Year End Trading Update

RNS Number : 8024C

Restore PLC

22 January 2015

 

22 January 2015

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 2014 was in line with expectations.

Our Document Management division continued to perform steadily. The rate of new box intake at our core records management business improved as anticipated in the second half, benefiting from new business wins in the first half of 2014. In October, Restore completed the acquisition of the UK records management and scanning division of Cintas, materially increasing the scale and capability of the Group, and its integration is proceeding to plan. Restore Scan now predominantly comprises the former Cintas scanning business, which has recently secured significant new business. Restore Shred continued to show strong organic growth and the integration of Cannon Confidential, acquired in June, is progressing well.

Our Relocations division, which primarily comprises the Harrow Green businesses, continued to show good year-on-year growth. After a quiet third quarter, Harrow Green enjoyed a strong finish to the year.It has recently been awarded a major contract by Carillion Amey, worth approximately £2.5m per year, providing furniture moving and storage services to the Ministry of Defence. Relocom, in which Restore now holds a majority stake, is beginning to benefit from working more closely with Harrow Green, as is Restore IT Efficient, the Group's IT asset disposal business.

The Group's Full Year results will be released on 11 March 2015.

Charles Skinner, Chief Executive of Restore, commented:

"We are pleased by another year of good performance by the Group in 2014, reflecting the strength of our business model and the robust nature of our activities. Our existing businesses continued to trade well and at the same time we completed several acquisitions, which are now all trading profitably. 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 8922
FTI Consulting
Nick Hasell	020 3727 1340

 

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