Interim Results

Big Yellow Group PLC
5 November 2001

                               
                     BIG YELLOW GROUP PLC
                               
                               
      RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
   

*  Turnover up 112% to £3.6 million (2000: £1.7 million)

*  Annualised  revenues  up 115% to £8.8  million  (2000:  £4.1
   million)

*  Loss  for  the  period  of  £1.2 million  (2000:  loss  £0.8
   million)

*  17  stores  currently open, a further  10  stores  committed
   providing 1.6 million sq. ft. when completed

*  Number of customers doubled to 6,000 (2000: 3,000)

*  Like   for  like  annualised  sales  for  12  stores   open
   throughout  the  period up 53% at September when  compared  to
   March

*  Merchandise,  insurance  and other  sales  up  to  13.9%  of
   storage income (2000: 7.1%)

*  Placing and open offer raised £22.7 million in May 2001


David White, Chairman commented:

'We  believe that the activity of the last two and a half  years
has  resulted  in  a conservatively financed business  which  is
asset  backed with a strong and recognisable brand.  We have  an
unparalleled  portfolio of stores, a pipeline of new  stores,  a
growing  revenue  base and an excellent team of  well  motivated
people.  Further, we believe that, beyond short term cycles, the
self storage sector provides significant prospects for growth.'


                               
For further Information, please contact:

Big Yellow Group PLC                               01276 470 190
Nicholas Vetch, Chief Executive
James Gibson, Finance Director

Weber Shandwick Square Mile                        020 7601 1000
Susan Ellis / Louise Robson


                               
                     BIG YELLOW GROUP PLC
                               
                               
      RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001

                     Chairman's Statement

The  Board  of  Big Yellow Group PLC is pleased to announce  the
Group's  interim results for the six months ended  30  September
2001.   During the period, trading has been strong in all stores
and  the  level of customer enquiries - a useful,  albeit  short
term  barometer of activity - remains buoyant.  We now  have  27
stores committed of which 17 are open.

Financial Review
   
Turnover  from  operations for the six  month  period  was  £3.6
million  (2000: £1.7 million), a 112% increase on the comparable
period last year.  Additionally, revenue of £103,000 was derived
from an insurance claim, giving total revenue for the six months
of  £3.7  million.  Merchandise, insurance and other sales  have
risen  strongly and now amount to 13.9% of total storage  income
for the period.

At  the  period end, underlying revenues on an annualised  basis
rose  to £8.8 million, an increase of 115% when compared to that
reported at September 2000.

On  a  like  for like basis, annualised revenue from the  twelve
stores open throughout the six month period was 53% higher at 30
September 2001 than at 31 March 2001.

The  loss  of  £1.2  million in the  period  (2000:  loss   £0.8
million)  was  less than expected.  The loss per  share  was  1p
(2000: loss of 1p).

The  Placing and Open Offer in May 2001 raised £22.7 million and
net  cash balances at 30 September 2001 were £11.2 million.   In
addition  the Group has available a committed bank  facility  of
£20 million.

Review of Operations
   
Our  business strategy of developing a quality brand in the self
storage  market,  which is customer service driven,  is  proving
successful.  At the period end, eight of the twelve stores which
had  traded  throughout  the period  were  operating  cash  flow
positive (after charging an allocation of central overheads), of
which six were profitable at the pre-tax level.

The total capacity of the 17 stores open now stands at 1 million
sq. ft., including 300,000 sq. ft. from five stores which opened
late in or after the period end, giving an average store size of
59,000 sq. ft..  At the period end, 401,000 sq. ft. was occupied
spread  across  6,000 customers (2000: 212,000  sq.  ft.,  3,000
customers).  Capacity will be increased to 1.6 million  sq.  ft.
when  all  27 stores are fully fitted out, 15 of which  will  be
located in London and 17 held freehold.

The  relocation of our Staples Corner store was completed in the
period,  increasing in size to 110,000 sq. ft. from  43,500  sq.
ft.   It  is  pleasing to report that the new store  is  already
generating a significant pre-tax profit.

