Management actions driving profit growth
Restore’s ten-month trading update reiterates profit expectations for both FY24 and FY25. Excellent progress is being made in delivering cost savings and driving profit margins, a clear priority for this management team. This has offset some market softness around the Autumn Budget as well as a £3m headwind for FY25 relating to increases in employer National Insurance Contributions and the National Living Wage. Absent these changes, we believe Restore would have been primed for an earnings upgrade looking into next year.A recent investor site visit provided a reminder of Restore’s quality, as well as medium term growth ambitions. In our view, this is not yet reflected in an FY25 P/E rating of
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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