Highlights
• Increased demand throughout UK
• Growth in all our key store metrics
• 32% increase in adjusted earnings per share and total dividend
• Acquisition of remaining two thirds of Big Yellow Limited Partnership and £76.4m placing
• Platform expanded by 234,000 sq ft:
- Two new freehold stores constructed at Gypsy Corner and Enfield
- Two existing freehold stores acquired in Oxford and Chester
• Acquisition of freehold building in Cambridge for conversion
• Acquisition of freehold interest in existing store in Battersea
• Debt refinanced - diversified pool, extended maturity, lower cost
• Two Armadillo joint ventures with Australian consortium
- April 2014: Acquisition of ten store portfolio totalling 401,000 sq ft
- February 2015: Acquisition of four store portfolio totalling 270,000 sq ft
Nicholas Vetch, Executive Chairman of Big Yellow, commenting said:
"We are pleased to report very strong results, with demand growth across our network reflecting improved economic growth not just in London, but within the UK as a whole. To deliver this performance we continue to innovate and maintain an unerring focus on all aspects of our business, such that we grow our market share and monetise the strength of our brand.
We make no attempt to judge the economic cycle as it is a fruitless task and never more than now. We have now positioned the Group for the long-term so that we can enjoy the benefits of a strong economy and also adequately accommodate any reverses.
The most important contribution to performance will be growing the occupancy and increasing rental rates in the existing platform of stores. In addition, there is scope to add more stores but the availability of land, and competition for it, makes this challenging. That said, there will be opportunities and we are well positioned to exploit them.
The objective is very simple; to grow earnings and dividend at a compelling, but sustainable rate over a long period of time, without taking undue risk."
