Big Yellow sees rise in first half pretax profit
November 2010 - UK self-storage firm Big Yellow Group Plc (BYG.L) posted a 26 percent rise in first-half adjusted pretax profit, helped by a hike in occupancy growth, and the company resumed its interim dividend.
"The business is experiencing the usual seasonal slowdown, but as in previous years, we look forward to an improvement in demand from early 2011 as we enter our more buoyant spring and summer trading periods," Executive Chairman Nicholas Vetch said in a statement.
The company, which has 61 stores and a further nine in development, said it would pay an interim dividend of 4 pence per share. The company last paid an interim dividend in 2007.
April-September pretax profit before special items was 9.7 million pounds ($15.50 million), compared with 7.7 million pounds a year ago.
Revenue was up 7 percent to 31.1 million pounds.
Big Yellow, whose stores are mainly in London and South-East England, said its occupancy growth more than doubled to 209,000 sq ft in the first half.
Big Yellow shares, which have gained more than 3 percent in value since July when the company posted a rise in first-quarter revenue, closed at 315.2 pence on Friday on the London Stock Exchange. ($1=.6258 Pound)