January 14, 2019
The UK-based office services provider has revealed its Year End trading update, for the twelve months concluding on 31 December 2018.
According to Restore, trading was “broadly in line with expectations,” with the company on course for its ninth consecutive year of double-digit earnings growth.
The company adds that this earnings growth is “driven primarily by Restore Records Management, which comprises the majority of the Group’s profit.”
Restore’s key 2018 acquisition, TNT Business Solutions, which it acquired in May last year, was said by the company to have “performed in line with expectations” and is providing “many additional growth opportunities, particularly in the public sector.”
“Restore Datashred, our shredding business which is one of the two main operators in the UK market, experienced lower volumes than budgeted over the course of the year,” the company’s update continued. “Restore Digital, which now includes the majority of the former TNT Business Solutions scanning business, performed satisfactorily. Restore Harrow Green, our market-leading office relocation business, continued to achieve year-on-year growth in revenue and profit. Restore Technology, which provides an expanding range of IT lifecycle services including asset disposal, asset management and relocation, continued to increase its presence in what remains a fragmented and immature market.”
Restore’s Full Year results will be published in March 2019. They will be the last results of CEO Charles Skinner’s tenure as Chief Executive, following the recent announcement of his retirement at the end of March.
“I am pleased that the final set of results under my leadership will show further strong year-on-year growth in revenue, profits and earnings per share,” said Skinner. “Restore is a well-invested business which has leading positions in attractive and coherent markets. It has an excellent platform for further profitable growth with good visibility of earnings.”
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