Plus   Neg

Big Yellow Q3 Revenue Rises; Sees Growth In Q4, Confident Of Longer-term Growth

Self storage provider Big Yellow Group Plc (BYG.L) reported Wednesday that third-quarter total revenue increased 7.4 percent to 34.7 million pounds from 32.3 million pounds last year.

Like-for-like store revenue for the quarter was 33.7 million pounds, up 6.6 percent from 31.6 million pounds a year ago, driven entirely from occupancy gains.

Like-for-like closing occupancy for the quarter improved 5.8 percentage points from last year to 85.7 percent.

Business move-ins in the quarter were up 18 percent compared to the prior year, with domestic move-ins up 11 percent. Move-outs were down 1 percent compared to the same quarter last year.

James Gibson, Chief Executive Officer, said, "Although it is early in the fourth quarter, we are continuing to see growth in year-on-year prospects and occupancy, however as we have always stated, our visibility of future demand is limited to two to four weeks...We remain confident of the longer-term growth prospects of our business; the principal drivers being revenue growth from the existing portfolio and targeted expansion focussed principally in our core area of London and its commuter towns, where new supply remains constrained."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Chico's FAS Inc. (CHS) Tuesday reported a wider year-over-year net loss for the fourth quarter. Meanwhile, Kohl's Corp.'s (KSS) fourth-quarter net income grew 29 percent from the previous year. But Abercrombie & Fitch Co.'s (ANF) fourth-quarter net income decreased 1 percent from the prior year. The U.S. Food and Drug Administration has approved the marketing of a new robotically-assisted surgical device (RASD) that can facilitate transvaginal hysterectomy in certain patients using minimally-invasive surgical instruments. The Hominis Surgical System of Memic Innovative Surgery Ltd., the U.S. subsidiary of Israeli biotechnology company memic Ltd., has been granted marketing authorization. Canadian cannabis company Canopy Growth Corp. (CGC, WEED.TO) announced Tuesday the launch of its Cannabidiol (CBD) beverage brand Quatreau in the high-potential U.S. market. Quatreau will be sold on Canopy's one-stop U.S. e-commerce destination, www.shopcanopy.com. Quatreau is a premium ready-to-drink...
Follow RTT