Future Strategy
   
A  number of macro level factors currently exist which may  have
some  influence on our future. While the Group has no  evidence,
currently, of a slow down in its business, general and  specific
economic  indicators  suggest we should be  more  cautious  with
regard to the economic outlook in the short to medium term.

The  Group  remains  committed to the initial  50  store  target
articulated  at  its  flotation, but in  the  current  uncertain
environment it is likely that we will implement this more slowly
then previously intended.  This strategy is partly defensive, to
ensure  a continuing conservative financing structure, but  also
opportunistic as we believe property prices may fall.

In terms of international expansion, the Group remains committed
to expanding into mainland Europe, initially confined to France,
and will continue to do so on a conservative basis.

Outlook

Whilst this industry and this Group are unlikely to be immune to
an  economic  downturn  they  will, we  believe,  be  relatively
resilient,  as has been evidenced in the United States  in  past
downturns.  There are however no statistics to support this view
in Europe given the relative infancy of the sector.

Notwithstanding our caution, we believe that the activity of the
last  two  and  a  half years has resulted in  a  conservatively
financed  business  which  is asset backed  with  a  strong  and
recognisable  brand.   We  have  an  unparalleled  portfolio  of
stores, a pipeline of new stores, a growing revenue base and  an
excellent  team of well motivated people.  Further,  we  believe
that, beyond short term cycles, the self storage sector provides
significant prospects for growth.


David White
Chairman
5 November 2001


                               
For further Information, please contact:

Big Yellow Group PLC                               01276 470 190
Nicholas Vetch, Chief Executive
James Gibson, Finance Director

Weber Shandwick Square Mile                        020 7601 1000
Susan Ellis / Louise Robson



Big Yellow Group PLC

Consolidated Profit and Loss Account
For the six months ended 30 September 2001

                                      Six months    Six months 
                                           ended         ended   Year ended
                                    30 September  30 September     31 March
                                            2001          2000         2001
                                      (Unaudited)   (Unaudited)    (Audited)
                               Note            £             £            £
                                                        
TURNOVER                          2    3,583,849     1,740,044    4,174,300
                                                        
Exceptional item                  3            -             -     (300,000)
Other cost of sales                   (3,851,946)   (2,021,486)  (4,544,560)
                                      ----------    ----------   ----------   
         
Total cost of sales                   (3,851,946)   (2,021,486)  (4,844,560)
                                      ----------    ----------   ----------   
            
GROSS LOSS                              (268,097)     (281,442)    (670,260)
                                                        
Administrative expenses               (1,383,864)   (1,138,307)  (2,469,313)
                                                        
Other operating income                   102,948        61,026      230,622
                                      ----------    ----------   ----------   
              
OPERATING LOSS                        (1,549,013)   (1,358,723)  (2,908,951)
                                 
                                                        
Interest receivable and                  345,210       698,732    1,259,684
 similar income
Interest payable and similar 
charges                           4         (189)     (185,390)    (186,854)
                                      ----------    ----------   ----------  
                                                        
LOSS ON ORDINARY ACTIVITIES                             
 BEFORE AND AFTER TAXATION                               
 FOR THE PERIOD/YEAR              5   (1,203,992)     (845,381)  (1,836,121)
                                 
                                                        
Dividends payable                 6            -        36,750       36,750
                                      ----------    ----------   ----------   
               
Loss for the period/year              (1,203,992)     (808,631)  (1,799,371)
                                      ==========    ==========   ==========
Loss per share                    7          (1p)          (1p)         (2p)
                                      ==========    ==========   ==========   
               
                                                        
Diluted loss per share            7          (1p)          (1p)         (2p)
                                      ==========    ==========   ==========   
               

All  items in the profit and loss account relate to continuing
operations.



