REG - Restore PLC - AGM Trading Update

RestoreAnnouncement

20/05/2022 07:00

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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 £255 million reported in January
2022 to more than £265 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.£10m 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 (http://www.restoreplc.com)
 Charles Bligh, CEO                                    +44 (0) 207 409 2420

Neil Ritchie, CFO

 Investec (Nominated Adviser and Joint Broker)         www.investec.com
 Carlton Nelson                                        +44 (0) 207 597 5970

 James Rudd

 Canaccord Genuity (Joint Broker, Corporate Advisor))  www.canaccordgenuity.com
 Max Hartley                                           +44 (0) 207 523 8000

 Chris Robinson

 Citi (Joint Broker)                                   www.citigroup.com
 Stuart Field                                          +44 (0) 207 986 4074

 Luke Spells

 Buchanan Communications (PR enquiries)                www.buchanan.uk.com (http://www.buchanan.uk.com)
 Charles Ryland                                        +44 (0) 207 466 5000

 Stephanie Whitmore

 

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