The Big Yellow Group's dividend policy is to distribute 80% of full year adjusted earnings per share. Given the dilutive impact of the September 2018 placing, they have declared an interim dividend of 17.1 pence per share, which is an increase of 2.4% on the prior period. This has all been declared as Property Income Distribution ("PID"). The total dividend for the full year will be determined in line with their stated policy.
Like-for-like revenue increased by 4.2% driven by growth in average occupancy and rate
Average achieved net rent per sq ft increased by 1.6% period on period, closing net rent up by 1.9% from September 2018, and currently up 3.1% from 1 April 2019
Cash flow from operating activities (after net finance costs) increased by 4.0% to £36.0 million
Adjusted profit before tax up 6.0% to £35.3 million, earnings per share impacted by the full dilutive effect of the September 2018 placing
Acquisition of new development sites in Slough, Hayes (West London) and Harrow (North West London) taking pipeline to 13 development sites of approximately 890,000 sq ft (19% of current MLA)
Planning consent granted for new stores in Uxbridge (West London), Queensbury (North West London) and Hove
Capital structure remains secure with strong interest cover, post dividend cash flow generation and £49 million of available committed facilities