By Joe Hoppe
Big Yellow Group PLC said Thursday that it expects to report a rise in revenue for the third quarter on higher average rent, despite a slip in like-for-like closing occupancy.
The U.K. self-storage company said revenue for the quarter ended Dec. 31 is expected to be 48.1 million pounds ($58.4 million) compared with GBP45.2 million a year earlier. Average net rent achieved per square foot rose 10% to GBP31.85.
Like-for-like closing occupancy was 83.6%, a decrease of 2.4 percentage points on year.
“Although it is early in the current fourth quarter, we are seeing a return to growth in net reservations and occupancy. We now move into our seasonally stronger spring and summer trading period,” Chief Executive James Gibson said.
The company said it is confident in the resilience of its model, and continues to invest in its business.
Shares at 0853 GMT were up 9.0 pence, or 0.8% at 1,183.0 pence.
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