Interim Management Statement

RNS Number : 5130L

Big Yellow Group PLC

13 January 2009

 



13 January 2009

Big Yellow Group PLC

("Big Yellow" or "the Company")

Interim Management Statement

The Board of Big Yellow Group PLC, the UK's leading self storage brand, is pleased to provide the following update on trading for the third quarter ending 31 December 2008.  

Quarterly highlights

 

·        Total store revenue for the quarter was £14.2 million

      - Up 1% from £14.1 million for the same quarter last year*

      - Down 5% from £15.0 million for the quarter to 30 September 2008

- This excludes management fees earned of £0.3 million (same quarter last year: £0.0 million,  quarter to 30 September 2008 £0.6 million)

 

·        Revenue for the quarter in the 32 same store portfolio was £11.0 million

      - Down 5% from £11.6 million for the same quarter last year

      - Down 6% from £11.7 million for the quarter to 30 September 2008

 

·         All stores average achieved rental of £26.29 per sq ft

      - Up 2% from £25.80 for the same quarter last year

      - Down 3% from £27.17 for the quarter to 30 September 2008

 

·         Average occupancy of all stores in the quarter was 1,778,000 sq ft

      - Down 3% from 1,841,000 sq ft for the same quarter last year

      - Down 2% from 1,809,000 sq ft for the quarter to 30 September 2008

 

·         Closing occupancy was 1,746,000 sq ft across all stores at 30 September

      - Down 3% from 1,800,000 sq ft at the same time last year

      - Down 3% from 1,807,000 sq ft occupied at 30 September 2008

 

 

* this excludes revenue from the Leeds store which was transferred to Big Yellow Limited Partnership in November 2007.

Store update

During the period we opened two new stores, a 64,000 sq ft store in Sheen, which had been closed for comprehensive redevelopment, and a 60,000 sq ft store in Sheffield Hillsborough, trading within Big Yellow Limited Partnership ("the Partnership"). We now have 49 directly owned open stores with a total self storage capacity of 3.1 million sq ft.  Our 70,000 sq ft store at Leeds, along with Sheffield Hillsborough, trade within the Partnership.

The number of stores open and sites in planning or under development (including 13 to trade in the Partnership) now total 71.  Of the 20 sites in the development pipeline, 14 have planning permission, with a further two applications submitted, of which one is at appeal. 11 of these sites under development will trade in the Partnership, of which eight currently have planning consents.  

James Gibson, Chief Executive Officer, commented: 

"Trading conditions continued to be tough in what has been traditionally our weakest quarter to the end of December.  We have no doubt that the cyclical environment for consumer facing businesses will continue to be difficult for the foreseeable future, but we look forward to our seasonally more buoyant spring and summer period."  

For further information, please contact:

Big Yellow Group PLC                                                                                                                                            01276 477 811

Nicholas Vetch, Executive Chairman

James Gibson, Chief Executive Officer

John Trotman, Chief Financial Officer

Weber Shandwick Financial                                                                                                                                020 7067 0700

Nick Oborne/ John Moriarty

Notes to Editors  

Big Yellow Group PLC is one of the leading and most dynamic self-storage groups in the UK. It was founded in 1998 by Nicholas Vetch, Philip Burks and James Gibson and listed on AIM in May 2000, moving to the Official List of the London Stock Exchange in 2002.  

Big Yellow has expanded rapidly and now operates (both directly and within Big Yellow Limited Partnership) from 51 stores, 49 in London and the South, and one each in Leeds and Sheffield, with a further 20  stores in development and of the 71, 61 are held freehold and three long leasehold, together representing more than 90% of the portfolio. All the stores have the distinct yellow branding, in accessible main road locations, with the majority being within the M25 or in strong urban conurbations. When fully built out the portfolio will provide approximately 4.6 million sq ft of flexible storage space.  

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, main road locations. Its focus on the location and visibility of its buildings, coupled with excellent customer service, has created the most recognised brand name in the UK self-storage industry.

 

END

 

 

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