Last checked at 27 May 2021 07:00
27 May 2021
Restore plc
("Restore", the "Group" or the "Company")
AGM Trading Update
Strong trading momentum and new customer win
Restore plc (AIM: RST), the UK's leading provider of integrated information and data management services, secure technology recycling, and commercial relocation solutions, today issues a trading update ahead of its Annual General Meeting to be held later today.
Trading for the four months to 30 April 2021 (the "Period") was in line with the Board's expectations with activity levels continuing to progressively recover.
· Activity levels continue to show sustained improvement, with revenue for the Period being approximately 3% ahead of the comparative period for the previous year and approximately 95% of the same pre COVID-19 period during 2019
· Records Management continues to make strategic progress and is pleased to announce that the Department for Work & Pensions ('DWP') has awarded Restore a document services project of approximately £10m over 20 months from June 2021. As part of the service, c95 staff will transfer from the current provider to Restore
· The Records Management and Digital businesses have both been significantly enhanced by the £61m acquisition of Rainbow Holdco Ltd, trading as EDM, on 30 April 2021. Management are well progressed with the integration of EDM and the trading performance of its businesses since ownership has been as expected
· Integration of the recent Technology acquisitions is also progressing well with revenues for Restore Technology expected to double in 2021 when compared with prior years
· Restore Datashred remains impacted by lower activity levels, but as the economy opens up, the business is seeing very encouraging demand improvement across all regions, including London. Restore Harrow Green is trading strongly with a good pipeline of projects and office reconfigurations.
The Group's Half Year results will be released on 29 July 2021.
Charles Bligh, CEO, commented:
"Our core business is recovering well with increasing activity across all business units and we continue to win new customers and contracts, whilst now being able to offer an increasing suite of services to existing customers.
We have completed 5 acquisitions in the last 6 months across our Technology, Digital, and Records Management business, welcoming over 500 new staff to the business.
We continue to appraise a growing pipeline of further potential acquisitions, and with our strong financial position, we have the flexibility to respond quickly and execute attractive opportunities which may materialise during the second half of 2021."
Restore plc www.restoreplc.com
Charles Bligh, CEO 020 7409 2420
Neil Ritchie, CFO
Peel Hunt LLP www.peelhunt.com
Mike Bell 020 7418 8900
Ed Allsopp
Buchanan Communications www.buchanan.uk.com
Charles Ryland 020 7466 5000
Stephanie Watson
Tilly Abraham