AGM Statement

RNS Number : 7057D

Restore PLC

21 May 2012

 



21 May 2012

Restore plc

AGM Statement

At the Annual General Meeting of Restore plc ("Restore" or "the Group"), to be held today at 10am, the Chairman, Sir William Wells, will make the following statement:

"I am pleased to report that 2012 has started well and that Group trading in the first four months of the year has been in line with our expectations.

Restore's core records management business continues to perform strongly and the integration of the acquisitions made in 2011 is now complete.

Our commercial relocations division, which includes Harrow Green, the market leader acquired in March, has traded behind forecast. However, the effect of lower than expected sales has been partly offset by cost savings at Harrow Green, which have been greater than anticipated at the time of the acquisition. The records management activities of Harrow Green have now been transferred into our core records management business. The integration of EMS, Harrow Green's secondary relocation business, into our Sargents business is proceeding to plan, and in line with our targeted cost reductions. We expect the combined commercial relocations businesses to begin to contribute substantially to Group profits in the third quarter.

DCS, our document scanning business, is trading in line with expectations and has a strong pipeline of new business.

Peter Cox, our damp treatment and timber proofing business, has traded strongly in what is traditionally a period of reduced activity."

For further information please contact:

Restore plc

Charles Skinner, Chief Executive                         Tel: [phone]

Cenkos Securities

Nicholas Wells / Adrian Hargrave                         Tel: [phone]

FTI Consulting

Nick Hasell                                                           Tel: [phone]

 

END

 

 

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