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.
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.
““I am pleased with our FY2022 performance in Records Management, especially our strong organic revenue growth which was driven through customer box wins and new project activities. We secured two major new contracts for the Department of Work and Pensions and BBC, both provide an excellent platform for further growth in 2023. We continue our focus on providing added value to our customers, delivering operational efficiencies and high levels of customer satisfaction.””
Nigel Dews
Managing Director, Restore Records Management
““Restore Digital in 2022 further consolidated its leading market position through strong organic growth and the integration of EDM Group (acquired in 2021). The continuing shift in our product mix to digital mailrooms, cloud-based document management systems and transformative workflows, has facilitated the expected increase in overall margin. We are increasingly well regarded for highly complex and confidential change programmes that underpin our customers’ digital transformation objectives.””
Mark Horrocks
Managing Director, Restore Digital
”
“2022 continued to see Technology deliver against its strategy. We achieved both organic and acquisitive growth in what was a dynamic marketplace. We maintained our market position as number one in size and scale. The team’s continued focus on transformation is now delivering improved customer insight and operational efficiencies. FY 2023 is a key year in how we transform. It will deliver a much deeper integration of the business we have acquired over the past few years. A new customer facing on-line contract system will raise the level of engagement and improve the automation on the sales front. We will be deploying a single operating platform across all sites (rather than hosting multiple instances on each site). This will move us from a consortium of regional businesses, delivering national services to a national business delivering regional services. We will be deploying a single finance platform across the business, aligned to the group strategy using Business Dynamics. Once the transformation is complete, the Technology business will be able to accelerate the market advantage it has with scale and national reach. A very exciting 2023.”
”
Duncan Gooding
Managing Director, Restore Technology
““2022 proved to be a robust year for Datashred. Year on year we continued to see the return of pre covid activity levels across our customer base. We maintained the number one spot in digital marketing, resulting in a large number of ad-hoc service requests, which in turn provides us with further service related revenue streams. The teams focus on transformation delivered an improved customer experience at a lower cost to service. We maintained our reputation as the market leader for service excellence as seen with our “Excellence” status on TrustPilot.
As part of the Restore Group, Datashred continued to on-board the largest number of net new clients for the Group. This focus creates a wider opportunity and provides an increasing number of cross business unit services into our combined customers. Datashred is in an excellent position to continue to grow, both organically and via acquisitions as we continue to deliver our 5 year strategy.””
Duncan Gooding
Managing Director, Restore Datashred
“”2022 was a strong year in terms of organic growth for Harrow Green with a 8% increase on 2021 – supporting our customers with workplace management as they progress with new ways of working. We have secured some big wins with the BBC and University of Arts and have increased our storage capacity across our nine UK locations. We are seeing continued growth across our Laboratory Services and Heritage divisions – which has seen us win some very prestigious projects in these sectors. Improving our customer journey has been a huge focus for our teams as we continue on our digital transformation programme. This work has seen our Trustpilot and NPS scores increase throughout the year as we provide more services, efficiency and added value to our customers.””
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.
Sign in or register for RNS updates
To receive an automated regulatory announcements e-mail alert, please complete the form below. You can change your alerting preferences or unsubscribe at any time by visiting this page and logging in.
* Denotes required fields
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
| 2023 | 2024 | 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| £m (unless stated otherwise) | Consensus | High | Low | Consensus | High | Low | Consensus | High | Low | ||
| Revenue (£’m) | 299.0 | 305.0 | 295.8 | 312.6 | 318.2 | 307.1 | 325.0 | 335.3 | 318.0 | ||
| Adjusted EBITDA (£’m)* | 87.7 | 89.3 | 87.0 | 91.8 | 94.2 | 89.9 | 96.0 | 98.0 | 93.6 | ||
| Adjusted profit before tax (£’m)* | 41.2 | 42.0 | 41.0 | 46.1 | 46.6 | 45.5 | 51.2 | 53.8 | 50.0 | ||
| Adjusted EPS (FD) (pence)* | 22.8 | 23.5 | 22.5 | 24.9 | 25.2 | 24.7 | 27.6 | 29.0 | 26.9 |
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. Adjusted EBITDA is after the effects of IFRS16.
Based on most recent 7 Analyst reports received as at 25 May 2023.
| 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 | Avinash Mundhra | +44 (0)20 7986 6230 | avinash.mundhra@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 |
| 15 May 2023 | Trading Update |
| 16 May 2023 | Annual General Meeting |
| 26 July 2023 | Half Year Results 2023 |
| November 2023 (TBC) | Capital Markets Day |
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
Chris Fussell
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
