The UK office services provider, which bought cartridge collector ITP, saw results “in line with expectations”.
Digital Look reported on the company’s results, which it stated were “in line with expectations”, while its acquisitions helped “push Restore higher in 2016”. The Recycler reported the company bought out empties collector ITP in July 2015, as well as UK document scanning business Crimson UK that August, document shredder Wincanton that November, relocations company Diamond Relocations that December, and PHS Data Solutions in 2016.
In turn, Restore’s document management business also grew by 73 percent, as reported in September 2015, while its half-year results were said to be “broadly in line” with predictions in July that year. Analysts had advised buying shares in Restore in June 2016, though ITP’s Commercial Director Jason Doran left by mutual consent in late May last year.
Amid the results, the site pointed out that ITP’s performance “continued to be impacted by a weak global market for reselling empty cartridges”, while the company’s document management division features the “core records management business” which “accounts for the majority of group profit”, and “continued to perform steadily”, with its “principal focus” the acquisitions of Wincanton and PHS Data Solutions.
With these deals, the “integration of the records management operations of both businesses” is “largely complete”, and “synergies [are] in line with those anticipated on acquisition”. Additionally, Restore’s shredding activities were said to have been “transformed” by acquiring PHS Datashred, with this integration “now complete and Restore Shred rebranded as Restore Datashred”.
Restore Scan meanwhile “made good progress during the year following a change of operational management”, and has been “significantly enlarged by the addition of the scanning division” of PHS Datashred. The relocation division, which includes the Harrow Green business, “achieved steady year-on-year growth”, while trading “during the final quarter was strong […] with good levels of activity”.
The Relocom technology relocation business traded “satisfactorily”, and the IT Efficient IT asset disposal business was also said to have “performed strongly and benefited rom improved operational practices”.
Charles Skinner, CEO of Restore, commented: “We are pleased by another year of good performance by the group, with significant increases in revenue, profits and earnings per share. Following a two-year period in which we have made three major earnings-enhancing acquisitions, Restore is now established as one of the two market leaders in each of our main activities.
“The group is a key supplier of services to UK offices and workplaces and has an excellent platform for further profitable growth with strong visibility of earnings.”