Restore shows positive results

May 23, 2017

The company has started the year well with ITP showing improvement on last year.

Digitallook reported that the company’s annual general meeting updated investors on the business’s “trading performance” and Sir William Wells said that 2017 “trading had started well, with the benefits of the acquisition of PHS Data Solutions in August 2016 being delivered in line with expectations.”

Wells continued: “Our Document Management division, including our core records management business, is trading well, with Restore Datashred and Restore Scan benefiting from their greater scale following the successful integration of the PHS scanning and shredding activities,”

“IT Efficient, our IT recycling business, is steadily integrating ITAD Works acquired in February 2017, while ITP, our toner cartridge recycling business, is showing improvement following its poor performance in 2016.” The Recycler reported on the ITP acquisition in July 2015, as well as UK document scanning business Crimson UK that August, document shredder Wincanton that November, relocations company Diamond Relocations that December, and PHS Data Solutions in 2016.

The report stated that its acquisitions in the past helped “boost [its] 2016 revenue”, while its “pretax profit ticked up” and it “hiked its dividend 25 percent”. It posted revenue of £129.4 million ($157.3 million/€148.1 million) compared to £91.9 million ($111.7 million/€105.2 million) last year, which drove pre-tax profit up to £7.5 million ($9.1 million/€8.5 million) from £6.1 million ($7.4 million/€6.9 million). Expanding on this, a “large part of the year-on-year revenue increase reflected acquisitions” it made in 2015 and 2016.

Wells commented that ‘the year had started well, and the board now looked forward to delivering another year of strong progress” in 2017.