As our vacant capacity has reduced we have been more aggressively pursuing an expansion
strategy.
+3.9ppts
Like-for-like
occupancy growth
+2.7%
Closing
net rent per sq ft
+7%
Revenue
+13%
Cash flow from operating activities (after net finance costs)
+12%
Adjusted profit
before tax
+12%
EPRA earnings
per share
A Year of Further
Achievement
We are firmly focussed on the future
Nicholas Vetch, Executive Chairman of Big Yellow, commented:
“We remain focussed on our core objective of increasing occupancy to 90%. As we have previously indicated, higher levels of occupancy deliver more traction on pricing and drive rate growth and indeed we have seen that materialise in the second half of the year.
As our vacant capacity has reduced we have been more aggressively pursuing an expansion strategy. There are very few existing stores that are of sufficient quality available to purchase and brand as Big Yellow. We continue therefore to acquire raw land and develop our own stores, and are pleased to have secured a number of quality sites during the year. The development process however, of which we have unparalleled experience, remains long, does carry risk, and is increasingly complex.
Risks external to our business remain, and there will no doubt be setbacks in economic growth. It is for that reason that we keep the business very conservatively financed thus enabling us to plan and execute the next phase of growth.”
