TIDMBYG
RNS Number : 3092Z
Big Yellow Group PLC
11 January 2024
11 January 2024
Big Yellow Group PLC
("Big Yellow" or "the Group")
Trading Statement
The Board of Big Yellow Group PLC, the UK's brand leader in self
storage, is pleased to provide the following update on trading for
the third quarter ended 31 December 2023 .
Quarter Quarter ended
ended 31 December Change
31 December 2022
Financial metrics 2023
Total revenue for the quarter GBP50.5 million GBP48.1 million 5%
Like-for-like store revenue
for the quarter(1) GBP48.8 million GBP47.1 million 4%
Total revenue for the year to GBP150.1 GBP142.0
date million million 6%
Like-for-like store revenue GBP145.6 GBP139.6
for the year to date(1) million million 4%
Store metrics - all 109 stores
Store Maximum Lettable Area
("MLA") 6,419,000 6,295,000 2%
Closing occupancy (sq ft) 4,979,000 5,060,000 (2%)
Closing occupancy 77.6% 80.4% (2.8 ppts)
Closing occupancy - Big Yellow
like-for-like stores(2) 80.4% 82.7% (2.3 ppts)
Average achieved net rent per
sq ft for the quarter GBP34.00 GBP31.85 7%
Closing net rent per sq ft GBP34.65 GBP32.31 7%
(1) Excluding Aberdeen (acquired June 2022), Harrow and Kingston
North (both opened September 2022) and Kings Cross (opened June
2023)
(2) As per (1), additionally excluding the Armadillo stores
In our seasonally weaker third quarter, occupancy across all 109
stores decreased by 249,000 sq ft (3.9% of the MLA at 31 December
2023) compared to a similar loss of 240,000 sq ft in the same
quarter last year (3.8% of the MLA at 31 December 2022).
Closing occupancy, reflecting the additional capacity from five
recently opened stores, for all stores was 77.6%, a decrease of 2.8
ppts from 80.4% last year. Like-for-like closing occupancy for the
Big Yellow stores was 80.4%, a decrease of 2.3 ppts from the same
time last year.
Closing net achieved rent per sq ft for all stores was GBP34.65,
an increase of 7% from the same time last year, with average rate
up 7% on the same quarter last year.
The Group's revenue increased by 5% in the quarter, with
like-for-like store revenue up 4%. Revenue for the year to date is
up 6%, with like-for-like store revenue growth of 4%.
Refinancing of Revolving Credit Facility ("RCF")
As announced in December, the Group has put in place a new
GBP300 million ESG-linked facility for an initial term of three
years, with the option to extend the facility by two additional
one-year terms through to December 2028, subject to lender
approval. The facility has been provided by Lloyds Bank plc, HSBC
UK Bank plc, Bank of Ireland, and Barclays Bank plc, with Barclays
joining the existing three bank syndicate. The margin of 1.25% over
SONIA is unchanged from the existing facility. At 31 December 2023,
our net debt was GBP372 million, of which approximately 50% is
fixed, with the balance variable.
Jim Gibson, Chief Executive Officer, commented:
"The occupancy performance in the third quarter has been similar
to last year and although it is too early in the quarter to judge
whether it is sustainable, we have seen a pick-up in our book of
reservations.
We are gearing up to commence construction on all the sites on
which we have planning consent, and where vacant possession is
available, which we expect will add significantly to earnings over
the next few years. The refinancing of the RCF, and with net debt
to EBITDA of approximately three times, means we can execute this
expansion without taking undue risk."
For further information, please contact:
Big Yellow Group PLC 01276 477 811
Nicholas Vetch CBE, Executive Chairman
Jim Gibson, Chief Executive Officer
John Trotman, Chief Financial Officer
Teneo
Charlie Armitstead 020 7260 2700
Oliver Bell
Notes to Editors
Big Yellow is the UK's brand leader in self storage. Big Yellow
now operates from a platform of 109 stores, including 24 stores
branded as Armadillo Self Storage. We have a pipeline of 0.9
million sq ft comprising 13 proposed Big Yellow self storage
facilities. The current maximum lettable area of the existing
platform (including Armadillo) is 6.4 million sq ft. When fully
built out the portfolio will provide approximately 7.3 million sq
ft of flexible storage space. 99% of our stores and sites by value
are held freehold and long leasehold, with the remaining 1% short
leasehold.
The Group has pioneered the development of the latest generation
of self storage facilities, which utilise state of the art
technology and are located in high profile, accessible, main road
locations. Our focus on the location and visibility of our stores,
with excellent customer service, a market-leading online platform,
and significant and increasing investment in sustainability, has
created in Big Yellow the most recognised brand name in the UK self
storage industry.
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END
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