Restore plc (AIM: RST), the UK market leader in document management and business relocation, is pleased to provide the following trading update for the nine months to 30 September 2019 and the hosting of a Capital Markets Day for investors in London on 6 November 2019.
Restore continues to deliver on its strategy to create shareholder value through a combination of organic growth, selective acquisitions and further margin expansion.
Trading has continued to perform in line with the Board's expectations during the third quarter. Key highlights in the period were:
· Further to the net box growth reported in our H1 results, our core Records Management business has continued to show net box growth in line with the Board's expectations
· A new Managing Director has been appointed to Restore Datashred. The robust operational performance delivered in H1 has continued through the third quarter, although wholesale paper prices remain below prior year levels
· Restore Harrow Green, the UK's market-leading office relocation business, performed well in Q3 (led by strong delivery in the key London region) with Restore Digital and Restore Technology performing in line with expectations
· The ongoing focus on cash generation has meant that leverage continues to decrease year on year
The Board continues to see opportunities for selective acquisitions across the markets in which it operates.
During Q3 three small acquisitions were made, one in Restore Records Management and two in Restore Technology, both of which will be absorbed into existing facilities.
CHARLES BLIGH, CEO, COMMENTED
"I am delighted to invite investors to our Capital Markets Day today, the focus of which is to set out the substantial opportunity for the business in each of the markets we operate in.
We enter this next stage in Restore's evolution, with each of our businesses performing well and in line with our expectations. This provides a strong platform from which we can continue to deliver on our strategy of generating shareholder value through organic growth, selective acquisitions and margin expansion.
I am pleased to welcome Neil Ritchie, CFO, and Duncan Gooding, Managing Director of Restore Datashred, to the team. I would also like to extend a thank you to the whole Restore team who continue to deliver great service to our customers every day."