* Adj pretax profit 29.2 mln stg vs analyst est 28.80 mln
* Revenue 72.2 mln stg vs analyst est 70.1 mln stg
* Raises final dividend to 8.4p/shr
(Adds CEO comment, details, background)
May 20 Big Yellow Group Plc, a provider
of self-storage space, posted a 15 percent rise in full-year
profit as more people rented from it at higher prices.
Temporary space providers have seen a bump in occupancy and
were able to charge higher rents as a year of historically low
interest rates coupled with signs of a tentative recovery in the
domestic market have encouraged homeowners and businesses to
The London-based company, which became a real estate
investment trust in 2007, said 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.
Analysts on average had expected a pretax profit of 28.8
million pounds on revenue of 70.1 million pounds, according to
Thomson Reuters I/B/E/S.
The company, which partners with French self-storage company
Annexx and UK transport provider Zipvan, 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.
"We consider that a large part of the anticipated net
immigration and population growth in the UK will continue to
concentrate in London and the South East," Chief Executive
Nicholas Vetch said in a statement on Tuesday.
Big Yellow's 66 stores, largely in London and the South,
provide people and businesses with space to store goods,
equipment and furniture while moving homes and offices.
The REIT raised its final dividend to 8.4 pence per share
from 6 pence a year earlier.
Shares in the Bagshot, England-headquartered company closed
at 498 pence on the London Stock Exchange on Monday.
($1 = 0.5943 British Pounds)
(Reporting By Esha Vaish in Bangalore; Editing by Gopakumar