Restore on a high as it integrates PHS
Office services provider Restore announced its unaudited results for the year to 31 December on Thursday, with revenue rising 41% to £129.4m and EBITDA up 44% to £29.3m, both on an adjusted basis for continuing operations.
The AIM-traded firm’s adjusted operating profit was 41% firmer at £25m, while its adjusted profit before tax was ahead 41% at £23m.
Basic earnings per share managed a 15% rise to 17.9p, while the board confirmed a 25% increase in dividends per share to 4p.
Net debt stood at £72.3m at year-end, rising from £60.6m a year earlier.
On a statutory basis, revenue rose to £129.4m from £91.9m, operating profit was up to £9.5m from £7.8m, profit before tax improved to £7.5m from £6.1m, and basic earnings per share were at 10.3p, compared to 7p at the end of 2015.
“We are pleased to report another strong performance in 2016 and further strategic progress in expanding the scale of the group's activities,” said chief executive Charles Skinner.
“The acquisition of PHS Data Solutions was a key event in the development of our document management division.”
Skinner said the acquisition transformed the company’s previously subscale document shredding business and significantly enhanced its capability in scanning.
“Taken together with our existing position in records management, Restore is now established as one of the two UK market leaders in each of our document management activities.
“We continue to be the market leader in our core relocation activity.”
The board saw scope for continued profitable growth in all of its activities, Skinner explained, with the growth prospects in its records management business remaining attractive.
“We expect to continue to gain market share from our expanded base in shredding and scanning, both organically and through acquisition.
“In relocation, we are focused on delivering further growth in revenue and operating margins.
“The current year has started well and we look forward to delivering another year of strong progress in 2017.”