Big Yellow reports bigger H1 profits

17th Nov 2009 07:56

Self storage firm Big Yellow reported a 12% rise in half year adjusted pre-tax profit as occupancy levels improved.Adjusted pre-tax profit rose to £7.7m in the six months ended 30 September 2009 from £6.9m the year before. Loss before taxation narrowed to £3.4m from a loss of £54.3m previously. Revenue for the period slipped 3% to £29.2m. Commenting on the outlook Chairman Nicholas Vetch said, "We are experiencing the usual seasonal slow-down in trading, however our cautious optimism at the time we last reported, that the business was at least stabilising, appears to have been broadly well founded. We expect the improvement in the economy to be slow and patchy, and the performance of this business will reflect that." The board is continuing with the suspension of the interim dividend payment to preserve cash.