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Big Yellow Q1 Revenue Up 3.7%; Like-for-like Revenue Rises By 4.4%

Big Yellow Group Plc. (BYG.L) reported that its revenue for the first quarter ended 30 June 2019 rose 3.7 percent to 31.1 million pounds from 30.0 million pounds last year. The Group's like-for-like revenue increased by 4.4%, driven by a combination of growth in occupancy and rate.

The 75 Big Yellow stores increased occupancy over the quarter by 125,000 sq ft resulting in a closing occupancy of 84.0%. Like-for-like closing occupancy was 85.1%, an increase of 1.8 ppts from 30 June 2018.

The Group's average achieved net rent per sq ft increased by 1.6% compared to the same quarter last year.

Revenue from the 24 store Armadillo portfolio for the quarter to 30 June 2019 increased by 7% to 3.9 million pounds from last year. Like-for-like revenue, excluding Grimsby and Daventry increased by 4% compared to the same quarter last year.

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