17th Sep 2018 09:54
LONDON (Alliance News) - Restore PLC on Monday hiked its interim payout as the office support service provider increased profit and revenue in the first half and said its full-year expectations remain unchanged.
In the six months ended June, Restore increased its statutory pretax profit to GBP9.3 million from GBP100,000 the year before. Adjusted pretax profit rose 13% to GBP17.3 million from GBP15.3 million.
Adjusted profit is before amortisation of intangible assets, exceptional items and share-based payments charge.
Restore's exceptional items in the period decreased to GBP4.3 million from GBP11.9 million the year before - resulting in the large shift in statutory pretax profit.
Revenue increased 9.4% to GBP95.1 million from GBP86.9 million.
The company declared an interim dividend of 2.0 pence per share, a 20% increase year-on-year from a 1.67p payout last year.
Restore's two divisions increased operating profit and revenue in the half.
Document Management increased operating profit 11% to GBP17.6 million from GBP15.8 million as revenue rose 7.9% to GBP69.9 million from GBP64.8 million.
The Relocations division's operating profit improved 35% to GBP2.7 million from GBP2.0 million. Revenue from the division increased 14% to GBP25.2 million from GBP22.1 million.
Restore said it expectations for the all of 2018 remain unchanged. For 2017, Restore posted a revenue of GBP176.2 million and pretax profit of GBP9.7 million.
Chief Executive Officer Charles Skinner said: "We are pleased to report another strong first-half performance, particularly in light of the demanding comparator set by our growth in the prior year period.
"TNT Business Solutions, whose acquisition we completed in May, has performed in line with expectations and its full integration into the group is now underway. We remain focused on realising our targeted operational synergies and the longer-term opportunities that the business provides to expand our presence in the UK public sector, where many entities still undertake records management in-house.
"We will continue to pursue our strategy of organic and acquisitive growth and we are well positioned to gain further market share across all of our businesses."
Shares in Restore were up slightly Monday morning at 490.10 pence each.
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