We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Restore Plc | LSE:RST | London | Ordinary Share | GB00B5NR1S72 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -0.45% | 222.50 | 220.00 | 225.00 | 223.50 | 222.50 | 223.50 | 207,158 | 10:36:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 279M | 16.8M | 0.1227 | 18.13 | 304.66M |
TIDMRST
RNS Number : 0440F
Restore PLC
12 November 2020
12 November 2020
Restore plc
("Restore" or the "Group" or "Company")
Trading Update and Capital Markets Day
Significant Growth Opportunity
Restore plc (AIM: RST), the UK market leading document management, commercial relocation and IT recycling business, is pleased to provide the following trading update for the ten month period ended 31 October 2020. The Company is today hosting a virtual Capital Markets Day, setting out the Board's growth strategy.
CURRENT TRADING
Further to the third quarter trading update announced on 1 October 2020, the Group provides the following update on trading activity through to the end of October:
- Overall activity levels in October were in line with the expected improvement in trajectory
- Cash collection remained strong and we are on track to deliver reduced net debt at year end of GBP65-69m (pre acquisitions)
- Building on growth in Q3, net box growth in Records Management continued to be positive in October
- Restructuring of the business will result in c250 staff leaving the business (during August and to November)
- Following completion of the planned restructuring, only c7% of staff remain furloughed on the Government's Job Retention Scheme which underlines the strong increase in customer activity levels over the last six months
- Acquired E Recycling Ltd, a high security IT Asset Destruction (ITAD) business which will further enhance the Group's strong position in the large and rapidly growing IT recycling market
GROWTH STRATEGY
Today's Capital Markets presentation will provide detail of the medium-term strategy of the Group. We see opportunity for sustainable growth in each of the markets in which we operate, delivering enhanced returns, strong cash generation and significant shareholder value creation through three clear drivers:
1) Organic Growth across all business units and therefore taking market share 2) Acquisition Growth across 4 of the 5 business units 3) Margin Expansion with cost efficiencies from the increased scale of the Group
Restore is consistently number 1 or number 2 in the markets we serve, with very good customer retention and highly predictable recurring revenues. The total market size across all our end markets is estimated to be cGBP1.9bn and with only c11% market share in these highly fragmented markets, there remains significant opportunity to expand our market share.
Charles Bligh, CEO, commented:
"Restore's strategy is to drive significant growth in shareholder value and we have clear priorities to deliver, which I look forward to articulating in more detail later today.
We continue to see good activity levels across all business units and although it is too early to understand the impact of the recently implemented lock-down restrictions across the UK, we anticipate activity levels being similar to those experienced over the last few months. We have maintained strict cost management and I expect to report strong cash generation for the year, with H2 profits larger than H1 profits. Restore's recent acquisition is reflective of the increasing opportunity we see to accelerate our strategic delivery through a disciplined inorganic strategy, and we are well positioned to bounce back strongly in 2021."
Restore plc www.restoreplc.com
Charles Bligh, CEO 020 7409 2420
Neil Ritchie, CFO
Peel Hunt LLP www.peelhunt.com
Mike Bell 020 7418 8900
Ed Allsopp
Buchanan Communications www.buchanan.uk.com Charles Ryland 020 7466 5000
Stephanie Watson
Tilly Abraham
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
TSTFFDFWFESSEEF
(END) Dow Jones Newswires
November 12, 2020 02:00 ET (07:00 GMT)
1 Year Restore Chart |
1 Month Restore Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions