Big Yellow Group

BYG · Main Market · Real Estate · mcap £1,568m · 801.5p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 18 May 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,578m
Owner’s net cash: −£473.0m
Net cash / market cap: -30%
EV ex leases: £2,050m
Revenue: £209.1m
Operating profit: £138.1m
Free cash flow after leases: £8.3m
EV / EBIT: 14.8×
FCF yield: 0.5%
Price / tangible book: 0.61×
ROCE: 4%
Net income (owners): £124.9m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 20 Jul 266 figures since the last report

Q1 revenue up 3% to £53.2m; occupancy grew 161,000 sq ft but down 2.8 percentage points year-on-year.

Total revenue	£53.2 million	£51.5 million
Like-for-like store revenue	£52.2 million	£51.1 million
Closing occupancy	76.6%	79.4%
Like-for-like closing occupancy	79.2%	79.4%
Average achieved net rent per sq ft	£36.68	£35.67
Store MLA	6,721,000 sq ft	6,423,000 sq ft

As stated by the company, unaudited. Read it →

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 18 May 26 · read the results ↗

Source ↗

	2026 £000	2025 £000
Revenue	209,084	204,495
Cost of sales	(63,526)	(62,126)
Gross profit	145,558	142,369
Administrative expenses	(15,044)	(15,763)
Operating profit before fair value changes on property assets	130,514	126,606
Gain on the revaluation of investment properties 14a,15	7,574	79,667
Gain on disposal of non-current asset 14a	-	8,754
Operating profit	138,088	215,027
Other income	196	4,047
Share of profit of joint venture 13d	139	-
Investment income - interest receivable	179	161
- fair value movement on derivatives	1,164	547
Finance costs - interest payable	(13,554)	(15,928)
Profit before taxation	126,212	203,854
Taxation	(1,299)	(1,963)
Profit for the year (attributable to equity shareholders)	124,913	201,891
Total comprehensive income for the year (attributable to equity shareholders)	124,913	201,891
Basic earnings per share	63.8p	103.2p
Diluted earnings per share	63.4p	102.8p

Source ↗

	2026 £000	2025 £000
Non-current assets
Investment property 14a	2,944,495	2,807,535
Investment property under construction 14a	166,650	185,225
Right-of-use assets 14a	18,126	15,651
Plant, equipment, and owner-occupied property 14b	3,919	3,813
Intangible assets	1,433	1,433
Investment in joint venture 14d	1,737	-
Investment 14d	-	588
Total non-current assets	3,136,360	3,014,245
Current assets
Inventories	377	437
Trade and other receivables	8,208	5,822
Cash and cash equivalents	9,224	8,765
Total current assets	17,809	15,024
Total assets	3,154,169	3,029,269
Current liabilities
Trade and other payables	(52,820)	(52,109)
Borrowings	(3,658)	(3,483)
Obligations under lease liabilities	(1,635)	(1,857)
.
Total .	(58,113)	(57,449)
Non-current liabilities
Borrowings	(478,557)	(389,769)
Obligations under lease liabilities	(18,174)	(15,222)
Derivative financial instruments	(119)	(1,283)
Total non-current liabilities	(496,850)	(406,274)
Total liabilities	(554,963)	(463,723)
Net assets	2,599,206	2,565,546
Equity
Share capital	19,682	19,671
Share premium account	398,509	398,444
Reserves	2,181,015	2,147,431
Equity shareholders' funds	2,599,206	2,565,546

Source ↗

	2026 £000	2025 £000
Cash generated from operations	132,210	134,623
Bank interest paid	(22,126)	(21,657)
Interest on obligations under lease liabilities	(747)	(557)
Interest received	141	142
Other operating income received	196	4,047
Tax paid	(788)	(2,024)
Cash flows from operating activities	108,886	114,574
Investing activities
Purchase of non-current assets	(100,840)	(58,258)
Investment in joint venture	(1,010)	–
Disposal of non-current asset	-	30,591
Cash flows from investing activities	(101,850)	(27,667)
Financing activities
Issue of share capital	76	809
Payment of lease liabilities	(1,307)	(1,816)
Equity dividends paid	(93,243)	(88,542)
Loan arrangement fees paid	(620)	(632)
Increase in borrowings 26b	88,517	2,683
Cash flows used in financing activities	(6,577)	(87,498)
Net increase/(decrease) in cash and cash equivalents	459	(591)
Opening cash and cash equivalents	8,765	9,356
Closing cash and cash equivalents	9,224	8,765

