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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."

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