UK's Big Yellow Q1 revenue rises on new store openings
UK's Big Yellow Q1 revenue rises on new store openings
Overview
UK self storage operator's Q1 revenue rose 3% yr/yr to £53.2 mln
Company's occupancy grew by 161,000 sq ft, but closing occupancy fell to 76.6%
Company acquired Acton site and plans to open four new London-area stores this year
Outlook
Big Yellow expects full-year like-for-like store operating expenditure to rise by 3%
Company plans to open four new stores in current financial year
Big Yellow says fiscal and budgetary uncertainties may impact operating environment in coming months
Result Drivers
NEW STORE CONTRIBUTIONS - Revenue benefited from new stores opened in the past year, with management noting discernible contributions from these locations
RENTAL RATE INCREASES - Average achieved net rent per sq ft rose 3% yr/yr, supporting revenue growth
Company press release: ID:nRST8908Ma
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue |
| GBP 53.20 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"
Wall Street's median 12-month price target for Big Yellow Group PLC is GBp1,104.00, about 25.5% above its July 17 closing price of GBp879.50
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)