StockMarketWire.com - Self storage group Big Yellow reported a slight uptick in first-quarter like-for-like revenue as activity levels picked up from mid-May following the easing of government-imposed lockdown measures.

For the first quarter ended 30 June 2020, like-for-like revenue rose 1.9% to £31.7m on-year. The increase was driven by the increase in the average rate achieved, partly offset by the lower average occupancy in the period, and also a reduction in packing material sales during the lockdown period.

The 75 Big Yellow stores increased in occupancy over the quarter by 138,000 square feet, or 2.9%, store maximum lettable area, resulting in a closing occupancy of 83.6%m down from 84.0%.

'Although it is early in the second quarter, we are continuing to see an improvement in year-on-year occupancy growth, the company said.

'Significant economic uncertainty remains, and it should be noted that we have limited visibility in this business, with customers tending to reserve only a few weeks before moving in,' it added.

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