Restore PLC Half Year Trading Update (9462L)

TIDMRST

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 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 25, 2017 02:00 ET (06:00 GMT)