Highlights
Revenue up 6% and VAT impact absorbed
Another year of cash flow, earnings and dividend growth
Successful completion of refinancing coupled with placing improves group capital structure
Reduction of Group net debt by £43.5 million to £230.5 million
Opening of our iconic store in Chiswick, West London, with high visibility from the M4 flyover
Disposal of surplus sites for combined £15.8 million
Survey confirms national brand leadership
Nicholas Vetch, Executive Chairman of Big Yellow, commenting said:
"We achieved a solid level of revenue growth, despite the imposition of VAT, and have also delivered against our principal financial aims of growing cash flow, earnings and dividend. This is testament to our successful operating model with a strong brand, market-leading digital platform and our focus on large metropolitan areas, particularly in London and the South East.
Much has been achieved since 2007; 23 new purpose-built stores have been opened, significant operational improvements have been made, and the brand has emerged as the unquestionable market leader.
This makes us confident that, on a medium to long term view, we will deliver substantially more of our full potential as we build occupancy and yield in our stores. The pace at which this will be achieved will depend in part on external factors, including the wider economy, housing transactions, new business formation and investment. Whilst there remain challenges around these factors, we allow ourselves for the first time in a few years, to enjoy a little more optimism."
