REG - Restore PLC - Strong trading & further acquisitions

RestoreAnnouncement

11/11/2021 07:00

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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 £255m*, 19% ahead of pre COVID-19
levels, with annualised EBITDA tracking at £74m

·      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 £2.5m

·      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 £0.9m, 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 £84.8m
with combined revenue of c£46m and EBITDA of c£10m 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 £85 million of capital, delivering an
incremental £46m in run rate revenue and £10m 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
(http://www.restoreplc.com/)

Charles Bligh,
CEO
 020 7409 2420

Neil Ritchie, CFO

 

Peel Hunt
LLP                                                                     www.peelhunt.com
(http://www.peelhunt.com/)

Mike
Bell
020 7418 8900

Ed Allsopp

 

Buchanan Communications
         www.buchanan.uk.com (http://www.buchanan.uk.com/)

Charles
Ryland
020 7466 5000

Vicky Hayns

Stephanie Whitmore

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