Big Yellow earnings to be in line with market forecasts
By BFN News | 09:40 AM | Monday 26 March, 2012
Self-storage group Big Yellow expects its full year earnings to be in line with market forecasts.
The group has issued an update following last week's Budget announcement on the proposed changes to the VAT status of self storage and re-iterated its intention to actively engage in the consultation process with HMRC.
The group says that with six trading days remaining in the final quarter of its financial year, it is pleased to reveal that for the first time since the onset of the economic downturn in 2007, the occupancy in its s wholly-owned store portfolio is above the high enjoyed in the previous September, thus recouping all the normal seasonal occupancy losses incurred in the December quarter.
It adds: "We now look forward to our traditionally busiest trading period from a new all-time high of occupied space.
"Growth in the quarter to date across our 53 wholly owned stores is 86,000 sq ft, compared to 41,000 sq ft for the same quarter last year.
"The occupancy of our 32 established store portfolio is currently 74.0%, and, excluding our newly opened store at New Cross, wholly-owned store occupancy is 64.0%, compared to 63.4% at 30 September 2011 and 59.3% at 31 March 2011."
The 12 stores within Big Yellow Limited Partnership have grown in occupancy by 21,000 sq ft in the quarter to date, and are now 42.6% occupied.
At 9:40am: (LON:BYG) Big Yellow share price was -0.3p at 292p
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