Restore PLC Strong trading & further acquisitions (9972R)
November 11 2021 - 2:00AM
UK Regulatory
TIDMRST
RNS Number : 9972R
Restore PLC
11 November 2021
11 November 2021
Restore plc
("Restore" or the "Group" or "Company")
Strong trading and further acquisitions
Restore plc (AIM: RST), the UK's leading provider of integrated
information and data management services, secure technology
recycling, and commercial relocation solutions, is pleased to
confirm today that trading for the 10 months to 31 October 2021 has
performed in line with the Board's expectations.
Recent trading has continued the positive momentum seen through
the first half with continued expansion of revenues and income.
Organic performance in the second half to date has been ahead of
the same period last year, with the acquisitions made in the last
10 months contributing to a strong overall performance.
-- Revenue run rate improved to GBP255m*, 19% ahead of pre
COVID-19 levels, with annualised EBITDA tracking at GBP74m
-- Margins were in line with expectations with increased scale
and efficiency offsetting inflationary pressure
-- Business Unit performance tracking well and demonstrating successful strategic progress
-- Restore Records Management reaffirms a further year of 1%-2% net box growth for 2021
-- Restore Digital integration of EDM is on track to deliver
transformational change in capability and scale with substantial
synergy benefits of more than GBP2.5m
-- Restore Datashred revenue improved to 80% of Pre-COVID19
levels through strong paper pricing and gradual activity expansion
with margin improving through enhanced efficiency
-- Restore Technology experienced strong demand with increased
scale providing step up in margin
-- Restore Harrow Green continued to perform well across all
regions with demand in London being particularly strong
-- Recent acquisition of PS Managed Solutions Ltd for GBP0.9m, a
bolt on paper shredding opportunity that will enhance market
presence in North East England
-- Integration of previously announced acquisition of The
Document Warehouse UK, an established Records Management business
in South East England, progressing well
-- In the 10 months to 31 October 2021, the Group acquired 7
strategically aligned high quality businesses at an investment cost
of GBP84.8m with combined revenue of cGBP46m and EBITDA of cGBP10m
before synergies.
Charles Bligh, CEO, commented:
"I am delighted with the organic momentum the business is
achieving and the major contribution we are seeing from the
successful acquisitions we have completed over the past 10
months.
We have invested to create a strong and scaleable platform for
Restore, which is allowing us to deliver consistent growth and
returns and in the last 10 months we have deployed almost GBP85
million of capital, delivering an incremental GBP46m in run rate
revenue and GBP10m in EBITDA, before taking into account the
further value that we will achieve from synergies and the
capability gain these investments will provide."
* Run rate based on annualisation of 3 month period to 31
October 2021
Restore plc www.restoreplc.com
Charles Bligh, CEO 020 7409 2420
Neil Ritchie, CFO
Peel Hunt LLP www.peelhunt.com
Mike Bell 020 7418 8900
Ed Allsopp
Buchanan Communications www.buchanan.uk.com
Charles Ryland 020 7466 5000
Vicky Hayns
Stephanie Whitmore
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END
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