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(Alliance News) - Document management and business relocation services firm Restore PLC on Wednesday said it is well-prepared for Covid-19-related disruption looming.
Restore's revenue in 2019 was 10% higher at GBP215.6 million, with pretax profit rising 32% to GBP27.8 million. Adjusted pretax profit was 13% higher at GBP35.6 million.
Restore, which is based in London, has declared a final dividend of 4.8 pence per share, meaning 20% growth in the total payout on the year before to 7.2p.
The company did caution, however, that the "exceptional" circumstances created by the Covid-19 outbreak mean it will continue to monitor the dividend as things develop.
Restore said cash flow generation was better than expected, helping it to reduce net debt by 20% over the year.
Chief Executive Charles Bligh said: "I am delighted Restore has delivered double-digit growth in revenue and profit for 2019 and during a year of reduced acquisition activity, the company has shown inherent cash generation capability reducing debt by GBP22.8 million during the year.
"Whilst the macro-environment remains uncertain, in particular the effects of Covid-19, Restore's high proportion of contracted and recurring revenues together with its strong financial base means the business is both well prepared and well placed for the headwinds ahead."
Shares fell 2.9% on Wednesday in London to a price of 384.00p each.
By George Collard; georgecollard@alliancenews.com
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