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Big Yellow annual profit jumps on boost from revaluation gains
StockMarketWire.com
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Self-storage group Big Yellow reported that annual profit had jumped owing to higher revaluation gain on investment properties.
For the year ended 31 March 2021, pre-tax profit rose 185% to 265.8 million year-on-year as revenue increased 4.6% to £135.2 million.
The gain on revaluation of investment properties was £189,277, up from £23,193 a year earlier.
Average net achieved rent per square feet was up 1.1% year-on-year, with like-for-like closing store occupancy rising to 87.4% from 80.7%.
The total dividend was 34 pence per share, up 0.6% from last year.
'The stores are approaching our target of 90% occupancy, we have fourteen sites in development, representing 20% growth to the existing capacity and we have ten times interest cover,' the company said.
Story provided by StockMarketWire.com
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