U.S. News

Big Yellow Net Asset Value Rises 47%

By Reuters

British storage company Big Yellow said on Monday its annual adjusted net asset value per share rose 47% and it expected good trading conditions to continue into the summer.

Big Yellow, which rents lock-up spaces to individuals and companies, reported 437.8 pence in adjusted net asset value in the year to end-March, versus 297p a year ago.

"We are currently enjoying good trading conditions and we expect this to continue into the summer," it said in a statement.

"Planning (consent) remains a significant obstacle, but with a pipeline of 23 sites, of which 14 are in London , we hope that this will deliver a steady stream of freehold store openings over the coming years."

The real estate investment trust said adjusted pretax profit rose to 152.8 million pounds, versus 118.5 million.

Shares in Big Yellow closed at 591 pence on Friday.

It proposed a final dividend of 5.5 pence per share, bringing the total to 9.0p, versus 5p a year ago.