Big Yellow announces a 0.6% increase in total dividend to 34.0 pence per share

DividendMax Ltd.

Big Yellow announces a 0.6% increase in total dividend to 34.0 pence per share

The Big Yellow Group's dividend policy is to distribute 80% of full year adjusted earnings per share. The final distribution of PID and ordinary dividend declared is 17.0 pence per share. This brings the total distribution declared for the year to 34.0 pence per share representing an increase of 0.6% from 33.8 pence per share last year. 

Other financial highlights include:

4.6% revenue increase largely driven by increase in average occupancy

Store revenue for the fourth quarter was £33.8 million, an increase of 9.7% from £30.8 million for the same quarter last year 

Average net achieved rent per sq ft up 1.1% year-on-year. Like-for-like closing store occupancy 87.4% (2020: 80.7%)

Cash flow from operating activities increased by 4.2% to £76.7 million

Adjusted profit before tax up 5.1% to £74.6 million, adjusted earnings per share up 0.7% to 42.4p

Statutory profit before tax of £265.8 million, up 185% from prior year due to higher revaluation gain on investment properties

Three new stores opened in the year in Camberwell (London), Bracknell and Battersea (London) 

Placing of 8.3 million shares in April 2020 raising £79.9 million (net of expenses) to grow their development pipeline

Acquisition of four new development sites in Wapping, Staines, Epsom, and Kentish Town (all London) with a total estimated self storage development cost of £106 million. These acquisitions take the pipeline to 14 sites totalling approximately 1.0 million sq ft (20% of current MLA)

Planning consent secured on five proposed stores in year, eight in total now have planning.

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