Last checked at 19 Jan 2012 07:00
19 January 2012
Restore plc
Year End Trading Update
Restore plc, the UK office services provider ("Restore" or "the Group"), is pleased to confirm that trading for the year ended 31 December 2011 was in line with expectations.
Restore's records management business continued to perform strongly in the second half of 2011, with acquisitions completed through the year contributing well to Group profits. The acquisitions of Paterson Data Management and Brunswick Document Management, completed in August and November respectively, have given the Group national coverage in records management, and their integration is progressing well.
The integration of Sargents, the acquisition completed in April which moved the Group into the commercial relocations market, has been completed on schedule and the records management activities of the business have been transferred to Restore Ltd. The commercial relocations business is performing in line with expectations.
Restore Shred, our secure shredding business formed in October through the joint venture acquisition of Thoroughshred, is already giving every sign of being a valuable addition to the Group in expanding our portfolio of office services and ability to cross-sell to customers.
The performance of DCS, our document scanning business, was in line with expectations.
Peter Cox, our damp treatment and timber proofing business, traded strongly, building on the turnaround achieved in 2010.
Charles Skinner, Chief Executive of Restore plc, commented:
"Our core business, records management, continues to perform extremely well. Over the past year, the Group has developed into a much broader office services business, encompassing records management, secure shredding and recycling, commercial relocations and document scanning. Alongside organic growth, the office service acquisitions have resulted in significantly increased profitability. In addition, Peter Cox has had an encouraging year. The Board looks forward with confidence to the coming year and continues to position the Group for long-term growth by taking advantage of the opportunities available to Restore in all of its markets."
The Group's Full Year results will be released on 20 March 2012.
Contact:
Restore plc | |
Charles Skinner, Chief Executive | 07966 234 075 |
Harvey Samson, Group Finance Director | 07836 658 448 |
Cenkos | |
Nick Wells | 020 7397 8920 |
Adrian Hargrave | 020 7397 8922 |
FTI Consulting | |
Nick Hasell | 020 7269 7291 |
Sophie Moate |