Restore – 122p

20th March 2013 – full year results

Restore’s results for the year to 31 December 2012 were very strong, with revenue up 130% to £43.3m (2011: £18.8m) and adjusted profit before tax up 68% to £6.2m (2011: £3.7m). Earnings per share rose 72% to 7.4p (2011: 4.3p) and the dividend per share has been increased 50% to 1.5p (2011: 1.0p). The document management division traded well with operating margins benefiting from increased scale, the office relocation business secured market leadership and the group have exited non-core assets. The group also announced the acquisition of File & Data Storage Limited for an initial consideration of £6.1m, which will be funded by a placing of shares with institutional investors to raise up to £7.0m. The company continue to build both organically and through acquisitions in its chosen office services markets. These markets offer strong recurring revenues, complexity of operation which provides attractive margins and scope for cross selling. The shares are worth tucking away, although no longer looking as cheap they are a LONG TERM BUY.

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