Business
Full year 2023 results
Full year 2023 results.
About this update from Restore Plc
[{"type":"text","content":"\n\n14 March 2024\nRestore plc\n(\"Restore\" or the \"Group\" or the \"Company\")\n \nFull year 2023 results\n \nRestore plc (AIM: RST), the UK's leading provider of digital and information management and secure lifecycle services, today announces its results for the year ended 31 December 2023.\nSUMMARY OF RESULTS\n\n\n\n\n \n\n\n \n\n\n2023\n\n\n2022\n\n\nChange\n\n\n\n\nRevenue (£m)\n\n\n\n\n\n277.1\n\n\n279.0\n\n\n(1%)\n\n\n\n\nAdjusted operating profit1 (£m)\n\n\n\n\n\n44.3\n\n\n51.9\n\n\n(15%)\n\n\n\n\nAdjusted operating margin2 (%)\n\n\n \n\n\n15.9%\n\n\n18.6%\n\n\n(270bps)\n\n\n\n\nAdjusted profit before tax3 (£m)\n\n\n\n\n\n30.3\n\n\n41.0\n\n\n(26%)\n\n\n\n\nStatutory (loss)/profit before tax (£m)\n\n\n\n\n\n(29.0)\n\n\n23.3\n\n\n(224%)\n\n\n\n\nNet debt4 (£m)\n\n\n\n\n\n97.8\n\n\n103.5\n\n\n6%\n\n\n\n\nAdjusted basic earnings per share5 (pence)\n\n\n\n\n\n17.0p\n\n\n24.3p\n\n\n(30%)\n\n\n\n\nStatutory basic (loss)/earnings per share (pence)\n\n\n\n\n\n(22.5p)\n\n\n12.3p\n\n\n(283%)\n\n\n\n\nDividend per share (pence)\n\n\n\n\n\n5.2p\n\n\n7.4p\n\n\n(30%)\n\n\n\n\n \nSTRATEGY\n· New Chair, Chief Executive Officer and Chief Financial Officer appointed in H2.\n· New strategy announced in November 2023, focused on improving operational performance, margins and maintaining high levels of cash generation.\n· Initial actions include reduction in head office functions with devolution of responsibilities to businesses and the appointment of new management teams.\n \nTRADING PERFORMANCE\n· Group revenue broadly flat at £277.1m (2022: £279.0m):\no Digital and Information Management revenue £170.1m (2022: £168.2m); strong growth in Records Management storage revenues, Digital impacted by fewer major scanning projects than 2022.\no Secure Lifecycle Services revenue £107.0m (2022: £110.8m); record revenue at Harrow Green, Technology and Datashred impacted by slower IT replacement market and lower recycled paper prices respectively.\n· Significant contract awards and projects in the year included HM Revenue & Customs, the BBC and the largest pharmaceutical company move in the UK.\n· Adjusted profit before ta...