February 26, 2019
Restore plc has announced that it has sold its toner cartridge recycling business, ITP, to Ink & Toner Recycling Limited (Ink and Toner).
Through this sale, Restore will receive a 40 percent stake in Ink and Toner as consideration and will be represented on Ink and Toner’s board.
The company explains that it will treat ITP Group, which amassed revenue of approximately £4 million ($/) and a small operating loss in the year ending 31 December 2018, as a discontinued activity and account for it as a minority interest going forward.
Charles Skinner, Chief Executive of Restore, who will be retiring in March 2019, commented:
“The sale of ITP enables us to focus on the core IT hardware lifecycle management activities within our Restore Technology business. The combination of ITP and Ink & Toner creates an enlarged business that is better placed to grow and deliver increased value for Restore.”
Restore has had a positive beginning to 2019 so far, having revealed its Year End trading update, explaining that trading was “broadly in line with expectations”. Its Full Year results will be published in March 2019.
Charles Skinner commented in January,
“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,” adding, “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.”
Categories : World Focus