FTSE 250 movers: Big Yellow on the rise despite job cuts

(Sharecast News) - FTSE 250 (MCX) 20,594.82 0.33%

Self-storage group Big Yellow delivered a cautious outlook on trading on Friday as it reported a decline in occupancy levels over the third quarter, and said it plans to cut jobs as it deals with higher National Insurance payments to employees from April.

Big Yellow estimates that it will have to pay out £0.5m more each year due to the changes in NI contributions announced in October's autumn budget.

"We are mitigating this increase in full through additional reductions in store headcount - a dividend of continued investment in automation," the company said.

Chief executive Jim Gibson said that events things like policy making "are not making the job of running businesses any easier".

Big Yellow said in a trading update that occupancy declined by 180,000 square foot year-on-year across its 109 stores in the three months to 31 December.

However, a 3% increase in the average achieved rent per square foot to £34.87 helped revenues rise 2% on last year to £51.4m.

Total revenues over the first nine months of the fiscal year now total £154.4m, up 3% on the year before, while adjusted earnings per share growth has turned positive at 1.5% over the year-to-date, following a 3% decline in the first half.

"As we are now close to the end of this financial year, we can be confident in seeing some further modest eps growth improvement for the full year," the company said.

Investment manager Ninety One reported an increase in assets under management on Friday, to £130.2bn as of 31 December.

The FTSE 250 company said that marked a rise from £127.4bn recorded at the end of the prior quarter on 30 September.

It was also an increase from the £124.2b it reported at the same point in 2023.

Market Movers

FTSE 250 - Risers

Aston Martin Lagonda Global Holdings (AML) 108.70p 6.57% Big Yellow Group (BYG) 912.00p 4.71% Ninety One (N91) 152.30p 4.17% Wood Group (John) (WG.) 68.85p 4.08% Discoverie Group (DSCV) 685.00p 3.63% Wizz Air Holdings (WIZZ) 1,323.00p 3.12% Ferrexpo (FXPO) 104.40p 2.96% Spectris (SXS) 2,722.00p 2.56% Crest Nicholson Holdings (CRST) 177.00p 2.37% Bellway (BWY) 2,432.00p 2.27%

FTSE 250 - Fallers

Pollen Street Group Limited (POLN) 796.00p -3.63% Hochschild Mining (HOC) 220.00p -3.51% Herald Investment Trust (HRI) 2,410.00p -3.41% Oxford Nanopore Technologies (ONT) 142.60p -3.19% North Atlantic Smaller Companies Inv Trust (NAS) 3,680.00p -2.90% W.A.G Payment Solutions (WPS) 84.60p -2.53% Watches of Switzerland Group (WOSG) 512.00p -2.10% AO World (AO.) 98.70p -2.08% The European Smaller Companies Trust (ESCT) 177.40p -1.77% Bloomsbury Publishing (BMY) 630.00p -1.56%