Restore PLC Trading Update (3378Z)
15 5월 2023 - 3:00PM
UK Regulatory
TIDMRST
RNS Number : 3378Z
Restore PLC
15 May 2023
15 May 2023
Restore plc
("Restore" or the "Group" or "Company")
Trading Update
Restore (AIM: RST), the UK's leading provider of digital and
information management and secure lifecycle services, provides the
following trading update for the four months ended 30(th) April
2023 (the "Period"), ahead of its Annual General Meeting to be held
Tuesday 16(th) May 2023.
Revenue for the first four months at GBP92.8m, has continued to
increase, up c.4% on the prior year.
-- In Digital and Information Management, substantial price
increases were successfully implemented at the start of the year
and, combined with increased activity from new customers and
ongoing cost saving measures, are offsetting the large
non-repeating public sector contract that benefitted the Digital
business during H1 last year. In Records Management, the BBC
contract, the largest in Restore's history, has started well and
during April the transfer of artefacts to our facilities commenced
as planned. Expected net box growth for FY23 continues to be strong
and within the guided range of 1% to 2%.
-- In Secure Lifecycle Services activity levels in Datashred and
Harrow Green are in line with management expectations for the
Period, together with good cost control. Technology is seeing
strong demand for ultra secure IT Destruction and IT Relocation
projects (together representing a combined c.20% of Technology
revenue). However there continues to be a slower than anticipated
recovery in hardware recycling volumes, consistent with recent IT
sector reports that indicate new PC/Laptop sales were down 25-30%
in Q1 2023 following elevated pandemic demand.
-- The business is adapting capacity and continues to execute
its planned structural cost reductions of c.GBP3m across the Group,
which is progressing in line with management expectations, with
actions across supplier rationalisation, cost of sales and
operating overheads.
Outlook
The Board anticipates that the Group will deliver revenue and
adjusted EBITDA growth in excess of 5% over FY22 through the
implemented price changes, increased organic activity and strong
cost control. Despite this positive organic momentum, due to the
ongoing reduced levels of volumes in the IT hardware market,
management now expect the Group's adjusted PBT to be below their
previous expectation and in the range of GBP41-43 million for the
year.
The Group's half year results will be announced on Wednesday
26(th) July 2023.
Charles Bligh, CEO, commented:
"We are successfully achieving our plans to implement price
increases, execute cost reduction and provide consistent service
delivery. In a challenging environment, we are continuing to see
increased activity across the majority of our businesses,
especially in our Digital and Information Management Division.
Whilst the unprecedented reduction in IT hardware sales is having
an impact on Technology in the short term, overall the Group is on
track to deliver growth in revenue and operating profits for the
year and achieve a further reduction in debt."
For further information:
Restore plc www.restoreplc.com
Charles Bligh, CEO
Neil Ritchie, CFO +44 (0) 207 409 2420
Investec (Nominated Adviser and Joint www.investec.com
Broker)
Carlton Nelson
James Rudd +44 (0) 207 597 5970
Canaccord Genuity (Joint Broker, Corporate www.canaccordgenuity.com
Advisor) )
Max Hartley
Chris Robinson +44 (0) 207 523 8000
Citi (Joint Broker) www.citigroup.com
Stuart Field
Luke Spells +44 (0) 207 986 4074
Buchanan Communications (PR enquiries) www.buchanan.uk.com
Charles Ryland
Simon Compton +44 (0) 207 466 5000
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END
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