Acquisitions continue to lift Restore

Office services provider Restore said its trading in the first six months of the year was in line with expectations on Tuesday, as it continued to benefit from the 2016 acquisition of PHS Data Solutions.

The AIM-traded company said that within its document management division, the core records management business traded “robustly” in the period to 30 June.

“As expected, net box growth during the period was below our usual rate of increase, reflecting major customer exits from previously-acquired businesses that were anticipated at the time of acquisition,” Restore’s board said in its statement.

“However, cost savings, including those from the records management operation of PHS DS, exceeded expectations.”

Restore’s ‘Datashred’ division was said to have traded “strongly”, and benefited from improved demand for recycled paper, while Restore ‘Scan’ also traded well, and its major seasonal contract was executed successfully.

“Within the Relocation division, Harrow Green performed well, with good year-on-year growth,£ the board added.

“Relocom traded satisfactorily.”

The company’s IT recycling activities, which comprise IT Efficient and The ITAD Works - acquired in February 2017 - were said to have traded “particularly strongly”.

“ITP Group, our toner cartridge recycling business, showed improvement and traded profitably during the period.”

Restore said its half-year results would be released on 11 September.