Restore PLC Year End Trading Update (8609U)
January 24 2017 - 2:00AM
UK Regulatory
TIDMRST
RNS Number : 8609U
Restore PLC
24 January 2017
24 January 2017
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 2016
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. Our principal focus during the year was the
integration of Wincanton Records Management, acquired in December
2015, and PHS Data Solutions ("PHS DS"), acquired in August 2016.
The integration of the records management operations of both
businesses is largely complete, with synergies in line with those
anticipated on acquisition. Our shredding activities have been
transformed by the acquisition of the much larger PHS Datashred
business, with the integration now complete and Restore Shred
rebranded as Restore Datashred. Restore Scan made good progress
during the year following a change of operational management and
has been significantly enlarged by the addition of the scanning
division of PHS DS.
Our Relocation division, which primarily comprises the Harrow
Green business, achieved steady year-on-year growth. Trading during
the final quarter was strong, with good levels of activity at
Harrow Green. Relocom, our technology relocation business, traded
satisfactorily. IT Efficient, the Group's IT asset disposal
business, performed strongly and benefited from improved
operational practices. The performance of ITP, our toner cartridge
recycling business, continued to be impacted by a weak global
market for reselling empty cartridges.
The Group's Full Year results will be released on 9 March
2017.
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. Following a two-year period in which we have made three
major earnings-enhancing acquisitions, Restore is now established
as one of the two market leaders in each of our main activities.
The Group is a key supplier of services to UK offices and
workplaces and has 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 Securities 020 7397 8900
Nicholas Wells
Elizabeth Bowman
FTI Consulting 020 3727 1340
Nick Hasell
Alex Le May
This information is provided by RNS
The company news service from the London Stock Exchange
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