UK's Restore slumps to over eight-year low after FY profit warning

Restore

04/07/2023 08:58

** Shares of Restore  RSTP.L  down as much as 29.45% at
162.5p, its lowest level in more than eight years
    ** Stock set to record worst day in 14 years if losses hold
    ** Co sees FY profit before tax at 31 mln pounds ($39.3
mln), lower than its previous outlook
    ** Co hurt by fall in demand for its bulk digital scanning
and a slump in prices of recycled paper
    ** Says it expects challenges, which include rise in
interest rates and weakness in its technology unit to continue
into H2
    ** Adds its records management unit remains robust
    ** Expects to reduce permanent staff by 230
    ** Separately, CEO Charles Bligh will step down from his
role, Jamie Hopkins to be interim CEO
    ** As per last close stock down 30% YTD

($1 = 0.7881 pounds)

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))