22nd Jan 2015 09:15
LONDON (Alliance News) - UK office services company Restore PLC on Thursday said trading for 2014 was in line with its expectations, on a steady performance for its document management arm and growth in its relocations business.
Restore said new box intake for its document management business improved in line with expectations in the second half to the end of December, benefiting from new business wins made in the first half. It said the integration of the UK records management and scanning arm of Cintas is progressing to plan and said its Restore Scan business now includes the former Cintas scanning division, which has won significant new business in recent weeks.
The group added its Restore Shred business has continued to show robust organic growth and said the acquisition of Cannon Confidential is progressing well.
In its relocations arm, the Harrow Green businesses showed strong growth in the fourth quarter following softer third quarter performance. Harrow Green recently won a GBP2.5 million per-year contract with the Ministry of Defence, it added.
The group added that Relocom, in which Restore now holds a majority stake, is benefiting from its closer relationship with Harrow Green, as does its IT asset disposal business Restore IT Efficient.
Restore will publish its full-year results on March 11.
"We are pleased by another year of good performance by the group in 2014, reflecting the strength of our business model and the robust nature of our activities," said Restore Chief Executive Charles Skinner.
Restore shares were up 0.2% to 260.08 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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