Full Year 2019 Trading Update

RNS Number : 3503B

Restore PLC

30 January 2020

 

30 January 2020

Restore plc

Full Year 2019 Trading Update

Strong Momentum and Cash Generation

Restore plc (AIM: RST), the UK's market leader in document management and business relocation, is pleased to provide the following trading update for the year ended 31 December 2019. 

FULL YEAR TRADING UPDATE

Restore continues to deliver on its strategy to create shareholder value through consistent and reliable organic growth, selective acquisitions and margin expansion opportunities.

The key goals for the company during 2019 have been to maintain growth, focus on net debt reduction and create a strategy for the next phase of business expansion. These objectives have been achieved and the Board looks forward to building upon this momentum.

Trading in H2 2019 was in line with the Board's expectations, building on the solid performance previously reported for H1. The key highlights for the year to 31 December 2019 were as follows:

§  Double digit growth in revenue and adjusted profit before tax, in line with market expectations

§  Strong cash generation and resulting reduction in leverage as targeted for the year

§  Evolution of the Growth Strategy presented during November 2019

§  Positive net box growth in Records Management and completion of the TNT integration

§  Strong performance in Restore Harrow Green with further build of scale in Restore Technology and Restore Digital

§  Restore Datashred delivered a stable performance, offsetting continued headwinds in recycled paper price through operational efficiency

The Group's Full Year results will be released on 18 March 2020.

CHARLES BLIGH, CEO, COMMENTED

"I am delighted to report that Restore has delivered another year of profitable growth which, alongside strong cash generation, provides a good platform for further expansion. 

The business is well positioned in each of its markets and under the new leadership team has developed a strategy to grow market share and expand its capability, both organically and through acquisition."

Restore plc                                                                          www.restoreplc.com                      

Charles Bligh, CEO                                                             020 7409 2420

Neil Ritchie, CFO

Peel Hunt LLP                                                                     www.peelhunt.com

Mike Bell                                                                               020 7418 8900

Ed Allsopp

Buchanan Communications                                             www.buchanan.uk.com 

Charles Ryland                                                                    020 7466 5000

Vicky Hayns

Stephanie Watson

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