we are achieving higher conversion rates to move-in, which is perhaps indicative of a higher proportion of needs-driven serious enquiries.
We continue to have confidence in our business model and its resilience in this higher interest rate environment. Our freehold portfolio is 75% weighted to London and the South East, with the balance in large regional conurbations, which provides a predictable, resilient income stream across a wide customer base. In addition to growing our earnings from the existing platform, we will continue to invest in external growth through developing new stores and selectively acquiring existing centres."
For further information, please contact:
Big Yellow Group PLC Nicholas Vetch, Executive Chairman Jim Gibson, Chief Executive Officer John Trotman, Chief Financial Officer 01276 477 811 Teneo Charlie Armitstead 07703 330 269
Notes to Editors
Big Yellow is the UK's brand leader in self storage. Big Yellow now operates from a platform of 109 stores, including 24 stores branded as Armadillo Self Storage. We have a pipeline of 0.9 million sq ft comprising 11 proposed Big Yellow self storage facilities. The current maximum lettable area of the existing platform (including Armadillo) is 6.4 million sq ft. When fully built out the portfolio will provide approximately 7.3 million sq ft of flexible storage space. 99% of our stores and sites by value are held freehold and long leasehold, with the remaining 1% 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 stores, with excellent customer service, a market-leading online platform, and significant and increasing investment in sustainability, has created in Big Yellow the most recognised brand name in the UK self storage industry.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
TSTRRMRTMTAMBLJ
(END) Dow Jones Newswires
July 10, 2023 02:00 ET (06:00 GMT)
1 Year Big Yellow Chart |
1 Month Big Yellow Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions