13th Mar 2014 12:24
LONDON (Alliance News) - Restore PLC Thursday reported higher profits and revenues for 2013, boosted by acquisitions made during the year, and raised its total dividend by 27% to 1.9 pence.
The UK office services provider reported a pretax profit for the financial year ended December 31, 2013, of GBP5.0 million, up from a GBP1.5 million pretax profit a year earlier, driven primarily by a strong increase in revenues, which rose to GBP53.6 million from GBP43.3 million in 2012, on the back of recent acquisitions.
The group booked a total of GBP3.4 million in exceptional costs, a similar level to the prior year, largely due to new acquisitions.
During the year, Restore made three acquisitions, including records management businesses File & Data and Kent-based Atix, as well as IT Efficient, a Bedfordshire-based IT asset disposal business.
It said that revenue growth from its records management business during the year, was partially offset by subdued new customer growth, while trading at Restore Scan remained weak, in contrast to a strong year for Restore Shed, which was boosted by several new business wins.
Restore said the current year has started in line with expectations, driven by a strong trading performance from its Document Management division.
"We will continue to pursue our strategy of organic and acquisitive growth and we look forward to delivering another year of strong progress in 2014," said Chairman William Wells in a statement.
The group said it reduced its net debt during the year to GBP16.0 million, from GBP17.8 million the year before.
Restore shares were trading at 187.00 pence per share Thursday morning, up 0.8%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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