Business
Results for the year ended 31 March 2019
Results for the year ended 31 March 2019.
About this update from Big Yellow Group Plc
[{"type":"text","content":"\n \nRNS Number : 6214Z Big Yellow Group PLC 21 May 2019 \n\nBig Yellow Group PLC\n(\"Big Yellow\", \"the Group\" or \"the Company\")\nResults for the YEAR ended 31 MARCH 2019\n \nHighlights\nSTRONG PERFORMANCE DRIVEN BY OCCUPANCY AND RATE GROWTH\n \n\n\n\n\n\nFinancial metrics\n\n\nYear ended \n31 March 2019\n\n\nYear ended\n31 March 2018\n\n\n \nGrowth\n\n\n\n\nRevenue\n\n\n£125.4m\n\n\n£116.7m\n\n\n7%\n\n\n\n\nLike-for-like revenue(1)\n\n\n£123.2m\n\n\n£114.9m\n\n\n7%\n\n\n\n\nStore EBITDA(1)\n\n\n£84.1m\n\n\n£79.5m\n\n\n6%\n\n\n\n\nAdjusted profit before tax(1)\n\n\n£67.5m\n\n\n£61.4m\n\n\n10%\n\n\n\n\nEPRA earnings per share(1)\n\n\n41.4p\n\n\n38.5p\n\n\n8%\n\n\n\n\nDividend - final\n - total\n\n\n16.5p\n33.2p\n\n\n15.5p\n30.8p\n\n\n6%\n8%\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£126.9m\n\n\n£134.1m\n\n\n(5%)\n\n\n\n\nCash flow from operating activities (after net finance costs)\n\n\n£71.8m\n\n\n£63.0m\n\n\n14%\n\n\n\n\nBasic earnings per share\n\n\n78.3p\n\n\n85.0p\n\n\n(8%)\n\n\n\n\nStore metrics\nOccupancy growth(1)\n\n\n \n80,000 sq ft\n\n\n \n179,000 sq ft\n\n\n \n(99,000 sq ft)\n\n\n\n\nClosing occupancy(1)\n\n\n82.4%\n\n\n80.5%\n\n\n1.9 ppts\n\n\n\n\nOccupancy - like-for-like stores (%)(1)\n\n\n82.7%\n\n\n80.5%\n\n\n2.2 ppts\n\n\n\n\nAverage net achieved rent per sq ft(1)\n\n\n£27.14\n\n\n£26.37\n\n\n2.9%\n\n\n\n\nClosing net rent per sq ft(1)\n\n\n£27.28\n\n\n£26.74\n\n\n2.0%\n\n\n\n\n1 See note 28 for glossary of terms\n \nHighlights\n\nOccupancy and rate growth driving 7% revenue increase\nAverage rate up 2.9% year-on-year. Like-for-like closing store occupancy 82.7% (2018: 80.5%)\nCash flow from operating activities (after net finance costs) increased by 14% to £71.8 million\nAdjusted profit before tax up 10% to £67.5 million\n8% increase in total dividend to 33.2 pence per share\nAcquisition of 7 new development sites in London and the South East taking the pipeline to 12 sites totalling approximately 820,000 sq ft (18% of current MLA)\nAcquisition of freehold of 81,000 sq ft New Malden store\nPlacing of 7.2 million sh...