Year End Trading Update

RNS Number : 9341M

Restore PLC

26 January 2016

 

26 January 2016

Restore plc

Year End Trading Update

Restore plc, the UK office services provider ("Restore" or "the Group"), confirms that trading for the year ended 31 December 2015 was in line with expectations.

Our Document Management division, whose core records management business accounts for the majority of Group profit, continued to perform steadily. During the year, the integration of the Cintas business, acquired in October 2014, was completed, with occupancy rates at the combined records management business increasing to more than 90 per cent, as targeted. Wincanton Records Management, the most recent acquisition, was completed in December 2015 and the process of integration has now begun. Following a change of operational management, Restore Scan, largely comprising the former Cintas scanning business, is recovering from disappointing trading earlier in the year and has a strong order book. Restore Shred continues to show organic growth.

Our Relocations division, which primarily comprises the Harrow Green businesses, delivered good year-on-year growth, particularly in the second half. The acquisition of Diamond Relocations in December 2015 provides Harrow Green with a key additional operating base in the South East. Relocom, our IT relocation business, finished the year strongly, benefiting from working more closely with Harrow Green. Restore IT Efficient, the Group's IT asset disposal business, and ITP Group, the toner cartridge recycling business acquired in July 2015, traded satisfactorily and in line with management expectations.

The Group's Full Year results will be released on 10 March 2016.

Charles Skinner, Chief Executive of Restore, commented:

"We are pleased by another year of good performance by the Group, with significant increases in revenue, profits and earnings per share. As expected at the time of acquisition, several acquired businesses have required substantial restructuring and these are now showing a marked improvement in profitability under our ownership. We continue to strengthen our position as a key supplier of services to UK offices and we have an excellent platform for further profitable growth with strong visibility of earnings." 

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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