14th Jan 2019 08:38
LONDON (Alliance News) - Restore PLC on Monday said it expects to report double-digit earnings growth in 2018, driven primarily by acquisitions and expansion in the public sector.
The UK office services provider said TNT Business Solutions, acquired in May last year, is providing its largest unit, Restore Records Management, and other divisions with additional growth opportunities in the public sector.
Restore Datashred, the company's document shredding business, experienced lower volumes than budgeted in 2018, while the Restore Digital unit, which now includes the majority of the former TNT Business Solutions scanning business, performed satisfactorily.
In addition, the Restore Harrow Green, its office relocation business, continued to achieve year-on-year growth in revenue and profit, the company noted.
"I am pleased that the final set of results under my leadership will show further strong year-on-year growth in revenue, profits and earnings per share," said Chief Executive Charles Skinner.
"Restore is a well-invested business which has leading positions in attractive and coherent markets. It has an excellent platform for further profitable growth with good visibility of earnings," added Skinner.
Back in mid-December, Restore had said Skinner will leave at the end of March after a decade in the position. He will be replaced by former TalkTalk Telecom Group PLC chief operating officer Charles Bligh, who will join the board on March 11 and then become CEO at the start of April.
Restore expects to report its annual results on March 18.
The stock was down 11% on Monday morning at 346.00 pence a share.
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