Big Yellow Group PLC

Consolidated Balance Sheet
As at 30 September 2001

                                    30 September  30 September    31 March
                                            2001          2000        2001
                                      (Unaudited)   (Unaudited)   (Audited)
                                               £             £           £
                                                        
FIXED ASSETS                                            
Intangible assets                      1,674,980     1,771,978   1,723,479
Tangible assets                       62,171,300    29,634,524  42,697,471
                                      ----------    ----------  ----------    
                              
                                      63,846,280    31,406,502  44,420,950
                                      ----------    ----------  ----------    
                                                     
CURRENT ASSETS                                          
Stocks                                   127,937        85,018      94,149
Debtors                                2,803,325     1,257,608   2,458,440
Cash at bank and in hand              11,213,634    22,887,419  10,967,581
                                      ----------    ----------  ----------    

                                                        
                                      14,144,896    24,230,045  13,520,170
                                            
CREDITORS: amounts falling due                               
within one year                       (4,717,364)   (2,898,548) (6,193,861)
                                      ----------    ----------  ----------
                                                        
NET CURRENT ASSETS                     9,427,532    21,331,497   7,326,309
                                      ----------    ----------  ----------    
 
                                                        
TOTAL ASSETS LESS CURRENT                               
 LIABILITIES                          73,273,812    52,737,999  51,747,259
                                      ==========    ==========  ==========    
 
                                                        
CAPITAL AND RESERVES                                    
Called up share capital               11,578,267     9,648,559   9,648,559
Share premium account                 66,923,236    46,122,121  46,122,121
Profit and loss account               (5,227,691)   (3,032,681) (4,023,421)
                                      ----------    ----------  ----------
                                                        
EQUITY SHAREHOLDERS' FUNDS            73,273,812    52,737,999  51,747,259
                                      ==========    ==========  ==========    
 


                                                        
Big Yellow Group PLC

Reconciliation of Movements in Shareholders' Funds
For the six months ended 30 September 2001

                                      Six months   Six months  
                                           ended        ended  Year ended
                                    30 September 30 September    31 March
                                            2001         2000        2001
                                      (Unaudited)  (Unaudited)   (Audited)
                                               £            £           £
                                                        
Loss for the financial period/year    (1,203,992)    (845,381) (1,836,121)    
Dividends                                      -       36,750      36,750
Foreign Exchange translation    
 differences                                (278)           -           -
                                      ----------   ----------  ----------     
        
                                      (1,204,270)    (808,631) (1,799,371)
                                
                                                          
Issue of shares (net of issue   
 costs)                               22,730,823   43,603,003  43,603,003
Redemption of preference shares                -   (1,044,110) (1,044,110)
                                      ----------   ----------  ----------    
                                                      
Net addition to shareholders' funds   21,526,553   41,750,262  40,759,522

                                                        
Opening shareholders' funds           51,747,259   10,987,737  10,987,737
                                      ----------   ----------  ----------     
          
Closing shareholders' funds           73,273,812   52,737,999  51,747,259
                                      ==========   ==========  ==========     
          


Statement of Total Recognised Gains and Losses
For the six months ended 30 September 2001

                                      Six months   Six months 
                                           ended        ended  Year ended
                                    30 September 30 September    31 March
                                            2001         2000        2001
                                      (Unaudited)  (Unaudited)   (Audited)
                                               £            £           £
                                                        
Loss for the period/year              (1,203,992)    (808,631) (1,799,371)
Foreign Exchange translation     
 differences                                (278)           -           -
                                      ----------   ----------  ----------     
          
Total recognised gains and losses     (1,204,270)    (808,631) (1,799,371)
                                      ==========   ==========  ==========

                                                      
Big Yellow Group PLC

Consolidated Cash Flow Statement
For the six months ended 30 September 2001

                                      Six months   Six months  
                                           ended        ended  Year ended
                                    30 September 30 September    31 March
                                            2001         2000        2001     
                                      (Unaudited)  (Unaudited)   (Audited)
                                               £            £           £
                                                       
Cash outflow from operating   
 activities                           (1,196,318)     (61,693)   (208,906)    
            
                                                       
Returns on investments and     
 servicing of finance                    320,235        3,571     594,633
                                                       
