Trading Update

RNS Number : 7005T

Restore PLC

22 July 2015

 

22 July 2015

Restore plc

Trading Update

Restore plc, the UK office services provider ("Restore" or "the Group"), today issues a trading update for the six months ended 30 June 2015.

Trading in the first six months of 2015 was broadly in line with our expectations.

Our core records management business continued to perform steadily, with the integration of the Cintas activities acquired in October 2014 being the main focus during the period. Excluding Cintas, in the first six months annualised box growth exceeded expectations at 8%, with organic growth remaining strong. Following some rationalisation of smaller sites, capacity utilisation levels including Cintas are now moving above 90%. Volumes in Restore Scan, which primarily comprises the former Cintas scanning business and now represents around 10 per cent of Group turnover, were in line with expectations but significant technical problems on its major seasonal contract resulted in cost over-runs. Restore Shred traded satisfactorily.

Harrow Green, the UK office relocations market leader, performed in line with expectations and ended the first half strongly. The other parts of the Relocations division, Relocom and Restore IT Efficient, also performed satisfactorily. As previously announced, ITP Group, the UK's leading toner cartridge recycler, was acquired earlier this month and now forms part of this division, where it will work particularly closely with Restore IT Efficient, our IT recycling business.

The Group's Half Year results will be released on 15 September 2015.

For further information, please contact: Restore plc
Charles Skinner, Chief Executive	07966 234 075
Adam Councell, Group Finance Director	07860 402 434
Cenkos
Nick Wells	020 7397 8900
FTI Consulting
Nick Hasell	020 3727 1340

 

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