StockMarketWire.com - Self-storage group Big Yellow reported a sharp uptick in first-half profit thanks to a higher revaluation gain.

For the six months ended 30 September, pre-tax profit rose 56% to £95.8m on-year and revenue increased 3.4% to £64.3m.

Like-for-like revenue increased by 4.2% driven by growth in average occupancy and rate.

'The revaluation surplus for the open stores in the period was £55.7 million, with 43% of the increase due to the adjustment in cap rates and the balance from growth in the store cash flows,' the company said.

The company acquired new development sites in Slough, Hayes (West London) and Harrow (North West London), taking its pipeline to 13 development sites.

Big Yellow declared a 17.1p per share interim dividend, up 2.4% on-year.

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