Big Yellow Group’s profits rose 22% in its first results reported since it became a REIT earlier this year. Daily Telegraph. The Times
Pretax profits were up 29% to £152.8m following to a big jump in the value of its property portfolio, whose net asset value grew 47% to £590m.
The company benefited from activity in the housing market and carries out most if its business in the summer months when people traditionally move house.
It opened six new sites in the past year and as of March had 43 stores open and a pipeline of 23 sites, 14 of which are in London. The pipeline will provide an extra 1.5m sq ft of capacity at a development cost of £221m.