Restore plc - Harrow Green disposal and forecast upgrades
Restore has released a positive trading update this morning, upgrading underlying profit forecasts alongside the sale of the underperforming Harrow Green business to Pickfords for up to £5.5m. Organic growth prospects for Restore’s continuing businesses are increasingly positive, the recent Synertec acquisition is trading well, and underlying operating margins are already running ahead of the Group’s 20% medium-term target.On our upgraded FY26 forecasts, Restore is trading on a P/E rating of just 10x, which, in our view, fails to reflect the quality of the Group and its growth prospects. We reiterate our 400p Fair Value estimate.
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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