Occupancy down after quiet quarter for Big Yellow

Self-storage group Big Yellow said that 2013 has started well with trading patterns returning to normal following a seasonal weak festive period.

Self-storage group Big Yellow said that 2013 has started well with trading patterns returning to normal following a seasonal weak festive period.

The firm's third quarter (three months to December 31st 2012), its seasonally weakest, saw occupancy in its 54 wholly-owned stores fall by 139,000 square feet (4% of capacity), compared to a loss of 57,000 sq ft (1.7% of capacity) in the same quarter the year before.

"The group's achieved net rent per sq ft in this quarter has also reflected the introduction of VAT on self storage sales, as we shared the increase in cost arising from the introduction of VAT with our domestic customer base," Big Yellow said. However, it did say that the impact of this VAT introduction was as anticipated.

Total store revenue for the 54 stores was £16.8m for the quarter, up 3.7% year-on-year, but down 9.7% on the second quarter.

"The introduction of VAT presented the group with a significant challenge and we are broadly satisfied with the way the business has absorbed this change," said Chief Executive James Gibson.

"Although it is early in the New Year to have much visibility, January has started positively with a return to more normal trading and an encouraging book of reservations.We look forward now to our seasonally busier period."

Recommended

Get healthy returns from these three healthcare stocks
Share tips

Get healthy returns from these three healthcare stocks

Professional investor Paul Major of the BB Healthcare Trust highlights three of his favourite healthcare stocks.
25 Oct 2021
Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021

Most Popular

Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021
How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
Emerging markets: the Brics never lived up to their promise – but is now the time to buy?
Emerging markets

Emerging markets: the Brics never lived up to their promise – but is now the time to buy?

Twenty years ago hopes were high for Brazil, Russia, India and China – the “Brics” emerging-market economies. But only China has beaten expectations. …
18 Oct 2021