Source ↗

	Six months ended 30 September 2025 (unaudited) £000	Six months ended 30 September 2024 (unaudited) £000	Year ended 31 March 2025 (audited) £000
Revenue	105,143	102,959	204,495
Cost of sales	(31,100)	(32,106)	(62,126)
Gross profit	74,043	70,853	142,369
Administrative expenses	(8,203)	(7,802)	(15,763)
Operating profit before gains and losses on property assets	65,840	63,051	126,606
Gain on the revaluation of investment properties 9a	15,366	82,204	79,667
Gain on disposal of non-current asset 9a	-	8,754	8,754
Operating profit	81,206	154,009	215,027
Share of operating profit of joint venture 9d	32	-	-
Other income	-	1,000	4,047
Investment income - interest receivable	109	93	161
- fair value movement of derivatives	-	-	547
Finance costs - interest payable	(6,393)	(9,233)	(15,928)
- fair value movement of derivatives	(135)	(81)	-
Profit before taxation	74,819	145,788	203,854
Taxation	(553)	(136)	(1,963)
Profit for the period (attributable to equity shareholders)	74,266	145,652	201,891
Total comprehensive income for the period attributable to equity shareholders	74,266	145,652	201,891
Basic earnings per share	38.0p	74.6p	103.2p
Diluted earnings per share	37.8p	74.4p	102.8p

Source ↗

	30 September 2025 (unaudited) £000	30 September 2024* (unaudited) £000	31 March 2025 (audited) £000
Non-current assets
Investment property 9a	2,839,895	2,791,000	2,807,535
Investment property under construction 9a	233,848	157,837	185,225
Right-of-use assets 9a	18,157	16,353	15,651
Plant, equipment, and owner-occupied property 9b	3,674	3,820	3,813
Intangible assets	1,433	1,433	1,433
Investment in joint venture 9d	1,630	-	-
Investment 9d	-	588	588
Total non-current assets	3,098,637	2,971,031	3,014,245
Current assets
Inventories	387	481	437
Trade and other receivables	8,506	7,843	5,822
Cash and cash equivalents	7,216	5,600	8,765
Total current assets	16,109	13,924	15,024
Total assets	3,114,746	2,984,955	3,029,269
Current liabilities Trade and other payables	(55,667)	(52,536)	(52,109)
Borrowings	(3,570)	(3,399)	(3,483)
Obligations under lease liabilities	(1,768)	(2,089)	(1,857)
	(61,005)	(58,024)	(57,449)
Non-current liabilities
Borrowings	(439,685)	(357,415)	(389,769)
Obligations under lease liabilities	(17,799)	(15,764)	(15,222)
Derivative financial instruments	(1,418)	(1,911)	(1,283)
Total non-current liabilities	(458,902)	(375,090)	(406,274)
Total liabilities	(519,907)	(433,114)	(463,723)
Net assets	2,594,839	2,551,841	2,565,546
Equity
Called up share capital	19,676	19,671	19,671
Share premium account	398,457	398,420	398,444
Reserves	2,176,706	2,133,750	2,147,431
Equity shareholders' funds	2,594,839	2,551,841	2,565,546

Source ↗

	Six months ended 30 September 2025 (unaudited) £000	Six months ended 30 September 2024 (unaudited) £000	Year ended 31 March 2025 (audited) £000
Cash generated from operations	69,622	72,055	134,623
Bank interest paid	(10,912)	(11,439)	(21,657)
Interest on obligations under lease liabilities	(347)	(268)	(557)
Interest received	81	75	142
Other operating income received	-	1,000	4,047
Tax paid	(550)	(1,321)	(2,024)
Cash flows from operating activities	57,894	60,102	114,574
Investing activities
Purchase of non-current assets	(60,833)	(20,580)	(58,258)
Investment in joint venture	(1,011)	-	-
Disposal of non-current asset	-	30,591	30,591
Cash flows from investing activities	(61,844)	10,011	(27,667)
Financing activities
Issue of share capital	18	785	809
Payment of finance lease liabilities	(646)	(935)	(1,816)
Equity dividends paid	(46,251)	(44,081)	(88,542)
Loan arrangement fees paid	-	-	(632)
Increase/(decrease) in borrowings	49,280	(29,638)	2,683
Cash flows from financing activities	2,401	(73,869)	(87,498)
Net decrease in cash and cash equivalents	(1,549)	(3,756)	(591)
Opening cash and cash equivalents	8,765	9,356	9,356
Closing cash and cash equivalents	7,216	5,600	8,765

