Highlights
• Another year of growth in all our key operating metrics
• Strong revenue performance driving 15% increase in adjusted earnings per share and total dividend
• Store platform expanded by 282,000 sq ft:
o Two new freehold stores opened at Enfield and Cambridge
o Acquisition of four store Lock and Leave portfolio in April 2016 for £21 million
- Nine Elms and Twickenham acquired by Big Yellow
- Canterbury and West Molesey acquired by Armadillo
• Acquisition of prime London development sites in Kings Cross and Camberwell
Nicholas Vetch, Executive Chairman of Big Yellow, commented:
"Against a backdrop of slower economic activity compared to the prior year, we are pleased to have delivered another year of occupancy, revenue and earnings growth. Our main focus remains on driving earnings through occupancy growth over the next few years as we target our next goal of 85% across the portfolio.
We will continue to innovate, by improving our digital platform and operations to grow our market share and leverage our market leading brand. In addition, our focus will remain on London and the South East (80% of revenue) and large regional cities where barriers to entry are at their highest, and supply remains very constrained.
The Big Yellow investment proposition is simple; sustainable earnings and dividend growth from a secure capital structure. There will inevitably be setbacks but as management we will continue to focus on the long term achievement of these objectives whilst managing risk to minimise mistakes. The much-overlooked power of compounding should do the rest."
