12th Sep 2013 09:02
LONDON (Alliance News) - Restore PLC Thursday raised its dividend 50% to 0.6 pence from 0.4 pence the previous year as it swung back into pretax profit and showed increased revenues in the half-year ended June 30, boosted by acquisitions and the reduction of its cost base.
The office-services company posted a pretax profit of GBP1.2 million, versus a pretax loss of GBP200,000 in the previous year. Revenues increased to GBP24.6 million from GBP18.2 million.
Restore said that revenues had been boosted by the acquisition Harrow Green in February and other small bolt-on acquisitions including File & Data, Atix and IT Efficient. The company's document management division benefited from the successful integration of these recent acquisitions, and its Office Relocation division was bolstered by the smooth integration of Sargents.
The Office Relocation division suffered a seasonally weaker first half, it said, but that was an improvement over loss it recorded in the previous year. This improvement was due to the cost-cutting measures undertaken after its acquisition of Harrow Green, Restore said.
The company maintained its full year expectations, and said that it remained confident of making further progress in the second half of the year.
Shares in Restore were trading up 7.8% at 138.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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