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Revenue increase of 5% to £30.1 million over same period last year (2007: £28.6 million) |
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Revenue for the second quarter increased by 8% to £15.6 million from the first quarter (£14.5 million) |
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EBITDA pre non-recurring items and valuation movements up £1 million (7%) to £15.5 million |
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Adjusted profit before tax of £6.9 million down 12% (2007: £7.8 million) as a result of increased interest costs |
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Adjusted net assets per share down 10.5% to 465.9 pence as at 30 September 2008 from 520.8 pence as at 31 March 2008 and down 1% from 472.4 pence as at 30 September 2007 |
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The Board has reviewed the dividend policy given the Group’s objectives of continuing with its roll-out programme on potentially highly profitable existing London sites, whilst for the moment keeping current debt at these levels. Accordingly no interim ordinary dividend is proposed (2007: 4.0 pence) |
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50 stores now open with a further 21 committed, providing 4.5 million sq ft of self storage space when completed; Kennington opened in the period, Sheffield Hillsborough (trading within Big Yellow Limited Partnership) opened in October 2008 |
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Acquired one freehold site in Stockport (within Big Yellow Limited Partnership) to provide a 60,000 sq ft store when development completed |
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Seven planning consents granted since April 2008; two in London, at Enfield and Gypsy Corner, and one in Guildford in the wholly owned Group; Edinburgh, High Wycombe, Nottingham and Reading within Big Yellow Limited Partnership |
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Refinancing of £325 million core banking facility with HSH Nordbank, expiring in September 2013 |
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Relatively conservative gearing, with net debt to gross property assets of 36% |
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