Here is a summary of the trading statement for Big Yellow Group PLC for the first quarter ended June 30, 2025
Financial Performance
Total revenue for the quarter increased by 3% year-on-year to £51.5 million.
Store revenue also showed a 3% increase compared to the same quarter last year, totaling £51.1 million.
Occupancy growth slowed compared to the previous year, with a gain of 47,000 sq ft (0.7% of MLA) compared to 220,000 sq ft (3.4% of MLA) in Q1 2024.
Closing occupancy for the portfolio was 79.4%, up slightly from 78.7% in Q4 2024 but down 2.4 ppts year-on-year.
Average and closing net achieved rent per sq ft increased by 5% year-on-year.
Operating expenses were controlled, with like-for-like store operating expenses remaining stable for the quarter.
Property and Development
The Group is currently developing nine pipeline stores, adding 730,000 sq ft of capacity.
The Staines, London store (70,000 sq ft) is set to open later in July, with three more stores due to open by March 2026.
By March 2027, the Group anticipates opening a further four stores, including West Kensington, London, in 2028.
Overall, despite a softening in demand and loss of occupancy at the start of the quarter, Big Yellow Group PLC achieved revenue growth and maintained cost control. The Group remains focused on its development pipeline, with several new stores set to open in the coming months and years.