Self-storage specialist Big Yellow Group has posted a 3.1% rise in revenue for the year to the end of March 2020.
The group, which has remained operational during the covid-19 pandemic, reported revenue of £129.3m in the year (2019: £125.4m).
The increase was mainly due to a 2.7% year-on-year rise in its average rent. Occupancy, fell slightly during the year to 80.7% (2019: 82.4%).
Adjusted profit before tax was up 5.2% to £71m.
The company posted EPRA earnings per share of 42.1p (2019: 41.4p) and declared a final dividend of 16.7p – bringing its total dividend for the year to 33.8p (2019: 33.2p).
Post year-end, the group has seen occupancy growth of 38,000 sq ft, bringing occupancy to 82.0%, and 1.4% growth in rent.
As of 8 June, it had collected 96.7% of April and May revenue, compared to 97.3% in the same period last year.
In April, the group raised £79.9m through a placing of 8.3 million shares and will use the proceeds to grow its development pipeline with a focus on London.
It currently has 13 development sites in its pipeline, six with planning permission.
BYG : Big Yellow Group grows revenue by 3.1%