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Restore PLC reveals half-year results

September 11, 2017

The UK office services provider has unveiled its unaudited results as well as news of its acquisition of two shredding businesses.

A summary’s of the company’s half-year achievements revealed the following changes:

  • Group revenue up 57 percent to £86.9 million ($114.7 million/ €95.7 million)
  • Document Management revenue up 74 percent; operating profit up 63 percent
  • Relocations revenue up 21%; operating profit up 18 percent
  • Group adjusted profit before tax up 59 percent to £15.3 million ($20.2 million / €16.8 million)
  • Adjusted earnings per share up 38 percent to £0.109 ($0.143 / €0.120)
  • Good organic growth across both divisions
  • PHS Data Solutions successfully integrated
  • Restore Datashred performance ahead of expectations
  • 7 acquisitions completed since the start of the year 
  • Interim dividend per share up 26 percent to £0.167 ($0.220 / €0.184)
  • Banking facilities increased and extended

Charles Skinner, Chief Executive of Restore PLC, commented that, “We continued to make good operational and financial progress in the first half. In particular we delivered strong organic growth across the Group and our shredding business, which was significantly enlarged by a major acquisition in 2016, performed better than expected.

“We will continue to pursue our strategy of organic and acquisitive growth and we are well positioned to gain further market share across all of our businesses.

“The second half has started well and the Board expects to deliver a full year performance slightly ahead of its previous expectations.”

The company’s strategy of acquisitive growth has already been put into effect this year with Restores acquisitions earlier this year and simultaneously releasing news of its latest acquisitions along with the half-year report – the businesses involved are Lombard Recycling Limited and Data Shred Limited, two related secure shredding businesses that are located in London, grouped under the name ‘Lombard’.

Describing this latest acquisition, Skinner said, “Lombard is the fifth secure shredding acquisition we have made since we acquired the Datashred business as part of our acquisition of PHS Data Solutions a year ago. It provides us with further economies of scale and extends our position as the UK’s second largest provider of secure shredding services.”

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