Big Yellow Six Month Results
22nd November 2019
First Half Highlights:
• Like for like revenue increased by 4.2% driven by growth in average occupancy and rate.
• Average achieved net rent per sq ft increased by 1.6% period on period, closing net rent up by 1.9% from September 2018, and currently up 3.1% from 1 April 2019.
• Cash flow from operating activities increased by 4.0% to £36.0 million.
• Adjusted profit before tax up 6.0% to £35.3 million, earnings per share impacted by the full dilutive effect of the September 2018 placing.
• 17.1 pence per share interim dividend declared.
• Acquisition of new development sites in Slough, Hayes (West London) and Harrow (North West London) taking pipeline to 13 development sites of approximately 890,000 sq ft (19% of current MLA).
• Planning consent granted for new stores in Uxbridge (West London), Queensbury (North West London) and Hove.
• Capital structure remains secure with strong interest cover, post dividend cash flow generation and £49 million of available committed facilities.
Commenting, Nicholas Vetch, Executive Chairman, said:
"The economic and political environment is currently less than helpful, however despite this we have continued to deliver growth in revenue, cash flow and profit. We have a proven business model which we have developed over the last two decades and we will continue to innovate and optimise our marketing strategy and improve our operating performance to drive revenue. Crucially, we will also maintain our focus on managing costs such that revenue growth transmits efficiently to the bottom line.
Following the September 2018 placing raising £65.3 million, we have made good progress building the pipeline of new stores and securing planning consents, and the impact of dilution has now washed through. As we open new stores from Spring 2020, we anticipate that shareholders will see an increasing contribution in our performance from that expansive strategy.”