Self-storage company Big Yellow Group has said the impact of the coronavirus pandemic has driven demand for its sites as it posted a rise in half-year revenue.
The company’s results for the six months to 30 September showed revenue of £65.8m, up 2.3%, and adjusted profit of £36.5m, a rise of 3.4%.
Occupancy has grown by 5% and average net rent per sq ft of £28.01 is 2.2% ahead of a year ago.
Chairman Nicholas Vetch said: “This pandemic has accelerated many structural changes that were already occurring, such as the move to online retailing and an increase in working from home facilitated by technological advances. These developments, combined with the shortage of quality flexible mini-warehousing space, particularly in London, is helping to drive our demand, and we believe these are long-term trends.”
He added: “If we look back on our trading over the last six months, and indeed since the period end, it is reasonable to say that to date the structural tailwinds have been significantly stronger than the headwinds generated by the pandemic.”
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