Big Yellow Group announces a 1.8% increase in total dividend to 33.8 pence per share

DividendMax Ltd.

Big Yellow Group announces a 1.8% increase in total dividend to 33.8 pence per share

The Big Yellow Group's dividend policy is to distribute 80% of full year adjusted earnings per share. Given the relative resilience of our trading since the introduction of the lockdown, they have not furloughed any employees, nor have they participated in any of the government's loan support schemes.  It is also a requirement as a REIT to pay a Property Income Distribution ("PID"). The final total distribution of PID and ordinary dividend declared is 16.7 pence per share. This brings the total distribution declared for the year to 33.8 pence per share representing an increase of 1.8% from 33.2 pence per share last year. 

Other financial highlights include

3.1% revenue increase largely driven by increases in average rate

Average rate up 2.7% year-on-year. Like-for-like closing store occupancy 81.3% (2019: 82.4%)

Cash flow from operating activities (after net finance costs) increased by 1.9% to £73.6 million

Adjusted profit before tax up 5.2% to £71.0 million

Statutory profit before tax of £93.4 million, down 26% from prior year due to lower revaluation gain on investment properties

Acquisition of three new development sites in Harrow, Hayes (both London) and Slough taking the pipeline to 13 sites totalling approximately 880,000 sq ft (19% of current MLA)

Planning consent secured on three proposed stores in year, six in total now have planning

New £35 million seven-year loan secured from existing lender Aviva

The necessary protocols and provisioning of equipment required to keep staff and customers safe were rapidly and effectively implemented following the lockdown, greatly facilitated by work previously carried out in partially automating processes

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