Report
James Tetley

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
Underlying
Restore

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.

Provider
Equity Development
Equity Development

​Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.

Analysts
James Tetley

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