Self storage group Big Yellow has delivered a 7% hike in like-for-like revenue in the first half by increasing the occupancy rate across its portfolio and driving rental growth.
This saw it turn in a 16% increase in cash-flow from operating activities, which came in at £34.6m, and adjusted profit of £33.3m – up 9%.
Executive chairman,Nicholas Vetch, said: “We have continued to grow our like-for-like occupancy to 84.9% (up 3.4 percentage points from 81.5% at 31 March 2018) and remain focussed on our core objective of 90% across the portfolio.
“As we have reduced vacant capacity, our pricing model is delivering improved rental growth and we are pleased to have achieved growth in average net rent of 3.7%.
He added that the group will continue its development pipeline of 11 sites of approximately 680,000 sq ft at the end of the six months to 30 September.
Click here for the full Investegate announcement
