Investors

Investment Case

Restore was historically built on the strengths of the physical storage element of our Information Management division. Our other activities now also deliver secure, high margin, and growing earnings. The markets in which we operate are at different stages of maturity, with several representing opportunities for strong organic growth. Restore represents a very attractive investment with significant growth opportunity.

Restore provides a compelling investment case with high growth potential and strong resilience characteristics. Set out below are highlights of the investment rationale.
Restore has a stable, secure, high-margin Information Management division which is consistently cash generative. Our other businesses are in closely related markets serving a similar customer base.

These businesses are at an earlier stage of maturity but have similar strengths of recurring revenues and market leadership.

Why Restore is a very attractive investment

Predictable and and recurring demand
  • Our services are vital to organisations’ day-to-day operations but cannot be performed effectively or effciently in-house.
  • Our businesses have predictable revenue streams with visibility on over 90% of our 2026 revenue.
  • The majority of our revenues are contracted.
  • Switching suppliers is highly unattractive and disruptive for our customers.
  • Long-term demand for our services is stable and evident.
Leadership in markets where scale is highly beneficial
  • We are the UK market leader or No 2 in all our main activities.
  • All of our operations benefit from scale in terms of operational efficiency.
  • Given the critical nature of our services, customers are reassured by contracting with a market leader.
  • Our operations require lower overheads as a percentage of revenue compared to smaller operators.
  • Our significant cash generation enables us to deploy capital to fund growth opportunities as they arise.
  • National coverage is necessary for a significant percentage of our larger customers, which very few of our competitors can offer.
  • In most of our markets there are opportunities for earnings accretive bolt-on acquisitions where the synergies for an established, large operator are substantial.
Markets with high barriers to entry
  • All of our markets require an established operation and customer base to gain a meaningful foothold.
  • Most of our markets increasingly involve significant regulation, requiring companies to hold multiple industry certifications.
  • Many of the services we supply, such as inbound and outbound communications, cannot be undertaken without considerable legacy investment.
  • We have historically grown our businesses through acquisition such that there are few opportunities for a small competitor or new entrant to undertake a similar exercise.
Long-established customer relationships
  • Business-to-business services, particularly in business-critical services, are generally based on long-term relationships between individuals at several different touch points between the customer and supplier. These range from original sales contacts, customer service relationships to simple driver-tosite contacts. These establish ties which are not easily broken without creating service and other problems.
  • The average period over which we store a box is in excess of 15 years and overall customer churn is negligible in our Records Management business.
  • Similarly in Datashred, the average customer life is over seven years.
  • In most of our services, we are usually active with a customer on a daily or weekly basis.
  • Given the service delivery complexity, almost all of our customers are unlikely to move absent consistent service failures, significant pricing disparity or supplier consolidation. On the latter, our scale tends to mean we benefit from customers consolidating suppliers.
Appropriate financing structure with strong cash generation
  • The financial strength of our Information Management business ensures a steady stream of cash generation.
  • We have highly supportive lenders who understand the strength of our cash generation, as witnessed by our recent bank refinancing.
  • We have a high rate of cash conversion.
  • All of our businesses are well-invested. In the immediate future the largest areas of capital investment will be in the regular updating of our fleet, investment in our Information
  • Management IT systems and completing the consolidation of our Information Management sites.
  • Significant funding is available for acquisitions, share buybacks or a combination of both.
Experienced management and colleagues
  • The vast majority of our divisional leadership teams are specialists in their individual businesses.
  • Most of the managers across our businesses have joined the industry in an operational capacity.
  • We operate in markets where most of our operatives have worked in their industries for the bulk of their working lives.

 

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Where Restore’s growth opportunities lie

