AGM Statement

RNS Number : 2471N

Restore PLC

15 May 2015

 

15 May 2015

Restore plc

AGM Statement

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

"I am pleased to report that 2015 trading has started satisfactorily in both the Company's divisions.

Document Management division

Our core records management business continued to perform steadily. We remain focused on integrating the Cintas business acquired last October, and in particular on improving capacity utilisation at the former Cintas sites towards the levels customarily achieved across our existing records management business. The rate of new box intake in the first four months of 2015 exceeded that of the prior year period, reflecting the benefit of our significant investment in sales infrastructure over the last two years.  Restore Scan, now predominantly the former Cintas scanning business, has undergone extensive restructuring since the acquisition, including significant capital investment. The enlarged business is seasonally weighted towards the first half of the year and has a strong order book. Restore Shred continues to show good organic growth.

Relocations division

Our Relocations division, trading primarily as Harrow Green, performed well in the period. Its overall market remains buoyant, with regular clients remaining active and several large one-off projects scheduled to start later in the year. Its major multi-year contract for the Ministry of Defence that commenced in December 2014 is being delivered to plan and we are encouraged by its initial performance.  Relocom, our IT relocation subsidiary, has continued to benefit from its increasingly close relationship with Harrow Green. Restore IT Efficient, our IT recycling business, has traded satisfactorily, although the effect of increased recycling volumes has been largely offset by lower resale prices.

We look forward with confidence to making further good progress this year."

For further information please contact:

Restore plc

Charles Skinner                                                 Tel: [phone]

Adam Councell                                                  Tel: [phone]                                

Cenkos Securities

Nicholas Wells                                                  Tel: [phone]

FTI Consulting

Nick Hasell                                                        Tel: [phone]

 

END

 

 

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