Business
Third Quarter Interim Management Statement
Third Quarter Interim Management Statement.
About this update from Big Yellow Group Plc
[{"type":"text","content":"\n \nRNS Number : 5037L Big Yellow Group PLC 12 January 2016 \n\n \n12 January 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 third quarter ended 31 December 2015. \n \nResults\n\n\n\n\n \n\n\nQuarter ended \n31 December 2015\n\n\nQuarter ended\n31 December 2014\n\n\n \n%\n\n\n\n\nStore maximum lettable area (\"MLA\")\n\n\n4,404,000\n\n\n4,275,000\n\n\n3\n\n\n\n\nClosing occupancy (sq ft)\n\n\n3,240,000\n\n\n3,041,000\n\n\n7\n\n\n\n\nClosing occupancy (% of MLA)\n\n\n73.6%\n\n\n71.1%\n\n\n2.5 ppts\n\n\n\n\nLike-for-like closing occupancy(1)\n\n\n74.1%\n\n\n71.1%\n\n\n3.0 ppts\n\n\n\n\nRevenue\n\n\n£25.7m\n\n\n£21.3m\n\n\n21\n\n\n\n\nLike-for-like revenue(2)\n\n\n£22.3m\n\n\n£20.3m\n\n\n10\n\n\n\n\nLike-for-like closing net rent per sq ft(1)\n\n\n£26.21\n\n\n£25.31\n\n\n4\n\n\n\n\n \n(1) Like-for-like occupancy and net rent excludes Enfield (opened in April 2015) and Chester (acquired January 2015). \n(2) Like-for-like revenue excludes the 12 Big Yellow Limited Partnership stores (acquired December 2014), Chester and Enfield. \n \nIn what is always a seasonally weaker quarter for the Group, the 70 stores fell in occupancy by 138,000 sq ft (3.1% of MLA) compared to a loss of 128,000 sq ft (3.0% of MLA) in the same quarter last year (the prior year figure excludes a one-off short term 25,000 sq ft national account customer that moved in during November 2014). \n \nThe number of move-ins was down 1% on the quarter to 31 December 2014. \n \nArmadillo Self Storage\nOccupancy in the Armadillo 1 and Armadillo 2 portfolios decreased over the quarter by 24,000 sq ft to 462,000 sq ft of the total MLA of 673,000 sq ft, representing occupancy of 68.6%. \nThe revenue from the two portfolios for the quarter to 31 December 2015 increased by 5% to £2.3 million compared to the revenue achieved by these portfolios in the same quarter last year. \nStore update\nOur new 55,000 sq ft store in Cambridge is scheduled to open next week on Monday 18 January. The opening is on time and within the original budget.\nWe have acquired the adjoining parcel of land to our development site...