Big Yellow profit buoyed by higher self-storage space demand

Tue May 20, 2014 2:20am EDT

May 20 (Reuters) - Big Yellow Group Plc, a provider of self-storage space, posted a 15 percent rise in full-year profit as more people rented its space at higher prices.

The London-based real estate investment trust (REIT), which provides people and businesses with space to store goods, equipment and furniture while moving homes and offices, said a scarcity of non-residential land in London and South East would limit the opening of new self storage facilities, boosting its prospects for the full year.

Adjusted pretax profit rose to 29.2 million pounds ($49.1 million) in the year ended March 31 from 25.5 million pounds a year earlier.

Revenue grew by 4 percent to 72.2 million pounds. ($1 = 0.5943 British Pounds) (Reporting By Esha Vaish in Bangalore; Editing by Gopakumar Warrier)