The Board of Big Yellow Group PLC, the UK's leading self storage brand, is pleased to provide the following update on trading for the first quarter ending 30 June 2010.
Quarterly highlights
· Occupancy growth in the quarter of 143,000 sq ft; 107,000 sq ft of this growth was in the 51 wholly owned stores (same quarter 2009: occupancy growth of 69,000 sq ft of which 56,000 sq ft in the wholly owned stores)
51 Wholly Owned Stores
· Annualised store revenue (annualised storage, packing material and insurance revenues at the end of the period) of £59.8 million at 30 June 2010
- Up 9% from £54.9 million at 30 June 2009
- Up 7% from £56.0 million at 31 March 2010
· Total store revenue for the 51 stores was £14.4 million for the quarter
- Up 10% from £13.1 million for the same quarter last year
- Up 5% from £13.7 million for the quarter to 31 March 2010
- This excludes management fees and non-storage rental income earned of £0.7 million (same quarter last year: £1.0 million, quarter to 31 March 2010: £0.6 million)
· Closing occupancy was 1,905,000 sq ft across all 51 stores at 30 June, representing 59.0% of their 3,227,000 sq ft total capacity
- Up from 1,788,000 sq ft at the same time last year (55.4% of total capacity)
- Up from 1,798,000 sq ft occupied at 31 March 2010 (55.7% of total capacity)
· The 32 same stores that were mature prior to the downturn have increased in occupancy to 1,415,000 sq ft (72.9% of capacity)
- Up 26,000 sq ft from 1,389,000 sq ft (71.5% of capacity) at 30 June 2009
- Up 65,000 sq ft from 1,350,000 sq ft (69.5% of capacity) at 31 March 2010
· The 19 lease-up stores have increased in occupancy to 490,000 sq ft (38.1% of capacity)
- Up 91,000 sq ft from 399,000 sq ft (31.1% of capacity) at 30 June 2009
- Up 42,000 sq ft from 448,000 sq ft (34.9% of capacity) at 31 March 2010
· The 51 stores achieved an average net rent per sq ft over the quarter of £26.75
- Up 4% from £25.70 for the same quarter last year
- Down 1% from £26.99 for the quarter to 31 March 2010
Rental rates have increased year-on-year but are slightly down in the quarter due in part to a significant increase in the number of new customers who benefit from our standard opening offer.
Ten Big Yellow Limited Partnership ("Partnership") Stores
· Annualised store revenue of £3.9 million at 30 June 2010
- Up 255% from £1.1 million at 30 June 2009
- Up 39% from £2.8 million at 31 March 2010
· Total store revenue for the 10 stores was £0.8 million for the quarter
- Up 167% from £0.3 million for the same quarter last year
- Up 33% from £0.6 million for the quarter to 31 March 2010
· Occupancy grew by 36,000 sq ft in the quarter to 153,000 sq ft across the ten Partnership stores, representing 24.8% of their 616,000 sq ft total capacity at 30 June; the capacity increased in mid-June with the opening of a new store at High Wycombe.
- Up from 56,000 sq ft at the same time last year
- Up from 117,000 sq ft occupied at 31 March 2010
· The ten stores achieved an average net rent per sq ft over the quarter of £18.61
- Up 7% from £17.39 for the same quarter last year
- Down 1% from £18.82 for the quarter to 31 March 2010
Store update
During the period we opened one new store, a 60,000 sq ft store in High Wycombe, operating within Big Yellow Limited Partnership.
We intend to open a further two stores in the current financial year, Eltham in the wholly owned Group in March 2011 and Camberley in January 2011 within Big Yellow Limited Partnership.
James Gibson, Chief Executive Officer, commented:
"The Group has enjoyed a robust quarter with a particularly strong June. We expect reasonable trading over the next few weeks before the usual seasonal slowdown from September.
External influences remain uncertain, and we have limited visibility around the trading, but we continue to be cautiously encouraged by the recent performance.
Part of the improvement can be put down to better trading conditions in our prime city locations and in part continuing innovation in sales and marketing leveraging off our strong brand leadership."
