Q1 Trading Statement
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Big Yellow, the UK's brand leader in self storage, provides the following update on trading for the first quarter ended 30 June 2024.
Results
| Financial metrics | Quarter ended 30 June 2024 | Quarter ended 30 June 2023 | Change |
|---|---|---|---|
| Total revenue for the quarter | £50.2 million | £48.1 million | 4% |
| Like-for-like store revenue for the quarter (1) | £49.1 million | £47.6 million | 3% |
| Store metrics | |||
| Store Maximum Lettable Area ("MLA") | 6,419,000 | 6,416,000 | - |
| Closing occupancy (sq ft) | 5,249,000 | 5,255,000 | - |
| Occupancy growth in the quarter (sq ft) | 220,000 | 167,000 | 32% |
| Closing occupancy | 81.8% | 81.9% | (0.1 ppts) |
| Like-for-like closing occupancy (1) | 82.4% | 83.0% | (0.6 ppts) |
| Average achieved net rent per sq ft | £34.13 | £32.74 | 4% |
| Closing net achieved rent per sq ft | £34.06 | £32.88 | 4% |
- Excluding Kings Cross (opened June 2023).
Occupancy across all 109 stores increased by 220,000 sq ft (3.4% of the MLA at 30 June 2024) compared to a gain of 167,000 sq ft in the same quarter last year (2.6% of the MLA at 30 June 2023).
Like-for-like closing occupancy for the portfolio has increased by 3.4 ppts to 82.4% from 79.0% at 31 March 2024 and is down 0.6 ppts from 30 June 2023. Closing occupancy was 81.8%, down 0.1 ppts from June 2023.
Closing net achieved rent per sq ft for all stores was £34.06, an increase of 4% from the same time last year, with average rate up 4% on the same quarter last year.
The Group's revenue for the quarter was up 4%, with like-for-like store revenue up 3% compared to the same quarter last year.
Property
Our new freehold store in Slough Farnham Road opens next week, and we will shortly start the process of transferring customers from our nearby leasehold store to the new location, ahead of surrendering the lease back to the landlord. We have commenced the construction programme of six other stores, which are at various stages, and we will provide a more detailed update with our interim results in November.
As previously reported, we were pleased to obtain planning consent at appeal for a 68,400 sq ft store in Kentish Town, in the London Borough of Camden, a densely populated area of inner London. We now have planning on nine of our 14 pipeline stores.
Jim Gibson, Chief Executive Officer, commented:
"As stated in May, we saw an improvement in our demand in the fourth quarter last year, which has continued into the current quarter, delivering a solid occupancy performance, coupled with continued growth in average rent. The principal driver of demand has been from our domestic customers.
We are focussed on driving occupancy to higher, previously achieved levels and maintaining sustainable rental growth reflective of a more modest inflationary environment.
Following the receipt of planning on nine sites we are now embarking on an intense period of construction activity, particularly concentrated in London, which will be the driver of significant value over the next few years."
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