Big Yellow Group PLC on Monday reported a rise in revenue in the first quarter ended on June 30, as net rent increased.

The Surrey, England-based self-storage facilities operator said total revenue rose 6.7% year-on-year to £48.1 million from £45.1 million the year before, with store revenue rising 5.4% on a like-for-like basis to £47.0 million from £44.6 million.

Closing net rent achieved per square foot rose 9.2% to £32.88, though closing occupancy edged down 1.2% to 5.3 million square feet.

‘We have had a solid start to the year with a return to occupancy growth this quarter, broadly in line with last year. We are continuing to manage yield, offsetting the adverse impact of inflation on our cost base,’ said Chief Executive Officer Jim Gibson.

Big Yellow said occupancy across all 109 stores increased by 167,000 square feet compared to a gain of 174,000 square feet in the same quarter last year. Like-for-like closing occupancy rose to 85.2% from 83.1% at March 31.

In May, the company said revenue in the year to March 31 totalled £188.8 million, up 10% from £171.3 million the year before. Like-for-like store revenue rose 7% to £162.9 million from £151.8 million, mainly from increases in average achieved rents.

Shares were down 0.9% at 1,010.00 pence each on Monday morning in London.

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