Restore Regulatory News (RST)

24 January 2017

Restore plc

Year End Trading Update

Restore plc, the UK office services provider ("Restore" or "the Group"), confirms that trading for the year ended 31 December 2016 was in line with expectations.

Our Document Management division, whose core records management business accounts for the majority of Group profit, continued to perform steadily. Our principal focus during the year was the integration of Wincanton Records Management, acquired in December 2015, and PHS Data Solutions ("PHS DS"), acquired in August 2016. The integration of the records management operations of both businesses is largely complete, with synergies in line with those anticipated on acquisition. Our shredding activities have been transformed by the acquisition of the much larger PHS Datashred business, with the integration now complete and Restore Shred rebranded as Restore Datashred. Restore Scan made good progress during the year following a change of operational management and has been significantly enlarged by the addition of the scanning division of PHS DS.

Our Relocation division, which primarily comprises the Harrow Green business, achieved steady year-on-year growth. Trading during the final quarter was strong, with good levels of activity at Harrow Green. Relocom, our technology relocation business, traded satisfactorily. IT Efficient, the Group's IT asset disposal business, performed strongly and benefited from improved operational practices. The performance of ITP, our toner cartridge recycling business, continued to be impacted by a weak global market for reselling empty cartridges.

The Group's Full Year results will be released on 9 March 2017.

Charles Skinner, Chief Executive of Restore, commented:

"We are pleased by another year of good performance by the Group, with significant increases in revenue, profits and earnings per share. Following a two-year period in which we have made three major earnings-enhancing acquisitions, Restore is now established as one of the two market leaders in each of our main activities. The Group is a key supplier of services to UK offices and workplaces and has an excellent platform for further profitable growth with strong visibility of earnings."

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