By Christian Moess Laursen
Big Yellow Group, the U.K. self-storage company, announced that its revenue for the third quarter of the fiscal year has increased compared to the same period last year, despite a decrease in occupancy across all of its stores.
The company reported a 5% rise in revenue, amounting to £50.5 million, for the quarter ending on December 31st. When considering like-for-like basis, the increase in revenue was 4%. Furthermore, the year-to-date revenue on the same basis saw a 4% increase to £145.6 million.
It is important to note that despite a decline in occupancy of 249,000 square feet across all 109 stores, compared to a loss of 240,000 square feet the previous year, the company still managed to achieve these positive revenue results. Big Yellow Group explained that the third quarter is historically its weaker period.
Chief Executive Jim Gibson commented on the performance, stating, “The occupancy performance in the third quarter has been similar to last year and although it is too early in the quarter to judge whether it is sustainable, we have seen a pick-up in our book of reservations.”