(Alliance News) - Restore PLC on Thursday said it has seen increased activity levels and is winning new business across all divisions in the third quarter.
The document management, commercial relocation and IT recycling business said revenue in the third quarter ended September 30 has increased by about 16% from the second quarter. Revenue is anticipated to improve further in the fourth quarter.
Profit increased by about 50% quarter-on-quarter, Restore said. This comes amid long-term structural cost-reduction initiatives being implemented to drive sustainable improvements in efficiency and flexibility, the company said.
Restore said: "The combination of the continued recovery in activity in our markets, together with the benefit of self-generated growth and improved profitability, have seen group momentum strengthen noticeably in the third quarter."
Going forward, Restore said it is confident that the business is on track to deliver a stronger profit in the second half of 2020 in comparison with the first half, in line with previous market statements.
Chief Executive Charles Bligh said: "I am delighted with the strong trading across all our markets as we deliver critical services to our customers.
"We focused on making decisions early in the pandemic that ensured we continued to deliver for customers safely and ensured we could bounce back strongly. These decisions are starting to deliver, and we are well placed to deliver increased profits in the second half of the year."
Restore shares were up 8.7% at 347.90 pence each in London on Thursday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Restore (RST)