LONDON (dpa-AFX) - Big Yellow Group plc (BYG.L) reported a 15.1% growth in total revenue, and 13.8% increase in like-for-like store revenue for the first quarter ended June 30, 2021, largely driven by occupancy growth, but with a contribution from year-on-year growth in average net rent and ancillary sales.
The company's Q1 total revenue rose 15.1% to £36.6 million from £31.8 million last year. Like-for-like store revenue for the quarter was up 13.8% totaling £35.4 million versus £31.1 million generated a year ago.
The 79 Big Yellow stores increased in occupancy over the quarter by 289,000 sq ft, resulting in a closing occupancy of 90.1% versus 83.6% reported last year. Like-for-like closing occupancy was 92.9%.
Further, the company noted that it witnessed strong demand from domestic customers in the quarter, in part due to the stamp duty holiday tapering off from 1 July, resulting in an acceleration of housing-related demand in June.
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