Big Yellow has reported a 5% dip in pretax profit for the year ended 31 March 2019, citing “consumer uncertainty” as the UK prepares to leave the European Union.
Earnings per share rose by 8% to 41.4p, compared with 38.5p at the end of March 2018.
Big Yellow delivered a 7% hike in like-for-like revenue to £123.2m by increasing the occupancy rate across its portfolio and boosting rental growth.
This strategy, as well as the opening of new stores, saw it achieve a 14% increase in cash flow from operating activities, which came in at £71.8m, and adjusted profit of £67.5m – up 10%.
Executive chairman Nicholas Vetch said: “We have delivered another year of growth, with revenue up 7% and adjusted profit before tax up 10% year-on-year. Although activity levels in the final quarter were impacted by consumer uncertainty in the build-up to the UK’s original proposed exit date from the EU, we are pleased to have delivered further improvements in rate and occupancy over the year as a whole.
“Looking ahead, we remain focused on our core objective of increasing occupancy to 90%, which in turn should drive traction on pricing and further rate growth. We have a proven strategy and remain confident about the long-term prospects for the group.”
During the year, Big Yellow opened an extension at its Wandsworth store and new stores in Wapping and Manchester. It also acquired a further seven development sites.
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