Big Yellow Group PLC on Thursday reported improved quarterly performance as the company prepares to expand capacity with the development of new sites.

The Bagshot, England-based self storage company said in the first quarter that ended June 30, revenue grew 4.4% to £50.2 million from £48.1 million the previous year.

Like-for-like store revenue for the quarter increased 3.2% to £49.1 million from £47.6 million.

The company said occupancy growth rose 32% to 220,000 square feet, compared to a gain of 167,000 square feet in the same quarter last year.

Like-for-like closing occupancy was largely unchanged at 82%.

Chief Executive Officer Jim Gibson said: ‘As stated in May, we saw an improvement in our demand in the fourth quarter last year, which has continued into the current quarter, delivering a solid occupancy performance, coupled with continued growth in average rent.

‘We are focussed on driving occupancy to higher, previously achieved levels and maintaining sustainable rental growth reflective of a more modest inflationary environment.’

After recently receiving planning to develop nine new sites, Big Yellow said it will now embark on a period of ‘intense’ construction activity concentrated in the London area.

Earlier in July, the company said planning was approved to develop a 68,400 sq ft site in Kentish Town. The site is Big Yellow’s first location in the Borough of Camden and is expected to open in 2026.

Big Yellow shares were up 0.5% to 1,230.00 pence each in London on Thursday morning.

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