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Big Yellow Group Six-month Pre-tax Profit Down 22%; Hikes Interim Dividend

Big Yellow Group plc (BYG.L), a self storage company, reported Tuesday that its profit before tax was 61.4 million pounds for the six months ended 30 September 2018, down 22 percent from 78.7 million pounds in the prior year. Earnings per share were 38.8 pence compared to 50.0 pence last year.

The decline in profit before tax was due to a lower revaluation gain in the period.

However, adjusted profit before tax rose 9 percent from the year-ago period to 33.3 million pounds. EPRA earnings per share were 20.9 pence, compared to 19.1 pence a year ago.

Revenue for the six-month period rose 7 percent to 62.2 million pounds from 58.1 million pounds in the same period last year. Like-for-like revenue growth was 7 percent, driven by growth in occupancy and rate.

The company has declared an interim dividend of 16.7 pence per share. This has all been declared as Property Income Distribution or PID. The interim dividend declared represents an increase of 9 percent from 15.3 pence per share for the same period last year.

Looking ahead, Big Yellow Group said it remains focused on strengthening its market leading brand and operating platform; filling stores and then driving rental growth at higher occupancy levels; and developing new high quality stores, while maintaining a conservative capital structure.

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