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Big Yellow profit falls 37% in H1 on lower revaluation gain
StockMarketWire.com
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Self-storage company Big Yellow said profit had slipped by more than a third in the first half of the year owing to a lower revaluation gain.
For the six months ended 30 September, pre-tax profit fell 37% to £59.9 million year-on-year, while revenue rose 2.3%, and like-for-like store revenue was up by 2.4%.
The growth in revenue was helped by an like-for-like occupancy growth of 6.6% from 1 April 2020 and up 3.9% from the same time last year to 87.3%.
Occupancy was expected to be the main driver of year-on-year revenue growth in the second half, the company said.
The company declared an interim dividend of 17.0 pence per share, a decrease of 0.6% on the prior period.
Looking ahead, the company said visibility remained limited amid uncertainty from the pandemic.
'The current outlook for both the economy and the pandemic remain uncertain, and as a management team we are constantly alert to the threats and challenges generated by this crisis,' the company said. 'The momentum we have seen from June relative to last year is continuing, however our visibility of future demand is limited to two to four weeks.'
At 9:42am: (LON:BYG) Big Yellow Group PLC share price was 0p at 1121p
Story provided by StockMarketWire.com
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