Restore provides specialist solutions to enable organisations to work faster, reducing cost, work more securely and more sustainably.
We are the UK’s leading provider in integrated information and data management, business digitisation, secure recycling of paper and technology assets, and commercial relocation solutions.
Introduction
Restore continued to achieve growth demonstrating the strength of the business and resilience of the markets we operate in.
I am pleased to report a further year of revenue growth, up 19.1% leading to another year of strong profit delivery. Business activity increased during the year and despite the economic and political challenges, the business has shown excellent organic revenue growth of 11% with acquisition related growth of 8%.
After ending 2021 strongly the business continued to see expansion with activity levels rising across the Group despite the economic and political uncertainty. The growth we achieved, therefore demonstrates the resilience of our end markets, the execution of the whole team to deliver essential services to customers and the ability to win against the competition with our scale and excellent customer satisfaction.
Charles Bligh
Chief Executive Officer
Revenue
(£`m)
2020
£182.7m
2021
£234.3m
2022
£279.0m
Adjusted profit before tax*
(£`m)
2020
£23.2m
2021
£38.1m
2022
£41.0m
*Before amortisation of intangible assets, impairment and exceptional items.
Adjusted basic earnings per share*
(p)
2020
15.0p
2021
23.2p
2022
24.3p
*Before discontinued operations, amortisation of intangible assets, impairment and exceptional items.
Dividend per share
(p)
2020
Nil
2021
7.2p
2022
7.4p
Investment case
Restore provides a compelling investment case with high growth potential and strong resilience characteristics. Set out below are highlights of the investment rationale.
A clear investment position
ESG is firmly embedded across our organisation both in the way we work and supporting our customers responsibilities
Leading positions in growth markets
Long-standing customer relationships with high levels of customer satisfaction and retention
High levels of long-term contracted and recurring revenues
Attractive operating margins and strong cashflows
Fragmented markets with significant acquisition opportunities
Track record in closing and integrating acquisitions with strong ROIC
Competitive advantage through Restore’s scale leading to cost advantages
Significant barriers to entry
Restore plc Head Office
7 – 10 Chandos Street, London W1G 9DQ
T +44 20 7409 2402
To speak to Restore plc about Investor Relations please email: ir@restoreplc.com
To speak to Restore plc about Governance and Shareholders please email: cosec@restoreplc.com
Financial Adviser to Restore
Canaccord Genuity Limited
Chris Robinson / Edward Halfon
T +44 (0)20 7523 8000
Media Relations
Buchanan Communications
Charles Ryland / Vicky Hayns / Tilly Abraham
T +44 (0)20 7466 5000 / +44 (0)20 7466 5107
AIM Rule 26 Information
Restore plc is a company incorporated in England and Wales and was registered in September 2004 with registered number 05169780. The main country of operation is the United Kingdom.
The information is being disclosed for the purposes of AIM Rule 26. The page was last updated on 16 March 2023.
Company information and Business description
Please click here for Company information and details of our business description.
Directors
Please click here for details of the Company’s Board of Directors.
Corporate governance
Please click here for details of our corporate governance last updated on 5 October 2022.
Advisers and registrars
Please click here to see information regarding our advisers.
Exchange/trading platform
The securities of Restore plc are traded on AIM operated by the London Stock Exchange plc. Restore plc is subject to the UK City Code on Takeovers and Mergers.
Securities in issue
As at 16 March 2023 Restore plc had in issue 136,924,067 ordinary shares. No shares are held in treasury. Insofar as the Company is aware, the percentage of ordinary not in public hands is 12.4%.
Significant shareholders
Please click here to see our significant shareholders as at 16 March 2023.
Share restrictions
There are no restrictions on the transfer of Restore plc shares.
Growth and Resilience
Restore continued to achieve growth demonstrating the strength of the business and resilience of the markets we operate in.
From the businesses
Comment from our Managing Directors on their company’s contribution to our results.
Nigel Dews
Managing Director, Restore Records Management
Mark Horrocks
Managing Director, Restore Digital
Duncan Gooding
Managing Director, Restore Technology
Duncan Gooding
Managing Director, Restore Datashred
Tim Ryder
Managing Director, Restore Harrow Green
Historic reports & accounts and presentations
If you would like to receive hard copies of our latest annual report please contact us at: info@restoreplc.com
Regulatory news
Live news feed from the London Stock Exchange’s Regulatory News Service.
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| 2023 | 2024 | 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| £m (unless stated otherwise) | Consensus | High | Low | Consensus | High | Low | Consensus | High | Low | ||
| Revenue (£’m) | 307.3 | 310.0 | 301.2 | 321.4 | 325.0 | 318.0 | 333.7 | 347.3 | 326.0 | ||
| Adjusted EBITDA (£’m)* | 90.8 | 92.9 | 89.1 | 96.2 | 98.5 | 94.4 | 100.5 | 102.1 | 99.8 | ||
| Adjusted profit before tax (£’m) | 45.0 | 45.5 | 44.5 | 51.1 | 52.1 | 49.5 | 56.7 | 60.7 | 53.7 | ||
| Adjusted EPS (FD) (pence)* | 24.5 | 25.2 | 23.7 | 27.2 | 28.2 | 26.6 | 30.5 | 32.7 | 28.4 |
Notes
The analysis table does not constitute a forecast or financial guidance by Restore plc. Contact details for market analysts is provided below.
