Year End Trading Update
Restore plc, the UK office services provider ("Restore" or "the Group"), confirms that trading for the year ended 31 December 2017 was in line with expectations.
Our Document Management division, whose core records management business accounts for the majority of Group profit, continued to perform well. Our Records Management business continued to trade strongly. Restore Datashred performed satisfactorily and completed five small shredding acquisitions during the year, all of which have now been fully integrated. Restore Scan continued to increase revenues and operating margins.
Our Relocation division, which primarily comprises the Harrow Green business, continued to achieve good year-on-year growth. Trading activity at Harrow Green was strong. IT Efficient, the Group's IT asset disposal business, was significantly expanded by the acquisition of The ITAD Works in February 2017, and the combined business traded ahead of expectations. ITP, our toner cartridge recycling business, showed some signs of improvement but its market remains difficult.
The Group's Full Year results will be released on 13 March 2018.
Charles Skinner, Chief Executive of Restore, commented:
"Our full year results will show further significant year-on-year growth in revenue, profits and earnings per share. 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."
For further information, please contact:
Charles Skinner, Chief Executive
07966 234 075
Adam Councell, Group Finance Director
07860 402 434
020 7397 8900
020 3727 1340
Alex Le May