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Big Yellow Group FY Profit Declines

Big Yellow Group Plc. (BYG.L) reported that its profit attributable to equity shareholders for the year ended 31 March 2019 declined to 126.50 million pounds or 78.0 pence per share from 133.54 million pounds or 84.4 pence per share last year.

EPRA earnings per share based on adjusted profit after tax was up 8% to 41.4 pence from 38.5 pence in the prior year.

Statutory profit before tax was 126.9 million pounds, a decrease of 5% from 134.1 million pounds in the prior year with the increase in operating profit offset by a slightly lower revaluation gain on investment properties in the year.

Total revenue for the year was 125.4 million pounds, an increase of 8.7 million pounds or 7.5% from 116.7 million pounds in the prior year. Like-for-like revenue for the year was 123.2 million pounds, an increase of 7.2% from the prior year, driven by a combination of an increase in the average occupancy of the Group's stores and an increase in net achieved rent per sq ft.

The Board recommended the payment of a final dividend of 16.5 pence per share in addition to the interim dividend of 16.7 pence, giving a total dividend for the year of 33.2 pence, an increase of 8% from the prior year.

"Looking ahead, we remain focussed on our core objective of increasing occupancy to 90%, which in turn should drive traction on pricing and further rate growth. We have a proven strategy and remain confident about the long-term prospects for the Group," the company said.

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