The UK office services provider recently acquired ITP, and stated results were “broadly in line” with expectations.
StockMarketWire reported on Restore’s half-year results, which the company stated were “broadly in line” with expectations for the first six months of the financial year. The company acquired empty cartridge collector and broker ITP earlier in July, and stated that its “core records management business continued to perform steadily” thanks to the integration of the previously-acquired Cintas document management and scanning business.
Excluding this, box growth “exceeded expectations” in the first six months with growth of eight percent, with “organic growth remaining strong”. In turn, following “some rationalisation of smaller sites”, the company’s capacity utilisation levels “are now moving above 90 percent”. Restore’s Restore Scan business, which comprises Cintas, now “represents around 10 percent of group turnover”, though “significant technical problems on its major seasonal contract resulted in cost over-runs”.
Restore’s Shred subsidiary also “traded satisfactorily”, while its Harrow Green office relocations arm “performed in line with expectations and ended the first half strongly”. Finally, the Relocom and Restore IT Efficient businesses, parts of the Relocation division with Harrow Green, “also performed satisfactorily”, with ITP “now form[ing] part of this division, where it will work particularly closely with Restore IT Efficient”, which is the company’s IT recycling business.
Charles Skinner, CEO of Restore, said of the ITP deal: “The acquisition of ITP further broadens the scope of services we offer our customers and enhances our presence in the recycling of office products. We believe this transaction provides us with another excellent platform for growth and the board looks forward to the contribution to the group that ITP will make.”