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Self-storage group Big Yellow reported a rise in adjusted profits driven higher occupancy and rate growth, though activity levels in the final quarter were impacted by a weaker consumer amid Brexit uncertainty.
For the 12 months ended 31 March, adjusted profit before tax was up 10% to £67.5m and revenue increased 7% to £125.4m
The average rate was up 2.9% year-on-year, and like-for-like closing store occupancy rose to 82.7% from 80.5% a year earlier.
The company acquired 7 new development sites in London and the South East taking the pipeline to 12 sites totalling approximately 820,000 sq ft.
'We have delivered another year of growth, with revenue up 7% and adjusted profit before tax up 10% year-on-year,' the company said. 'But activity levels in the final quarter were impacted by consumer uncertainty in the build-up to the UK's original proposed exit date from the EU, we are pleased to have delivered further improvements in rate and occupancy over the year as a whole.'
'Looking ahead, we remain focussed on our core objective of increasing occupancy to 90%, which in turn should drive traction on pricing and further rate growth. We have a proven strategy and remain confident about the long-term prospects for the Group.'