Positive FY24 outturn, return of strategic M&A
Restore’s FY24 results confirm a period of strong delivery against financial and strategic priorities. Group revenue was stable year on year at £275m and adjusted PBT increased by 14% to £34.4m, a shade ahead of our forecast, driven by good progress on margins. Our underlying forecasts are unchanged, anticipating further progress towards the 20% medium term operating margin target.Restore has also returned to the acquisition trail this morning with the £33m acquisition of Synertec, a market leading document management business with longstanding relationships in public and commercial sectors.
We upgrade our earnings forecasts by 7% to 8% in FY25/FY26 and see compelling value in Restore’s shares, which now trade on
Restore is engaged in Document Management and Business Relocations services. Co. provides services in document storage, document shredding, scanning, commercial and workplace relocation, and IT equipment and consumables reuse and recycling. Co. has two divisions: Document Management, which comprises of Restore Records Management, Restore Datashred, and Restore Digital; and Relocation, which comprises of Restore Harrow Green and Restore Technology.
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