21st May 2019 11:47
LONDON (Alliance News) - Restore PLC said Tuesday it kept its full year forecasts unchanged after its first quarter saw trading in line with its expectations.
Meanwhile, it appointed a new finance chief.
For the three months ended March, the document management firm reported its core records management unit had continued to see "positive" momentum with net box volume growth in the first quarter. Meanwhile, if digital scanning business was also trading "as anticipated" and is "gearing up for the delivery of its major exam scanning contract."
In contrast, Restore described trading in its Datashred business as being "stable" with cost control a key focus. The firm emphasised, however, that customer retention and new business development had been "encouraging."
Its relocation unit had delivered a "satisfactory" performance in line with the year prior.
"Accordingly, the board's expectations for the full year remain unchanged, including planned reductions in net bank debt levels, and look forward to delivering another year of progress in 2019," Restore explained in a statement.
Restore also announced it had poached Mulberry Group PLC Chief Financial Officer Neil Ritchie as its own new CFO from the start of October. Ritchie - a former executive at hoover-maker Dyson - will replace Adam Councell who will be standing down in August.
In mid-March, Mulberry had announced that Ritchie would be leaving his role at the luxury goods firm at the end of June.
Restore Chair Martin Towers explained he was "delighted" Ritchie will be joining Restore.
"He brings a wealth of experience in high growth and listed businesses and will be an excellent addition to the leadership team," Towers added.
Shares in Restore were 2.8% higher at 380.50 pence on Tuesday.
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