Business
Results for the year ended 31 March 2017
Results for the year ended 31 March 2017.
About this update from Big Yellow Group Plc
[{"type":"text","content":"\n \nRNS Number : 8973F Big Yellow Group PLC 23 May 2017 \n\nBig Yellow Group PLC\n(\"Big Yellow\", \"the Group\" or \"the Company\")\nResults for the YEAR ended 31 MARCH 2017\nCONTINUED GROWTH IN OUR KEY OPERATING METRICS\n \n\n\n\n\n\nFinancial metrics\n\n\nYear ended \n31 March 2017\n\n\nYear ended\n31 March 2016\n\n\n%\nGrowth\n\n\n\n\nRevenue\n\n\n£109.1m\n\n\n£101.4m\n\n\n8\n\n\n\n\nLike-for-like revenue(1)\n\n\n£107.3m\n\n\n£101.4m\n\n\n6\n\n\n\n\nAdjusted profit before tax(2)\n\n\n£54.6m\n\n\n£49.0m\n\n\n11\n\n\n\n\nAdjusted diluted EPRA earnings per share(3)\n\n\n34.5p\n\n\n31.1p\n\n\n11\n\n\n\n\nDividend - final\n - total\n\n\n14.1p\n27.6p\n\n\n12.8p\n24.9p\n\n\n10\n11\n\n\n\n\nFree cash flow (after net finance costs and pre working capital) (5)\n\n\n£58.3m\n\n\n£53.3m\n\n\n10\n\n\n\n\nStore metrics\nOccupancy growth(4)\n\n\n \n188,000 sq ft\n\n\n \n185,000 sq ft\n\n\n \n2\n\n\n\n\nOccupancy - like-for-like stores (%)(1,4)\n\n\n78.1%\n\n\n75.3%\n\n\n2.8ppts\n\n\n\n\nAverage net achieved rent per sq ft(4)\n\n\n£26.16\n\n\n£25.73\n\n\n2\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£99.8m\n\n\n£112.2m\n\n\n(11)\n\n\n\n\nCash flow from operating activities (after net finance costs)\n\n\n£56.0m\n\n\n£55.5m\n\n\n1\n\n\n\n\nBasic earnings per share\n\n\n63.6p\n\n\n71.9p\n\n\n(12)\n\n\n\n\n1 Like-for-like metrics exclude Nine Elms and Twickenham 2 (acquired April 2016). 2 See note 10 3 See note 12 4 See Portfolio Summary and Operating and Financial Review 5 See reconciliation in Financial Review\nHighlights\n· Like-for-like occupancy increased by 2.8 ppts to 78.1%\n· 11% increase in adjusted earnings per share and total dividend\n· Free cash flow (after net finance costs and pre working capital movements)5 up 10% to £58.3 million\n· Acquisition of four store Lock and Leave portfolio in April 2016 for £21 million\n- Nine Elms and Twickenham acquired by Big Yellow (combined MLA of 87,000 sq ft)\n- Canterbury and West Molesey acquired by Armadillo (combined MLA of 65,000 sq ft)\n· Acquisitio...