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	209.1	204.5
Gross profit	145.6	142.4
Operating profit	138.1	215.0
Operating profit to net income
Finance costs	(13.6)	(15.9)
Profit before tax	126.2	203.9
Tax	(1.3)	(2.0)
Net income (owners)	124.9	201.9
Per share
EPS basic	63.8p	103.2p
EPS diluted	63.4p	102.8p
Dividend per share	47.2p	46.4p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	103.9	105.1	101.5	103.0
Gross profit	71.5	74.0	71.5	70.9
Operating profit	56.9	81.2	61.0	154.0
Operating profit to net income
Finance costs	(7.2)	(6.4)	(6.7)	(9.2)
Profit before tax	51.4	74.8	58.1	145.8
Tax	(0.7)	(0.6)	(1.8)	(0.1)
Net income (owners)	50.6	74.3	56.2	145.7
Per share
EPS basic	25.8p	38.0p	28.6p	74.6p
EPS diluted	25.6p	37.8p	28.4p	74.4p
Dividend per share	23.4p	23.8p	23.8p	22.6p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	108.9	114.6
Interest paid	(22.1)	(21.7)
Tax paid	(0.8)	(2.0)
Investing activities
Capex (PP&E)	–	(58.3)
Financing activities
Lease principal paid	(1.3)	(1.8)
Lease interest paid	(0.7)	(0.6)
Dividends paid	(93.2)	(88.5)
Shares issued	0.1	0.8

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	51.0	57.9	54.5	60.1
Interest paid	(11.2)	(10.9)	(10.2)	(11.4)
Tax paid	(0.2)	(0.6)	(0.7)	(1.3)
Investing activities
Capex (PP&E)	–	(60.8)	(37.7)	(20.6)
Financing activities
Lease principal paid	(0.7)	(0.6)	(0.9)	(0.9)
Lease interest paid	(0.4)	(0.3)	(0.3)	(0.3)
Dividends paid	(47.0)	(46.3)	(44.5)	(44.1)
Shares issued	0.1	0.0	0.0	0.8

	31 Mar 26	31 Mar 25
Non-current assets
Other intangibles	1.4	1.4
Property, plant & equipment	3.9	3.8
Investment property	2,944.5	2,807.5
Associates & JVs	1.7	0.0
Non-current assets	3,136.4	3,014.2
Current assets
Inventories	0.4	0.4
Trade receivables	8.2	5.8
Cash	9.2	8.8
Current assets	17.8	15.0
Total assets	3,154.2	3,029.3
Current liabilities
Trade payables	52.8	52.1
Borrowings, current	3.7	3.5
Lease liabilities, current	1.6	1.9
Current liabilities	58.1	57.4
Non-current liabilities
Borrowings, non-current	478.6	389.8
Lease liabilities, non-current	18.2	15.2
Non-current liabilities	496.9	406.3
Total liabilities	555.0	463.7
Equity
Total equity	2,599.2	2,565.5
Net cash and other figures
Net cash / (debt) ex leases	(476.7)	(388.7)
Net asset value	2,719.3	–
Undrawn facilities	83.0	–

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Other intangibles	1.4	1.4	1.4	1.4
Property, plant & equipment	3.9	3.7	3.8	3.8
Investment property	2,944.5	2,839.9	2,807.5	2,791.0
Associates & JVs	1.7	1.6	0.0	–
Non-current assets	3,136.4	3,098.6	3,014.2	2,971.0
Current assets
Inventories	0.4	0.4	0.4	0.5
Trade receivables	8.2	8.5	5.8	7.8
Cash	9.2	7.2	8.8	5.6
Current assets	17.8	16.1	15.0	13.9
Total assets	3,154.2	3,114.7	3,029.3	2,985.0
Current liabilities
Trade payables	52.8	55.7	52.1	52.5
Borrowings, current	3.7	3.6	3.5	3.4
Lease liabilities, current	1.6	1.8	1.9	2.1
Current liabilities	58.1	61.0	57.4	58.0
Non-current liabilities
Borrowings, non-current	478.6	439.7	389.8	357.4
Lease liabilities, non-current	18.2	17.8	15.2	15.8
Non-current liabilities	496.9	458.9	406.3	375.1
Total liabilities	555.0	519.9	463.7	433.1
Equity
Total equity	2,599.2	2,594.8	2,565.5	2,551.8
Net cash and other figures
Net cash / (debt) ex leases	(476.7)	(439.5)	(388.7)	(359.5)
Net asset value	2,719.3	–	–	–
Undrawn facilities	83.0	131.2	–	–

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