Big Yellow Group (BYG) Q1 2025 TU earnings summary

Executive summary

• Revenue grew 4% year-over-year to £50.2 million for the quarter ended 30 June 2024, with like-for-like store revenue up 3%.

• Occupancy increased by 220,000 sq ft (3.4% of MLA), with closing occupancy at 81.8% and like-for-like closing occupancy at 82.4%.

• Demand improvement from domestic customers continued, supporting solid occupancy and rental growth.

Financial highlights

• Average achieved net rent per sq ft rose 4% year-over-year to £34.13.

• Closing net achieved rent per sq ft was £34.06, up 4% from the prior year.

• Store maximum lettable area reached 6.42 million sq ft.

Outlook and guidance

• Focus remains on driving occupancy to higher levels and maintaining sustainable rental growth in a modest inflation environment.

• Construction of six new stores underway, with further updates expected in November.

• Intense construction activity, especially in London, expected to drive significant value in coming years.