Business
Big Yellow Group PLC IMS
Big Yellow Group PLC IMS.
About this update from Big Yellow Group Plc
[{"type":"text","content":"\n \nRNS Number : 9226E Big Yellow Group PLC 22 July 2016 \n\n \n22 July 2016\n \nBig Yellow Group PLC\n(\"Big Yellow\" or \"the Group\")\n \nInterim Management Statement\n \nThe Board of Big Yellow Group PLC, the UK's brand leader in self storage, is pleased to provide the following update on trading for the first quarter ended 30 June 2016. \n \nResults\n\n\n\n\n \n\n\nQuarter ended \n30 June 2016\n\n\nQuarter ended\n30 June 2015\n\n\n\n%\n\n\n\n\nStore maximum lettable area (\"MLA\")\n\n\n4,551,000\n\n\n4,404,000\n\n\n+3\n\n\n\n\nClosing Occupancy (sq ft)\n\n\n3,549,000\n\n\n3,324,000\n\n\n+7\n\n\n\n\nClosing Occupancy (% of MLA)\n\n\n78.0%\n\n\n75.5%\n\n\n+2.5ppts\n\n\n\n\nLike-for-like Closing Occupancy(1)\n\n\n78.5%\n\n\n75.5%\n\n\n+3.0ppts\n\n\n\n\nRevenue\n\n\n£26.4m\n\n\n£24.1m\n\n\n+10\n\n\n\n\nLike-for-like Revenue(1)\n\n\n£26.0m\n\n\n£24.1m\n\n\n+8\n\n\n\n\nAverage like-for-like net achieved rent per sq ft(1)\n\n\n£25.99\n\n\n£25.31\n\n\n+3\n\n\n\n\n\n(1) Excluding Cambridge which opened in January 2016 and Nine Elms and Twickenham\n2 (acquired from Lock and Leave on 28 April 2016).\nThe 73 stores increased occupancy over the quarter by 110,000 sq ft (2.4% of the MLA at 30 June 2016) compared to a gain of 146,000 sq ft in the same quarter last year (3.3% of the MLA at 30 June 2015). This increase excludes the 76,000 sq ft of occupancy acquired in the Nine Elms and Twickenham 2 stores. \nThe Group's like-for-like revenue increased by 8% compared to the same quarter last year.\nThe revenue from the Armadillo portfolio for the quarter to 30 June 2016 increased by 11% to £2.5 million compared to the same quarter last year. Like-for-like revenue, excluding West Molesey and Canterbury (acquired from Lock and Leave on 28 April 2016), increased by 6% compared to the same quarter last year. \nHedging\nIn July 2016, the Group entered into an interest rate derivative over £30 million of its debt at the rate of 0.4% plus underlying margin on the loan until October 2021. After the expiry in September 2016 of an outstanding hedge on £30 million of its debt, the Group's proforma average cost of debt will be 3.2%, compared to 3.5% at 30 June 2016. The marginal cost of debt drawn under the Group's revolving facility is currently 1.75%.\nDevelopment...