LONDON -- It's proven to be a successful year for the self-storage giant Big Yellow Group (LSE:BYG), which has seen revenue rise by 6% to just shy of 70 million pounds compared to this time last year. On the back of this, profits were also up 8% to 25.5 million pounds. Total dividends also rose by 10% to 11 pence per share.
Alongside this strong growth, the group was able to successfully reduce its net debt by 43.5 million pounds, and increase cash flow by 10% against the previous year.
Executive chairman and co-founder Nicholas Vetch commented:
We achieved a solid level of revenue growth, despite the imposition of VAT, and have also delivered against our principal financial aims of growing cash flow, earnings and dividend. This is testament to our successful operating model with a strong brand, market-leading digital platform and our focus on large metropolitan areas, particularly in London and the South East.
Future growth certainly seems to be the focus going forward, as it looks to build occupancy and yield in its stores. It has planning consent to build three further stores in Guildford, Surrey, and Enfield and Gypsy Corner, both in London. A fourth new development is also scheduled for Manchester, but planning permission is yet to be obtained.
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Chris does not own shares in Big Yellow Group. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.