Restore PLC - London-based provider of digital and information management and lifecycle services - Revenue for the first four months of 2023 amounts to GBP92.8 million, up about 4% year-on-year. Says in Digital & Information Management, substantial price increases are implemented at the start of the year. Looking ahead, expects growth in revenue and adjusted earnings before interest, tax, depreciation and amortisation in excess of 5% in 2023. In 2022, adjusted Ebitda was GBP81.5 million. However, expects adjusted pretax profit to be below its previous expectations, in the range of GBP41 million to GBP43 million, which would be flat on GBP41.0 million last year.
Chief Executive Officer Charles Bligh says: "We are successfully achieving our plans to implement price increases, execute cost reduction and provide consistent service delivery. In a challenging environment, we are continuing to see increased activity across the majority of our businesses, especially in our Digital & Information Management division. Whilst the unprecedented reduction in IT hardware sales is having an impact on technology in the short term, overall the group is on track to deliver growth in revenue and operating profits for the year and achieve a further reduction in debt."
Current stock price: 262.60 pence each, down 11% on Monday morning in London
12-month change: down 39%
By Xindi Wei, Alliance News reporter
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Restore (RST)