Business
Results for the Six Months ended 30 September 2018
Results for the Six Months ended 30 September 2018.
About this update from Big Yellow Group Plc
[{"type":"text","content":"\n \nRNS Number : 8298H Big Yellow Group PLC 20 November 2018 \n\n \n20 November 2018\nBig Yellow Group PLC\n(\"Big Yellow\", \"the Group\" or \"the Company\")\nResults for the Six Months ended 30 September 2018\n \nStrong performance driven by occupancy and rate growth \n \n\n\n\n\n \nFinancial metrics\n\n\nSix months ended\n30 September 2018\n\n\nSix months ended 30 September 2017\n\n\n \nGrowth\n\n\n\n\nRevenue\n\n\n£62.2 million\n\n\n£58.1 million\n\n\n7%\n\n\n\n\nLike-for-like Revenue(1) \n\n\n£62.0 million\n\n\n£58.1 million\n\n\n7%\n\n\n\n\nStore EBITDA(1)\n\n\n£42.5 million\n\n\n£39.7 million\n\n\n7%\n\n\n\n\nAdjusted profit before tax(1)\n\n\n£33.3 million\n\n\n£30.6 million\n\n\n9%\n\n\n\n\nEPRA earnings per share(1)\n\n\n20.9 pence\n\n\n19.1 pence\n\n\n9%\n\n\n\n\nInterim dividend per share\n\n\n16.7 pence\n\n\n15.3 pence\n\n\n9%\n\n\n\n\nStatutory metrics\n\n\n \n\n\n \n\n\n \n\n\n\n\nProfit before tax\n\n\n£61.4 million\n\n\n£78.7 million\n\n\n(22%)\n\n\n\n\nCash flow from operating activities (after net finance costs)\n\n\n£34.6 million\n\n\n£29.9 million\n\n\n16%\n\n\n\n\nBasic earnings per share\n\n\n38.8 pence\n\n\n50.0 pence\n\n\n(22%)\n\n\n\n\nStore metrics\nStore Maximum Lettable Area (\"MLA\")(1)\n\n\n4,656,000\n\n\n4,576,000\n\n\n1.7%\n\n\n\n\nClosing occupancy (sq ft) (1)\n\n\n3,904,000\n\n\n3,816,000\n\n\n2.3%\n\n\n\n\nOccupancy growth in the period (sq ft)(1)\n\n\n174,000\n\n\n265,000\n\n\n(34%)\n\n\n\n\nClosing occupancy(1)\n\n\n83.8%\n\n\n83.4%\n\n\n0.4 ppts\n\n\n\n\nOccupancy - like-for-like stores(1)\n\n\n84.9%\n\n\n83.4%\n\n\n1.5 ppts\n\n\n\n\nAverage achieved net rent per sq ft(1)\n\n\n£26.97\n\n\n£26.02\n\n\n3.7%\n\n\n\n\nClosing net rent per sq ft(1)\n\n\n£27.20\n\n\n£26.29\n\n\n3.5%\n\n\n\n\n1 See note 19 for glossary of terms\n \nFirst Half Highlights\n\nLike-for-like revenue increased by 7% driven by growth in occupancy and rate \nAverage achieved net rent per sq ft increased by 3.7% period on period\nCash flow from operating activities (after net finance costs) increased by 16% to £34.6 million\nAdjusted profit before tax up 9% to £33.3 million\n9% increase in interim dividend to 16.7 pence per share\nAcquisition of new development sites in Hove, Uxbridge and Queensbury taking pipeline to 11 development sites of approximately 680,000 sq ...