Big Yellow results disappoint

Shares in Big Yellow fell five per cent to 410p yesterday after the self-storage firm posted lower-than-expected first-half results. Big Yellow said pre-tax profit is the period rose by 12 per cent to £7.7m, despite a three per cent fall in revenues to £29.2m. Loss before tax narrowed to £3.4m from a loss of £54.3m previously. The firm did not reinstate dividend payments, which were halted in mid-2008, saying it would review the situation next year. Evolution Securities repeated its “reduce” rating on the stock, favouring rival Safestore.