Big Yellow Group PLC on Monday left its annual dividend unchanged, and it reported a jump in profit.
The Surrey, England-based self-storage facilities operator reported revenue of £199.6 million in the year ended March 31, up from £188.8 million a year earlier.
Pretax profit surged to £241.0 million from £75.3 million.
Big Yellow lowered its final dividend to 22.6 pence from 22.9p. Its full-year dividend was left unchanged at 45.2p, however.
Chair Nicholas Vetch said: ‘The transition to higher interest rates has had the impact intended by policymakers of subduing activity and Big Yellow has not been immune, although it has again proved itself to be resilient with a healthy revenue increase and Ebitda growth of 7%. The driver of this performance has been an increase in net rents, partially offset by a decline in occupancy.’
Shares in Big Yellow closed down 0.3% to 1,180.00p each in London on Monday.
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