Profits at Big Yellow drop by 89%
Shares in Big Yellow will be in focus this morning after the storage company reported an 89 per cent drop in pre-tax profit for the year that ended on March 31.
Results released after the market closed last night revealed statutory pre-tax profit fell to £75.3 million, against £698.9 million a year before.
The company said: “There was a very significant increase in the valuation of our investment portfolio last year, and this year the valuations have remained relatively flat, with an increase of 1 per cent on the open store portfolio.”
The overall value of its portfolio fell by £30 million as a result of a £57.5 million reduction in its industrial property and land without self storage planning in the development pipeline, “reflective