Big Yellow pays its first interim dividend since ‘07

SELF-storage firm Big Yellow Group posted a 26 per cent rise in first-half adjusted pretax profit and resumed its interim dividend.

“The business is experiencing the usual seasonal slowdown, but as in previous years, we look forward to an improvement in demand from early 2011 as we enter our more buoyant spring and summer trading periods,” executive chairman Nicholas Vetch said.

The company, which has 61 stores and a further nine in development, said it would pay an interim dividend of 4p per share. The company last paid an interim dividend in 2007.

Pre-tax profit in the six months to September was £9.7m, excluding one-off items, compared to £7.7m a year ago. Revenue was up seven per cent to £31.1m.

Big Yellow, whose stores are mainly in London and the South East, said its occupancy growth more than doubled to 209,000 sq ft in the first half.