Capital expenditure and       
 financial investment                (21,608,687) (13,294,392)(25,658,079)    
                                      ----------   ----------  ----------     
             
Cash outflow before financing        (22,484,770) (13,352,514)(25,272,352)
                              
                                                       
Financing                                              
Issue of ordinary share capital       
 (net of expenses)                    22,730,823   43,603,003  43,603,003
Decrease in debt                               -   (6,116,000) (6,116,000)
Repayment of financing         
 transaction                                   -   (4,731,800) (4,731,800)
Redemption of preference share 
 capital                                       -   (1,044,110) (1,044,110)
                                      ----------   ----------  ----------     
         
                                      22,730,823   31,711,093  31,711,093
                                      ----------   ----------  ----------     
          
Increase in cash in the period/year      246,053   18,358,579   6,438,741
                                      ==========   ==========  ==========


                                                      
Big Yellow Group PLC

Reconciliation of Net Cash Flow to Movement in Net Funds
For the six months ended 30 September 2001

                                      Six months   Six months 
                                           ended        ended Year ended
                                    30 September 30 September   31 March
                                            2001         2000       2001      
                                      (Unaudited)  (Unaudited)  (Audited)   
                                               £            £          £
                                                      
Increase in cash in the       
 period/year                             246,053   18,358,579  6,438,741
                                                      
Cash outflow from decrease in  
 debt financing                                -   10,847,800 10,847,800
                                      ----------   ---------- ----------      
     
Change in net funds resulting  
 from cash flows                         246,053   29,206,379 17,286,541
                                      ----------   ---------- ----------      
        
Movement in net funds in the   
 period/year                             246,053   29,206,379 17,286,541
                                                      
Net debt at start of period/year      10,967,581   (6,318,960)(6,318,960)
                                      ----------   ---------- ----------
Net funds at end of period/year       11,213,634   22,887,419 10,967,581
                                      ==========   ========== ==========      
            


Reconciliation of Operating Loss to Net Cash Flow From
Operating Activities
For the six months ended 30 September 2001

                                      Six months   Six months 
                                           ended        ended Year ended
                                    30 September 30 September   31 March
                                            2001         2000       2001
                                      (Unaudited)  (Unaudited)  (Audited)
                                               £            £          £
                                                      
Operating loss                        (1,549,013)  (1,358,723)(2,908,951)
Depreciation                             768,171      388,051    849,558
Amortisation of goodwill                  48,498       48,496     96,995
Increase in stock                        (33,789)     (53,304)   (62,435)
(Increase)/decrease in debtors          (320,099)     127,805 (1,359,529)
(Decrease)/increase in creditors        (110,086)     785,982  3,175,456
                                      ----------   ---------- ----------
Net cash flow from operating
 activities                           (1,196,318)     (61,693)  (208,906)
                                      ==========   ========== ==========
                                                     

Big Yellow Group PLC

Notes to the Interim Report
For the six months ended 30 September 2001

1. ACCOUNTING POLICIES
   Basis of preparation
   The  interim information for the six months ended 30 September
   2001  and 30 September 2000 is unaudited and does not comprise
   statutory  accounts.   The comparative figures  for  the  year
   ended  31  March  2001  are  not statutory  accounts  but  are
   extracted  from the audited statutory accounts.  The statutory
   accounts for the year ended 31 March 2001 have been filed with
   the  Registrar  of  Companies.  They received  an  unqualified
   audit  report which did not contain a statement under  Section
   237(2)  or  237(5)  of the Companies Act 1985.   This  interim
   report  should  be  read  in conjunction  with  the  statutory
   accounts  for  the  year  ended 31 March  2001.   The  interim
   figures have been prepared on the same basis and applying  the
   same accounting policies as in prior years.

2. SEGMENTAL INFORMATION
   Turnover  represents  amounts derived from  the  provision  of
   services  which  fall  within the Group's ordinary  activities
   after  deduction of trade discounts and value added tax.   The
   Group's net assets, turnover and loss before tax, all of which
   arises  in the United Kingdom, with the exception of  £173,465
   in   respect   of  administration  expenses  in  France,   are
   attributable  to one activity, the provision of  self  storage
   and related services.

