The Board of Big Yellow Group PLC, the UK’s leading self storage brand, is pleased to announce results for the six months and the quarter ended 30 September 2012.
In what is our seasonally strongest period, we have delivered a solid performance, with similar occupancy growth across the portfolio as the same period last year. Occupancy growth over the six month period across all our stores was 243,000 sq ft (2011: 250,000 sq ft).
Wholly owned store occupancy growth in the six month period was 177,000 sq ft (2011: 176,000 sq ft). The 32 established store portfolio increased in occupancy from 74.3% at the end of March 2012 to 77.0% in September 2012. The 22 lease-up stores, including our flagship store in Chiswick, which opened in April 2012, grew in occupancy from 48.8% in March 2012 to 54.7% in September 2012. Overall like-for-like closing occupancy for the Group is 68.5% compared to 63.5% at 31 March 2012.
The 12 stores in Big Yellow Limited Partnership increased in occupancy to 52.6% (March 2012: 43.7%), a growth of 66,000 sq ft from March 2012.
This is a strong revenue and earnings performance in a challenging environment for consumer facing businesses such as ours. Awareness of self storage continues to grow with the majority of our new customers using self storage for the first time. In the period there have been very few, if any, new store openings in our core area of operation.
Financial results
Store revenue for the period was £35.5 million, up 11.5% from £31.9 million in the comparable period last year, and up 9.6% compared to the previous half year period (six months to 31 March 2012: £32.4 million).
Total store revenue for the second quarter increased by 12.0% to £18.6 million from £16.6 million for the same quarter last year and was up 10.1% from the quarter to June 2012 (£16.9 million).
Like-for-like revenue per available foot, (“REVPAF”) was £21.28 for the six months, an increase of 10.1% from £19.33 for the six months ended 30 September 2011.
Revenue from the 32 store established portfolio grew by 5.6% compared to the six months ended 30 September 2011, whilst revenue from the 22 lease-up stores increased by 24.4% over the same period. Store EBITDA was £23.2 million, up 17% from £19.8 million for the same period last year. We continue to improve margins through a combination of revenue growth and cost control and have seen overall store EBITDA margins increasing in the period from 62.2% to 65.4%.
After adjusting the reported pre-tax profit of £27.2 million for gains on the revaluation of investment properties, fair value losses on interest rate derivatives, and one-off items of expenditure, the Group made an adjusted profit before tax in the period of £13.9 million, up 20% from £11.6 million for the same period last year (see note 6). Diluted EPRA earnings per share was 10.71 pence (2011: 8.93 pence), an increase of 20%.
Adjusted net assets per share are 427.9 pence (March 2012: 427.7 pence).
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