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Big Yellow H1 Profit Climbs, LFL Revenues Up On Occupancy Growth - Quick Facts

Big Yellow Group plc (BYG.L), a self storage company, reported Tuesday that its first-half profit before tax climbed 36 percent to 78.7 million pounds from last year's 57.7 million pounds, driven by occupancy growth.

Basic earnings per share were 50 pence, higher than 36.7 pence a year ago.

Adjusted profit before tax was 30.6 million pounds, compared to 27.0 million pounds last year. Adjusted EPRA earnings per share were 19.1 pence, compared to 16.9 pence last year.

Revenue increased 6 percent to 58.1 million pounds from prior year's 54.8 million pounds. 6

Like-for-like Revenue growth was 6 percent. Store EBITDA increased 8 percent to 39.7 million pounds.

Further, the company announced a 13% increase in interim dividend to 15.3 pence per share.

Further, Nicholas Vetch, Executive Chairman, said, "We are now in our seasonally weakest quarter, in which for the last couple of years we have lost 3 ppts of occupancy and then rebuilt occupancy in the final quarter to March. Given closing occupancy of 83.8% at 30 September, we would expect to comfortably pass the 85% mark next summer providing there are no significant external shocks. We are therefore adjusting our occupancy target for the business as a whole to 90%."

Over the long term, the company said it is confident that the existing platform will continue to deliver attractive returns.

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