Big Yellow Q3 revenues rise despite 'challenging' macro environment

12th Jan 2023 08:17

(Sharecast News) - Self-storage firm Big Yellow said on Thursday that third-quarter revenues had grown despite operating in a "challenging" macro-environment.

Big Yellow stated total quarterly revenues were up 6% at £48.1m, while like-for-like store revenues also rose 6% to £41.5m. Total year-to-date revenues were 12% higher at £142.0m and YTD LFL revenues grew 7% to £122.8m.

Closing occupancy levels slipped 2% to 5.06m square feet, or 80.4%, however, closing net rent increased 10% to £32.31 per square foot.

Chief executive Jim Gibson said: "We are pleased to have continued to deliver solid revenue growth in a challenging macro-environment. The quarterly seasonal loss of occupancy was in-line with last year, and overall prior year comparators year to date have been strong. The fourth quarter last year was impacted by the Russian invasion of Ukraine in February leading to weaker occupancy growth than we would have expected.

"Although it is early in the current fourth quarter, we are seeing a return to growth in net reservations and occupancy. We now move into our seasonally stronger spring and summer trading period."

As of 0825 GMT, Big Yellow shares were up 0.34%% at 1,178.0p.

Reporting by Iain Gilbert at Sharecast.com