Restore Share News (RST)

(Sharecast News) - Document management firm Restore said on Thursday that it would not be "appropriate" to provide specific guidance for the current financial year due to the uncertainty presented by the outbreak of Covid-19.
However, Restore did note that following a reduction through the second part of March, activity in April stabilised at a level better than expected at the start of the month.

The AIM-listed group stated that all businesses were continuing to trade with most operational sites open, with storage revenue streams in its largest business, Records Management, remaining "solid and reliable".

Restore highlighted that it remained "strongly cash generative", and was well within its banking covenants, and also noted that after furloughing approximately 45% of its workforce, the group has now started to bring back some employees in response to growing customer demand.

Chief executive Charles Bligh said: "We have seen customer demand stabilise and it is encouraging that we have already recalled a number of our employees from furlough. Swift action to maintain revenue and manage costs are proving successful and the group continues to have strong liquidity.

"We expect to emerge from this period with a solid base from which we will be well-positioned to bounce back strongly to deliver on our strategic plans and take advantage of opportunities as they arise."

As of 1045 BST, Restore shares were up 4.79% at 377.25p.