Storage group Big Yellow today said it would pay a maiden dividend to shareholders of a penny after annual pre-tax losses remained stable.

The company, based in Bagshot, Surrey, already has 27 units, including one in Brighton, with a further five planned. It provides services to a total of 13,800 customers.

At the time of its flotation in May 2000, Big Yellow pledged to become the premier self storage business in the UK.

It currently has a target of 50 stores nationwide.

Chairman David White said the company was "very much on track" to meet its strategic goals.

He said: "Big Yellow has achieved sustainable and growing operating cash flow and is approaching £20 million of annualised revenue and one million square feet of occupied storage space."

The company, which employs about 140 people, said pre-tax losses remained at £2.3 million in the year to March 31, compared with the same period last year.

Like-for-like annualised sales for 19 stores open throughout the year rose 41 per cent with total revenues for the year of £19.1 million, up 63 per cent.

Big Yellow said its performance during the recent difficult economic backdrop had given it comfort about the resilience of the business.