Restore starts year 'well' as PHS delivers to expectations

As investors in Restore gathered in London on Monday morning for the company’s annual general meeting, its chairman Sir William Wells was preparing to update them on the firm’s trading performance in the year to date.

The AIM-traded firm said 2017 trading had started well across the group, with the benefits of the acquisition of PHS Data Solutions in August 2016 being delivered in line with expectations.

“Our Document Management division, including our core records management business, is trading well, with Restore Datashred and Restore Scan benefiting from their greater scale following the successful integration of the PHS scanning and shredding activities,” Sir William said.

“The performance of Harrow Green, the core business within our Relocation division, is in line with expectations.

“IT Efficient, our IT recycling business, is steadily integrating ITAD Works acquired in February 2017, while ITP, our toner cartridge recycling business, is showing improvement following its poor performance in 2016.”

Wells said the year had started well, and the board now looked forward to delivering “another year of strong progress” in 2017.