Big Yellow Group PLC
Annual Report and Accounts 2015

A Year of Further Achievement

Dear all

We have achieved a lot in the year:

  • Strong growth in occupancy and revenue delivering record earnings growth of 32%.
  • A record increase in the dividend pay-out for the year to March of 32%.
  • A strong performance from the Armadillo stores.
  • A record year at CSC and also National accounts.
  • The successful acquisition of the 10 Armadillo stores along with our Australian JV partners. Armadillo is now secure and prospering within the Big Yellow business and we are looking at expanding the brand to sit alongside Big Yellow Self Storage.
  • The opening of a new London 70,000 sq ft store at Gypsy Corner which reached 60% occupancy and 42,000 sq ft in its first year.
  • The purchase of a second 35,000 sq ft store in Oxford which we can extend in due course by 10,000 sq ft. We now have appropriate capacity in Oxford for this fast growing university city.
  • The successful refinancing of our bank facilities in the summer for five years and also a new seven year £70 million facility with M&G, part of Prudential. We have one of the most secure capital structures of all listed Real Estate Investment Trusts with over five times cash flow cover for our annual interest expense.
  • The placing of 9.9% of listed Big Yellow shares to raise approximately £76m net of expenses which, along with debt finance, was used to acquire the 66.7% of the 12 JV stores we did not own on 1 December. These are all now 100% owned.
  • The purchase of our first land and building since 2007 in Cambridge. It was a Royal Mail Depot and is capable of being converted to a 55,000 sq ft self storage centre and we hope to have it opened in late 2015.
  • In December we acquired the Freehold of our store at Battersea and the retail unit next door. We will be looking at options to build a larger store in a mixed use development in the future. This is a central London store and we are delighted to have achieved control of this important strategic location.
  • The inaugural Viewpoint employee engagement survey which had pleasing results but also highlighted areas for improvement which we will action in 2015.

The success of Big Yellow as a business depends on all of us striving for those 1% improvements and working together, understanding that each and every one of us makes a critical contribution to our success.

Jim Gibson

Jim Gibson
Chief Executive Officer

Awareness and demand for self storage in the UK is growing year on year. Our focus on London and key metropolitan areas means we are best placed to capitalise on this growth from domestic and business customers.
Ensuring Future Growth