Big Yellow Group PLC said Thursday that revenue for the first quarter of fiscal 2022 rose 24%, boosted by recent store openings.
The U.K. self-storage company said total revenue was 45.5 million pounds ($54.5 million) in the quarter ended June 30 compared with GBP36.6 million for the same period last year. Like-for-like store revenue for the same period rose 9% to GBP39.4 million.
However, like-for-like occupancy on June 30 stood at 88.3% compared with 91% on the same date last year, the company said. It said the board will continue to pursue its key objective of achieving same-store average occupancy above 90%.
Big Yellow Group said it has signed a $225 million credit line with Pricoa Private Capital, increasing its potential debt capacity to a maximum of about GBP625 million.
“As we reported in May, the invasion of Ukraine at the end of February created significant uncertainty, leading to some of our potential customers deferring decisions. Consequently, the March performance was unusual, with modest net occupancy growth on what is normally a strong month. However, over the quarter to June, we saw normalization in our demand and have delivered occupancy growth more in-line with 2018 and 2019,” Chief Executive Jim Gibson said.
Shares at 0714 GMT were down 4.0 pence, or 0.3%, at 1,368.0 pence.
