Last checked at 30 Jan 2020 07:00
30 January 2020 |
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Restore plc
Full Year 2019 Trading Update
Strong Momentum and Cash Generation
Restore plc (AIM: RST), the UK's market leader in document management and business relocation, is pleased to provide the following trading update for the year ended 31 December 2019.
FULL YEAR TRADING UPDATE
Restore continues to deliver on its strategy to create shareholder value through consistent and reliable organic growth, selective acquisitions and margin expansion opportunities.
The key goals for the company during 2019 have been to maintain growth, focus on net debt reduction and create a strategy for the next phase of business expansion. These objectives have been achieved and the Board looks forward to building upon this momentum.
Trading in H2 2019 was in line with the Board's expectations, building on the solid performance previously reported for H1. The key highlights for the year to 31 December 2019 were as follows:
§ Double digit growth in revenue and adjusted profit before tax, in line with market expectations
§ Strong cash generation and resulting reduction in leverage as targeted for the year
§ Evolution of the Growth Strategy presented during November 2019
§ Positive net box growth in Records Management and completion of the TNT integration
§ Strong performance in Restore Harrow Green with further build of scale in Restore Technology and Restore Digital
§ Restore Datashred delivered a stable performance, offsetting continued headwinds in recycled paper price through operational efficiency
The Group's Full Year results will be released on 18 March 2020.
CHARLES BLIGH, CEO, COMMENTED
"I am delighted to report that Restore has delivered another year of profitable growth which, alongside strong cash generation, provides a good platform for further expansion.
The business is well positioned in each of its markets and under the new leadership team has developed a strategy to grow market share and expand its capability, both organically and through acquisition."
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
Vicky Hayns
Stephanie Watson
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