Big Yellow posts Quarterly Results
January 2008 -
The Board of Big Yellow Group PLC, the UK's leading self storage brand, is
pleased to provide the following update on trading for the quarter ending 31
* Revenue for the quarter was £14.4 million
- Up 12% from £12.9 million for the same quarter last year
- Down 5% from £15.1 million for the quarter to 30 September 2007
* Annualised revenue (*) at 31 December was £54.7 million
- Up 12% from £48.9 million at the same time last year
- Down 5% from £57.8 million at 30 September 2007
* 1,800,000 sq ft occupied at the quarter end
- Up 5% from 1,718,000(**) sq ft at the same time last year
- Down 5% from 1,886,000(**) sq ft occupied at 30 September 2007
We have opened two new stores in the quarter, a 54,400 sq ft store in Ealing and
a 60,000 sq ft store in Barking. The 71,600 sq ft Leeds store was transferred to
Big Yellow Limited Partnership ('the Partnership') on 30 November as set out in
our announcement of 26 November. We now have 45 open stores (all directly owned
except Leeds) with a total self storage capacity of 2.75 million sq ft.
We intend to open a further three directly owned stores in this financial year,
in Balham (60,000 sq ft), Merton (70,000 sq ft) and our flagship 139,000 sq ft
store in Fulham.
Since announcing our interim results in November, we have acquired Kings House,
Chiswick This landmark freehold site fronts the A4 arterial road and we
estimate will provide over 100,000 sq ft of self storage. The building is
currently let to Sotheby's and vacant possession should be available during 2010.
We intend to refurbish the existing building and therefore a substantive planning
permission will not be required. This brings the total number of sites purchased
in the financial year to ten.
We have also purchased the freehold interest of our existing Cheltenham store,
increasing the freehold (including one long leasehold) proportion of our store
portfolio by value to 91%.
The number of stores open and sites in planning or under development (including
five in the Partnership) now total 73. Of the 28 sites in the development
pipeline, 12 have planning permission, with a further three applications submitted.
We are pleased to announce that we have obtained planning consent at our site in
Twickenham. When complete, this will provide 75,000 sq ft of storage space.
The store will open in Summer 2009.
We have recently been unsuccessful in our appeal against the refusal of planning
permission at our site in Blackheath. We are currently reviewing our options
for the site.
Gearing and facilities
The balance sheet continues to remain relatively conservative with net debt of
£261 million at 31 December 2007. The ratio based on net debt to gross property
assets based on the 30 September 2007 valuations is 33%. The Group has undrawn
bank facilities of £62 million, with a further £66 million of undrawn facilities
within the Big Yellow Limited Partnership, and £25.4 million of surplus land
held for sale.
James Gibson, Chief Executive Officer, commented:
'As indicated in our interim statement in November, trading conditions have been
more challenging over our third financial quarter. That said, December's
performance was better than last year and we are currently experiencing an
earlier than usual seasonal pick up. Visibility of our trading performance is
limited at this stage, however we look forward to seeing whether this improvement
* Based on revenue at the end of the period in respect of storage and other
related income only
** This has been adjusted for the Leeds store, which is not included in these
figures as it now trades in Big Yellow Limited Partnership