Restore PLC AGM Trading Update (1657M)
May 20 2022 - 2:00AM
UK Regulatory
TIDMRST
RNS Number : 1657M
Restore PLC
20 May 2022
20 May 2022
Restore plc
("Restore" or the "Group" or "Company")
AGM Trading Update
Continued strong trading momentum
Restore (AIM: RST), the UK's leading provider of digital and
information management and secure lifecycle services, provides the
following trading update ahead of its Annual General Meeting to be
held later today.
Trading for the four months to 30(th) April was in line with
Board's expectation.
-- Strong momentum seen in H2 2021 continued throughout the period:
-- Revenue c.37% ahead of the comparative period driven by
organic growth (+14%), acquisition effects (+18%) and COVID-19
repair (+5%).
-- Run rate revenue expanded from GBP255 million reported in
January 2022 to more than GBP265 million at end of the period.
-- Digital and Information Management division experienced high
organic growth rates through storage expansion and strong demand
for integrated services with Restore Digital winning and executing
on major contract wins in the period, including Scottish
Census.
-- Secure Lifecycle Services showed continued revenue momentum
with growing underlying demand in Restore Technology, sustained
project delivery across UK from Harrow Green and growing revenues
from Restore Datashred as office activity increases and from strong
paper pricing.
-- Cost inflation greater than anticipated but largely mitigated
to date through productivity and pricing.
-- Acquisition strategy progressed in the period with two
transactions completed and c.GBP10m of capital deployed to acquire
Ultratec, expanding the capability of Restore Technology, together
with a small bolt-on in Records Management. The pipeline of
strategic deals remains very strong across the Group with a number
of potential acquisitions currently in exclusivity.
The Group's interim results will be announced on the 28(th) July
2022.
Charles Bligh, CEO, commented:
"After a record year in 2021, Restore has continued its strong
momentum in 2022. Revenue continues to expand and we are hiring
staff to support increasing activity levels for the essential
services we provide to customers as they also rebound, transform
their business and seek to reduce their costs.
We continue to progress our strategic pipeline of acquisition
opportunities and are seeing an increasing number of businesses
coming to market and anticipate substantial opportunities to invest
whilst maintaining our disciplined approach to valuation and
integration.
This combination of strong organic expansion and acquisition
driven growth are the foundations of our strategy and we believe
will provide strong returns to shareholders over the medium to long
term."
For further information:
Restore plc www.restoreplc.com
Charles Bligh, CEO
Neil Ritchie, CFO +44 (0) 207 409 2420
Investec (Nominated Adviser and Joint www.investec.com
Broker)
Carlton Nelson
James Rudd +44 (0) 207 597 5970
Canaccord Genuity (Joint Broker, Corporate www.canaccordgenuity.com
Advisor) )
Max Hartley
Chris Robinson +44 (0) 207 523 8000
Citi (Joint Broker) www.citigroup.com
Stuart Field
Luke Spells +44 (0) 207 986 4074
Buchanan Communications (PR enquiries) www.buchanan.uk.com
Charles Ryland
Stephanie Whitmore +44 (0) 207 466 5000
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END
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