StockMarketWire.com - Self-storage group Big Yellow reported a rise in revenue in the third quarter of the year on higher occupancy, driven largely by demand from its domestic customer base.

For the third quarter ended 31 December 2020, revenue increased by 7.4% to £34.7 million year-on-year and like-for-like store revenue increased by 6.6%.

Like-for-like closing occupancy was 85.7%, an increase of 5.8% from the same time last year, while closing occupancy was 82.9%, up 3%, with three stores having opened in the current year.

'The main driver of this occupancy performance has been our domestic customer base, although business demand has also continued to improve,' the company said.

The construction of its stores in Uxbridge (London), and Hove, were on schedule and it was anticipated that the stores would open in summer 2021 and spring 2022 respectively.

'Although it is early in the fourth quarter, we are continuing to see growth in year-on-year prospects and occupancy, however as we have always stated, our visibility of future demand is limited to two to four weeks,' it added.

Story provided by StockMarketWire.com