31st Jul 2019 10:51
(Alliance News) - Document management and business relocation services provider Restore PLC on Wednesday reported solid profit and revenue growth in a "strong" performance.
Pretax profit for the year to June rose 30% on the same period a year prior to GBP12.0 million, with the adjusted figure climbing 17% to GBP20.1 million.
Restore's revenue rose 15% year-on-year to GBP106.2 million, with organic growth at 3%.
Restore has increased the interim dividend by 20% to 2.4 pence per share.
Chief Executive Charles Bligh commented: "I am pleased to report a strong first-half performance in line with expectations. Our continued organic growth has been underpinned by a focus on customer service and a solid operational performance. The expected lower level of exceptional costs has been reflected in strong cash generation and a resultant strengthening of the group's financial position.
"The integration of all prior acquisitions, including TNT Business Solutions, has now been completed successfully and our new public sector team continues to build a good pipeline."
"After five months in the role and after spending time meeting the team, visiting sites, and talking with customers, it is clear that we have significant opportunities to grow in the UK, both organically and through selective acquisitions," Bligh continued.
"The underlying cash generation capability of the business will lead to substantially reduced net debt this year and this solid financial position leaves us well positioned to capitalise on opportunities to acquire capability and add scale in all of the markets we serve as and when they arise."
Expectations for the year remain unchanged, Restore added, with focus to be on growing organically and increasing market share. There is, however, a longer-term acquisition pipeline being lined up.
Restore shares were 3.7% higher on Wednesday morning at a price of 425.00p each.
Related Shares:
Restore