Half Year Trading Update

RNS Number : 9462L

Restore PLC

25 July 2017

 

25 July 2017

Restore plc

Half Year Trading Update

Restore plc ("Restore" or "the Group"), the UK office services provider, today issues a trading update for the six months ended 30 June 2017.

Trading in the first six months of 2017 was in line with expectations, with the Group continuing to benefit from last year's acquisition of PHS Data Solutions ("PHS DS").

Within the Document Management division, Restore's core records management business traded robustly. As expected, net box growth during the period was below our usual rate of increase, reflecting major customer exits from previously-acquired businesses that were anticipated at the time of acquisition. However, cost savings, including those from the records management operation of PHS DS, exceeded expectations. Restore Datashred traded strongly and benefited from improved demand for recycled paper. Restore Scan also traded well, and its major seasonal contract was executed successfully.

Within the Relocation division, Harrow Green performed well, with good year-on-year growth.  Relocom traded satisfactorily. Our IT recycling activities, which comprise IT Efficient and The ITAD Works, acquired in February 2017, traded particularly strongly. ITP Group, our toner cartridge recycling business, showed improvement and traded profitably during the period.

The Group's Half Year results will be released on 11 September 2017.

For further information please contact:

Restore plc
Charles Skinner, Chief Executive	07966 234 075
Adam Councell, Group Finance Director	07860 402 434
Cenkos Securities	020 7397 8900
Nicholas Wells
Elizabeth Bowman
FTI Consulting	020 3727 1340
Nick Hasell
Alex Le May

 

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