Business
Results for the Six Months ended 30 September 2021
Results for the Six Months ended 30 September 2021.
About this update from Big Yellow Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1672T\n Big Yellow Group PLC\n 22 November 2021\n \n \n \n 22 November 2021 Big Yellow Group PLC(\"Big Yellow\", \"the Group\" or \"the Company\")Results for the Six Months ended 30 September 2021Strong first half results driven by a combination of occupancy and rate growthFinancial metricsSix months ended \n30 September 2021Six months ended\n30 September 2020 ChangeRevenue£81.8 million£65.8 million24%Store revenue (1)£80.8 million£64.4 million25%Like-for-like store revenue (1,2)£73.7 million£64.3 million15%Store EBITDA (1)£57.7 million£44.5 million30%Adjusted profit before tax (1)£46.9 million£36.5 million28%EPRA earnings per share (1)25.7 pence20.9 pence23%Interim dividend per share20.6 pence17.0 pence21%Statutory metrics Profit before tax£254.9 million£59.9 million326%Cash flow from operating activities (after net finance costs)£51.8 million£42.3 million22%Basic earnings per share142.0 pence34.4 pence313%Store metrics - Big Yellow storesStore Maximum Lettable Area (\"MLA\") (1)4,984,0004,822,0003%Closing occupancy (sq ft) (1)4,472,0004,106,0009%Occupancy growth in the period (sq ft) (1)271,000325,000(54,000 sq ft)Closing occupancy (1)89.7%85.2%4.5 pptsOccupancy - like-for-like stores (1,2)91.3%87.3%4.0 pptsAverage achieved net rent per sq ft (1)£29.52£28.015.4%Closing net rent per sq ft (1)£30.43£27.759.7%Store metrics - Armadillo stores Store Maximum Lettable Area (\"MLA\") (1)1,078,0001,081,000-Closing occupancy (sq ft) (1)955,000868,00010%Occupancy growth in the period (sq ft) (1)47,000 69,000(22,000 sq ft)Closing occupancy (1)88.6%80.3%8.3 pptsAverage achieved net rent per sq ft (1)£19.14£17.718.1%Closing net rent per sq ft (1)£19.85£17.5013.4%1 See note 19 for glossary of terms2 The like-for-like metrics exclude stores opened in the current and preceding financial years, and the Armadillo stores First Half Highlights· Like-for-like occupancy increase of 3.9 ppts from 1 April 2021 and up 4.0 ppts from same time last year to 91.3% (September 2020: 87.3%)· Big Yellow stores average achieved net rent per sq ft increased by 5.4% period on period, closing net rent up by 9.7% from September 2020· Revenue growth for the period was 24%, with like-for-like store revenue up by 15%, driven by gains in occupancy and the improvement in ave...