3. EXCEPTIONAL ITEM
   The  Group opened a new store at Staples Corner in March  2001
   and  has  transferred trading to that store from its  existing
   store  at  Staples  Corner.   The exceptional  costs  of  this
   transfer  of £300,000, being the write off of redundant  fixed
   assets,  the cost of transferring customers' assets and  lease
   break costs, were provided for as at 31 March 2001.

4. INTEREST PAYABLE AND SIMILAR CHARGES
                               Six months   Six months       Year
                                    ended        ended      ended  
                             30 September 30 September   31 March
                                     2001         2000       2001
                                        £            £          £
                                                        
Loan stock                              -       58,133     59,326
Bank overdraft and other    
 borrowings                           189       31,098     31,369
Option finance fee                      -       96,159     96,159
                               ----------   ---------- ----------             
           
                                      189      185,390    186,854
                               ==========   ========== ==========             
           

5. TAXATION
   No  liability to corporation tax arises on the Group's  result
   for  the  period as the Group made a taxable loss  during  the
   period.
  
  

6. DIVIDENDS
                               Six months    Six months      Year
                                    ended         ended     ended
                             30 September  30 September  31 March
                                     2001          2000      2001  
                                        £             £         £
                                                                
7% preference shares                    -       (36,750)  (36,750)
                               ==========    ========== =========             
    
  
   An  accrual  was  made as at 31 March 2000 for  a  dividend  of
   £36,750 payable on the preference shares in issue at that date.
   On 8 May 2000, the preference shares were redeemed by way of  a
   share  buy-back financed from the issue of new ordinary  shares
   for consideration of £1,044,110.  The dividend became no longer
   payable.   It  was  therefore credited to the profit  and  loss
   account for the 6 months ended 30 September 2000.
   Dividends have not been paid in respect of the ordinary  shares
   of  the  Company  in any of the periods reported  upon  and  no
   dividend is proposed.

7. LOSS PER ORDINARY SHARE
   Loss  per  ordinary share has been calculated on  the  retained
   loss for the period of £1,203,992  (2000: £808,631) and on  the
   weighted average number of shares in issue during the period of
   109,330,311 (2000: 87,081,952).  There is no material  dilutive
   effect from the conversion of share options.
  
  

Independent Review Report to Big Yellow Group PLC

Introduction

We  have  been instructed by the company to review the  financial
information  for  the  six months ended 30 September  2001  which
comprises  the  profit and loss account, the balance  sheet,  the
cash  flow statement and the related notes 1 to 7.  We have  read
the  other  information  contained  in  the  interim  report  and
considered  whether  it  contains any apparent  misstatements  or
material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained
therein, is the responsibility of, and has been approved  by  the
directors.  The directors are also responsible for ensuring  that
the  accounting policies and presentation applied to the  interim
figures  are  consistent  with those  applied  in  preparing  the
preceding  annual  accounts except where  any  changes,  and  the
reasons for them, are disclosed.

Review work performed

We  conducted our review in accordance with guidance contained in
Bulletin 1999/4 issued by the Auditing Practices Board.  A review
consists principally of making enquiries of group management  and
applying  analytical procedures to the financial information  and
underlying  financial data and based thereon,  assessing  whether
the  accounting policies and presentation have been  consistently
applied  unless  otherwise disclosed.  A  review  excludes  audit
procedures such as tests of controls and verification of  assets,
liabilities and transactions.  It is substantially less in  scope
than  an  audit  performed  in  accordance  with  United  Kingdom
auditing  standards  and  therefore provides  a  lower  level  of
assurance than an audit.  Accordingly, we do not express an audit
opinion on the financial information.

Review conclusion

On  the  basis  of  our review we are not aware of  any  material
modifications that should be made to the financial information as
presented for the six months ended 30 September 2001.



Deloitte & Touche
Chartered Accountants
Hill House
1 Little New Street
London
EC4A 3TR

5 November 2001