Big Yellow grows sites despite planning difficulties
21 May 2007 09:49
Big Yellow Group, the self storage company, has announced revenue increase of 22% for the year ended March 31st 2007. The company had 43 sites open at the end of the period, with 2.6 million square feet of self storage space, and six additional planning consents obtained in the second half of the year for sites in London, Sheffield, Poole, High Wycombe and Nottingham. Commenting on the outlook, chairman Nick Vetch said: "We are currently enjoying good trading conditions and we expect this to continue into the summer. We have secured six planning consents in the second half of the year, two since we last reported in January. Planning remains a significant obstacle, but with a pipeline of 23 sites, of which 14 are in London, we hope that this will deliver a steady stream of freehold store openings over the coming years. In the meantime we intend to continue adding sites to the pipeline. We believe that the three value drivers of our business, development, occupancy growth and rental growth, fuelled by the location of our stores, branding, marketing and management will continue to deliver strong returns to shareholders".
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