* Stated before adjusting items. EBITDA is after the effects of IFRS16.
Based on most recent 7 Analyst reports received as at 17 March 2023. 2024† based on 6 analyst projections and 2025† based on 4 analyst projections.
| Company | Analyst | Contact Number | |
|---|---|---|---|
| Peel Hunt | Christopher Bamberry | +44 (0)20 7418 8835 | Christopher.Bamberry@peelhunt.com |
| Canaccord Genuity | James Wood | +44 (0)20 7523 8399 | jwood@cgf.com |
| Singer Capital Markets | Greg Poulton | +44 (0)20 7496 3184 | greg.poulton@singercm.com |
| Berenberg | Calum Battersby | +44 (0)20 3753 3118 | calum.battersby@berenberg.com |
| Investec | Tom Callan | +44 (0)20 7597 6712 | tom.callan@investec.co.uk |
| Citi | Paul Bradley | +44 (0)20 7986 3460 | paul.l.bradley@citi.com |
| Panmure Gordon | Andy Smith | +44 (0)20 7886 2760 | andy.smith@panmure.com |
Corporate governance
The Board ensures that the Group is managed for the long-term benefit of all shareholders with corporate governance being an essential part of this. It remains focused on activities where it can generate excellent returns with strong visibility. It is a leader in its primary activities, and it has an impressive track record of strengthening its market position.
Sharon Baylay-Bell
Non-Executive Chair
The Board has adopted the Quoted Companies Alliance (QCA) Corporate Governance Code in line with the London Stock Exchange’s recent changes to the AIM Rules requiring all AIM-listed companies to adopt and comply with a recognised corporate governance code. Our report sets out in broad terms how we comply at this point in time.
Statement of Compliance with the QCA Corporate Governance Code
We will provide annual updates on our compliance with the Code.
Audit Committee
The Company’s Audit Committee is responsible for monitoring the integrity of the financial statements of the Company, advising on appropriate accounting policies and reviewing management judgements. It is also responsible for reviewing effectiveness of internal control and approving the external audit plan and reviewing the effectiveness of the external auditor, PricewaterhouseCoopers LLP.
The Audit Committee consists of Susan Davy as Chair and the other independent Non-Executive Directors.
Remuneration Committee
The Group’s Remuneration Committee is responsible for determining the remuneration policy for the Executive Directors and senior management, as well as its implementation over time, with the aim of ensuring that this supports the delivery of the Group’s strategy. The Committee is committed to adhering to good practice for executive pay and pay reporting, and to reflecting any changes which may be required as a result of changing regulation, legislation, or best practice.
The Remuneration Committee consists of Jamie Hopkins as Chair and the other independent Non-Executive Directors.
Nomination Committee
The principal responsibility of Restore’s Nomination Committee is to lead the process for Board appointments and to make recommendations for maintaining an appropriate balance of skills on the Board. The Board and Nomination Committee undertake regular assessments of management to ensure that they maintain a successful strategy in order that succession plans are in place.
The Nomination Committee consists of the Non-Executive Directors. The Committee is chaired by Sharon Baylay-Bell unless the matter under discussion is her own succession. It is also assisted by executive search consultants as and when required.
| Date | Events |
|---|---|
| 31 December 2022 | Financial Year End |
| 1st February 2023 | Normal Trading Update |
| 16 March 2023 | Full Year Results 2022 |
| May 2023 (TBC) | Annual General Meeting |
| 26 July 2023 | Half Year Results 2023 |
| November 2023 (TBC) | Capital Markets Day |
Annual General Meeting
Our AGM will take place in May 2023 (TBC).
AGM Resolutions 2022
Public relations
Buchanan Communications Ltd
107 Cheapside
London EC2V 6DN
Tel: 020 7466 5000
Nominated adviser and broker
Investec
Tel: 0207 597 5970
Advisors
Company Secretary
Sarah Waudby
Restore plc
7 – 10 Chandos Street
London W1G 9DQ
Tel: 020 7409 2420
Email: cosec@restoreplc.com
Auditors and Reporting Accountants
PricewaterhouseCoopers LLP
1 Embankment Place
London WC2N 6RH
Tel: 020 7583 5000
Investor Relations Consultants
RMS Partners
160 Fleet Street
London EC4A 2DQ
Tel: 020 3735 6551
Financial and Tax Advisers
KPMG
15 Canada Square
Canary Wharf
London E14 5GL
Registrars
Link Asset Services
Unit 10, Central Square
29 Wellington Street, Leeds, LS1 4DL
Tel: 0871 664 0300*
From outside the UK: +44 (0) 371 664 0300
Email: shareholderenquiries@linkgroup.co.uk
* Calls cost 12p per minute plus network extras.
Lines are open Monday-Friday 9.00am – 5:30pm
Public Relations
Buchanan Communications Ltd
107 Cheapside
London EC2V 6DN
Tel: 020 7466 5000
Nominated Adviser and Broker
Investec
Tel: 0207 597 5970
Joint Corporate Broker
Canaccord Genuity
Tel: 0207 523 8000
Joint Corporate Broker
Citi
Tel: 020 7986 4000
Solicitors to the Company
Fieldfisher LLP
17th Floor
No. 1 Spinningfields
1 Hardman Square
Manchester M3 3EB
Tel: 0161 835 8010
SAIL address
Link Group
Unit 10, Central Square
29 Wellington Street
Leeds LS1 4DL
