Year End Trading Update

RNS Number : 9330V

Restore PLC

21 January 2013

 



21 January 2013

Restore plc

Year End Trading Update

Restore plc, the UK office services provider ("Restore" or "the Group"), is pleased to confirm that trading for the year ended 31 December 2012 was in line with our expectations.

Following the disposal in August 2012 of Peter Cox, our building repair business, the Group has two divisions: Document Management, whose main activities are records management, document scanning, and secure shredding and recycling, and Office Relocation, which includes Harrow Green, Sargents, Global Moving Solutions and a 50% stake in Relocom, the IT relocation specialist.

The Document Management division continued to perform strongly, driven by our records management activities. The integration of Harrow Green's records management activities was successfully completed, and we continued to achieve attractive operating margins. Our scanning and shredding operations benefited from being fully integrated within the division during the course of the second half.

The Office Relocation division, which primarily comprises the Harrow Green businesses acquired in March 2012, experienced stronger trading in the second half than the seasonally weaker first half, as anticipated at the time of our Half Year results in September. This outcome was achieved against the background of a programme of significant post-acquisition restructuring and cost reduction, together with disruption to some of the division's key trading months due to the Olympics.

The Group's Full Year results will be released on 20 March 2013.

Charles Skinner, Chief Executive of Restore, commented:

"In 2012, we continued to grow profits at the same time as securing market leadership in UK office relocations and rationalising our operational structure. Our markets, particularly records management, remained robust, and we continue to have an excellent platform for profitable growth." 

Contact:

Restore plc
Charles Skinner, Chief Executive	07966 234 075
Adam Councell, Group Finance Director	07860 402 434
Cenkos
Adrian Hargrave	020 7397 8922
FTI Consulting
Nick Hasell	020 7269 7291

 

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