Restore ends 2019 in line with expectations
Document management and business relocation service provider Restore updated the market on its trading for the year ended 31 December on Thursday, saying it continued to deliver on its strategy to create shareholder value through “consistent and reliable” organic growth, selective acquisitions and margin expansion opportunities.
The AIM-traded firm said its key goals during 2019 had been to maintain growth, focus on net debt reduction and create a strategy for the next phase of business expansion.
Those objectives had been achieved, the board said, with the directors saying they were “looking forward” to building on that momentum.
Trading in the second half was in line with the board's expectations, building on the “solid performance” in the first half.
Restore said during the year, it saw double digit growth in revenue and adjusted profit before tax, in line with market expectations, with “strong” cash generation and a resulting reduction in leverage, as targeted for the year.
It also highlighted the evolution of its growth strategy, presented during November, and said it saw positive net box growth in records management and completion of the TNT integration.
Strong performance was reported 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 prices through operational efficiency.
“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,” said chief executive officer Charles Bligh.
“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 said it would release its full-year results on 18 March.
At 1616 GMT, shares in Restore were up 0.1% at 494p.