REG - Big Yellow Group PLC - Q1 Trading Statement

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RNS Number : 3697R  Big Yellow Group PLC  17 July 2025

17 July 2025

 

Big Yellow Group PLC ("Big Yellow" or "the Group")

 

Q1 Trading Statement

Big Yellow, the UK's brand leader in self storage, provides the following
update on trading for the first quarter ended 30 June 2025.

Results

                                          Quarter ended    Quarter ended

30 June 2025
30 June 2024

 Financial metrics                                                         Change
 Total revenue for the quarter            £51.5 million    £50.2 million   3%
 Store revenue for the quarter(1)         £51.1 million    £49.5 million   3%
 Store metrics
 Store Maximum Lettable Area ("MLA")      6,423,000        6,419,000       0.1%
 Closing occupancy (sq ft)                5,103,000        5,249,000       (2.8%)
 Occupancy growth in the quarter (sq ft)  47,000           220,000         (173,000 sq ft)
 Closing and like-for-like occupancy(1)   79.4%            81.8%           (2.4 ppts)
 Average achieved net rent per sq ft      £35.67           £34.13          5%
 Closing net achieved rent per sq ft      £35.75           £34.06          5%

(1)All stores are currently like-for-like

Occupancy across all 109 stores increased by 47,000 sq ft (0.7% of the MLA at
30 June 2025) compared to a gain of 220,000 sq ft in the same quarter last
year (3.4% of the MLA at 30 June 2024).

Closing occupancy for the portfolio has increased by 0.7 ppts to 79.4% from
78.7% at 31 March 2025 and is down 2.4 ppts from 30 June 2024.

Closing net achieved rent per sq ft for all stores was £35.75, an increase of
5% from the same time last year, with average rate up 5% on the same quarter
last year.

The Group's revenue for the quarter was up 3% compared to the same quarter
last year.

Operating expenses

We have continued to focus on cost control over the early months of this
financial year, identifying savings across a number of lines.  Our
investment into automation has allowed us to not replace certain leavers from
the business, resulting in reductions in headcount and staff costs without
impacting customer service. Our utilities expenditure continues to benefit
from our investment in solar and other energy efficiency measures, and our
property rates have benefited from a much lower inflator in the current
financial year.

With the above savings, we are pleased to report that for the first quarter of
this financial year, like-for-like store operating expenses were broadly in
line with the same quarter last year, although for the full year we anticipate
them to increase by 2% to 3%.

If short term interest rates continue to fall, we will benefit from our £223
million of floating rate debt, representing 54% of our total debt.

Property

As previously announced, the Group is on site at nine of its pipeline stores,
which will add approximately 730,000 sq ft of capacity.  Our 70,000 sq ft
store at Staines, London opens later this month.  We have a further three
stores due to open this financial year; Queensbury, London (72,000 sq ft
opening in October 2025), Slough Bath Road (95,000 sq ft opening in February
2026), and Wembley, London (73,000 sq ft opening in March 2026).  We
anticipate opening a further four stores in the year ending 31 March 2027,
with West Kensington, London following in 2028.

Jim Gibson, Chief Executive Officer, commented:

"As stated in our May results, we saw some softening of demand and loss of
occupancy at the start of the quarter due to elevated levels of macroeconomic
uncertainty.  Despite this we have delivered strong average rate growth of
5% through our yield management processes, which has resulted in 3% revenue
growth for the quarter compared to last year.

We saw some improvement in demand through the quarter, which has continued
into July, with improved year-on-year occupancy performance.  Our customer
base remains stable with move-outs lower than last year."

 

For further information, please contact:

 

Big Yellow Group
PLC
                      01276 477 811

Nicholas Vetch, Executive Chairman

Jim Gibson, Chief Executive Officer

John Trotman, Chief Financial Officer

 

Sodali &
Co
0207 100 6451

Ben Foster

Victoria Heslop

 

 

Notes to Editors

Big Yellow is the UK's brand leader in self storage and operates from a
platform of 109 stores.  We have a pipeline comprising 14 proposed self
storage facilities (including one replacement store).  The current maximum
lettable area of the existing platform is 6.4 million sq ft.  When fully
built out the portfolio will provide approximately 7.4 million sq ft of
flexible storage space.  99% of our stores and sites by value are held
freehold and long leasehold, with the remaining 1% short leasehold.
Currently by revenue 75% of our stores are in London and its commuter towns,
with the balance in larger regional conurbations.

Our stores utilise state of the art technology for our digital and operating
platforms including security, and we focus on locating our stores in high
profile, accessible, main road locations.  We also focus on providing
excellent customer service, a highly engaged employee culture, and with
significant and increasing investment in sustainability. 

 

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