Business
Half Year Results 2019
Half Year Results 2019.
About this update from Restore Plc
[{"type":"text","content":"\n \nRNS Number : 2643H Restore PLC 31 July 2019 \n\n31 July 2019\nRestore plc\n(AIM: RST)\n \nHalf Year Results 2019\n \nStrong Growth and Cash Generation\n \nRestore plc (AIM: RST), the UK leader in document management and business relocation services, announces its unaudited results for the six months ended 30 June 2019 (\"H1\" or \"the period\").\n \nFinancial highlights*\n· Group revenue up 15% to £106.2m, including organic growth of 3%\n· Group adjusted profit before tax up 17% to £20.1m (statutory PBT £12.0m, up 30%) \n· Group adjusted operating margin up 60bps to 21%\n· Adjusted earnings per share up 10% to 13.1p (Basic EPS 7.8p, up 28%)\n· Document Management revenue up 15% to £80.4m; adjusted operating profit up 22% to £21.5m\n· Relocation revenue up 13% to £25.8m, adjusted operating profit up 4% to £2.7m\n· Operational cash conversion of 115%, reflecting strong levels of operational cash flow and a material reduction in exceptional costs to £2.0m (2018: £4.3m)\n· Net debt at 30 June 2019 reduced by £16.3m from year end position to £95.0m, with leverage reduced to 1.8x adjusted EBITDA within the normal target range 1.5-2.0x (FY18 2.1x adjusted EBITDA)\n· Interim dividend per share up 20% to 2.4p\n (* continuing operations (excludes Printer Cartridge Recycling), before amortisation of intangible assets, exceptional items and share-based payments charge, excludes the effects of the adoption of IFRS 16)\n \nBusiness highlights\n· Records Management organic revenue growth of 4%, with net box growth reflecting continued market share gain\n· Integration of all prior year acquisitions now complete \n· Rainham Records Management facility build on track for box in-take commencing in Q1 2020\n· Restore Datashred performance has stabilised with sequentially improved performance from H2 2018 to H1 2019, despite softer paper prices\n· New Managing Director appointed for Restore Datash...