Driving group profitability forward
  • Adjusted earnings per share from continuing operations has increased from 14.8p in 2023 to 22.5p in 2025, comfortably in excess of 20% annual compound growth. We believe this momentum can be maintained in the medium term.
  • We see further efficiencies across the Group resulting from the ongoing property consolidation, improving operating margins in our scanning activities and optimised routing efficiency across our fleet.
  • We have an efficient and scalable cost base, enabling additional revenue to translate into increased profitability without a corresponding rise in non operating costs.
  • We can reap the benefits of our investment in new and upgraded operating systems, which are now delivering the expected benefits in our Datashred and Technology divisions
Greater sales focus on winning new business
  • We had significantly underperformed in winning new business for our bulk-scanning activities. This was in part due to our inefficient operations which meant our prices were too high. With the steep reduction in overheads in our digital business, and sharp increase in operational efficiency, we are finally competing properly in the market and winning significant volumes of bulk-scanning.
  • In the past, we have overlooked software solutions which service information requirements for a few large customers in sectors such as insurance and motor. We now have the time and resource to look to sell these more widely.
  • Technology has spent much of the last two years focusing on bringing the business back to decent profitability and honing its offering to customers. Now this has been achieved, we can focus on generating new business for what is now an industry-leading service.
Improving our offering
  • We have been using AI for many years in our core digital services, where it is used to strengthen our data classification, extraction and validation processes. As organisations look to unlock the value of significant volumes of data currently stored in physical form, Restore is well placed to support them whilst ensuring that initiatives are secure, compliant and deliver genuine tangible benefits.
  • We are a dominant force in UK digital mailrooms but our basic off-the-shelf offering can be significantly improved to provide a simple outsourced service for customers still running their digital mailrooms in-house.
  • We can invest in our significant online hosting facility to improve functionality for our existing customers and attract new customers.
  • Synertec is currently investing in moving its operating platform to a cloud-based solution which will improve functionality significantly for its customer base.
  • There remain many significant public sector bodies, particularly in the NHS, who have yet to outsource their physical data storage and digitise data where appropriate. We expect to accelerate this logical transition through coherent promotion of the obvious benefits.
  • Datashred’s Restore Recycle service is starting to get traction in collecting materials other than paper for recycling, particularly with existing Datashred customers. Our infrastructure and customer relationships give us a ready-made platform for this diversification.
Leveraging our customers in high growth areas
  • The scale of our physical storage business and its customer base of large corporates and public sector bodies is now integrated with the UK’s largest scanning operation. Our customers are looking to us to help them to manage the overlap between their physical and digital data. Our new offering embracing this is steadily proving to be what the market wants and we see this as an area for significant revenue growth.
  • Synertec’s outbound communications capability has seen the business grow significantly. We see this growth continuing to ramp up, both within the NHS, its current largest marketplace, and other public sector bodies and also in other sectors where the Group has a strong presence.
  • Technology is working more closely with the IT hardware Valued Added Resellers (“VARs”). Increasingly they are looking to us for lifecycle services, managing the assets for joiners, movers and leavers, as well as engineering services.
More outsourcing
  • There still remains many organisations in the public sector, including the NHS, who continue to store their physical records in-house, which is demonstrably inefficient. Over time, we expect this inefficiency to be recognised and acted upon.
  • Synertec’s outbound communications competes with in-house services. It has consistently proven its cost effectiveness and efficiency gains. There is huge scope for potential customers to recognise this and outsource this service.
  • End-users continue to outsource their IT hardware procurement to VARs. These VARs in turn prefer to outsource the in-life and end-of-life equipment management to specialist IT recyclers, such as market-leading Technology.
Bolt-on and strategic acquisitions
  • In 2025, we made seven acquisitions at a total cost of ￡35.1m.
  • Six of these acquisitions were bolt-on acquisitions:
  • Three of these were shredding-related, where long term contracts were moved into our existing network of branches and ongoing costs were almost exclusively those of drivers and vehicles. This generates denser routing, strong marginal contribution, an excellent return on capital and greater market penetration.
  • One of these acquisitions was in physical storage where surplus storage capacity has enabled us to store more boxes at a commercially attractive price, enhancing operating margins.
  • Another acquisition was of a hybrid physical storage and shredding business where we could transfer the shredding to another site, creating more box storage capacity.
  • The final bolt-on acquisition was the purchase of the digital mailroom and scanning business of a large multinational IT corporation, allowing us to leverage our operational capacity to drive efficiencies.
  • The seventh acquisition was Synertec, diversifying our offering into the closely-related area of outbound communications. We remain alert to strategic acquisition opportunities in other adjacent markets.
  • We have completed a further 2 shredding bolt-on acquisitions in 2026 and the pipeline of potential acquisitions remains healthy.
Contact us

For any enquiries, please get in touch.

Restore plc, 7-10 Chandos Street,
London W1G 9DQ

info@restoreplc.com
0207 409 2420

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