LONDON (dpa-AFX) - Self storage provider Big Yellow Group Plc (BYG.L) reported Tuesday that its fiscal 2021 profit before tax was 265.8 million pounds, up 185 percent from prior year's 93.4 million pounds, due to higher revaluation gain on investment properties.
Basic earnings per share were 152.3 pence, compared to 55.8 pence last year.
Adjusted profit before tax was 74.6 million pounds, compared to 71.0 million pounds a year ago.
EPRA earnings per share were 42.4 pence, compared to 42.1 pence a year ago.
Revenue for the year was 135.2 million pounds, up 4.6 percent from last year's 129.3 million pounds largely driven by increase in average occupancy. Like-for-like store revenue growth was 4.9 percent.
Store revenue for the fourth quarter was 33.8 million pounds, an increase of 9.7 percent from last year
Further, the company said its final distribution of Property Income Distribution or PID and ordinary dividend declared is 17.0 pence per share. This brings the total distribution declared for the year to 34.0 pence per share representing an increase of 0.6 percent from 33.8 pence per share last year.
Looking ahead, Nicholas Vetch, Executive Chairman, said, 'The stores are approaching our target of 90 percent occupancy, we have fourteen sites in development, representing 20 percent growth to the existing capacity and we have ten times interest cover. Our investment case remains to provide consistent compounding returns from both income and growth from a secure capital structure.'
Copyright RTT News/dpa-AFX
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