Restore ends year in line with expectations

Office services provider Restore confirmed on Tuesday that trading for the year to 31 December was in line with expectations.

The AIM-traded company said its document management division, where the core records management business accounted for the majority of group profit, continued to perform well.

It said its records management business also continued to trade strongly, while Restore Datashred performed “satisfactorily” and completed five small shredding acquisitions during the year, all of which had now been fully integrated.

Restore Scan continued to increase revenues and operating margins, the board reported.

Its relocation division, which primarily comprises the Harrow Green business, continued to achieve good year-on-year growth, with trading activity at Harrow Green said to be “strong”.

IT Efficient, the group's IT asset disposal business, was significantly expanded by the acquisition of The ITAD Works in February, and the combined business traded ahead of expectations.

ITP, Restore’s toner cartridge recycling business, showed some signs of improvement, although its market remained “difficult”.

“Our full year results will show further significant year-on-year growth in revenue, profits and earnings per share,” said Restore chief executive Charles Skinner.

“This reflects the successful integration of PHS Data Solutions, acquired in August 2016, and a strong underlying performance by our businesses.

“We continue to have an excellent platform for further profitable growth with strong visibility of earnings.”

Restore said its full year results would be released on 13 March.

As at 1001 GMT, shares in Restore were down 1.4% at 546.25p.