Business
Half year results 2024
Half year results 2024.
About this update from Restore Plc
[{"type":"text","content":"\n\n31 July 2024\nRestore plc\n(\"Restore\" or the \"Group\" or the \"Company\")\n \nHalf year results 2024\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 half year ended 30 June 2024.\nSUMMARY OF RESULTS\n\n\n\n\n \n\n\n \n\n\nH1 2024\n\n\nH1 2023\n\n\nChange\n\n\n\n\nRevenue (£m)\n\n\n\n\n\n139.4\n\n\n139.6\n\n\n-\n\n\n\n\nAdjusted operating profit1 (£m)\n\n\n\n\n\n23.6\n\n\n21.7\n\n\n9%\n\n\n\n\nAdjusted operating margin2 (%)\n\n\n \n\n\n16.9%\n\n\n15.5%\n\n\n140bps\n\n\n\n\nAdjusted profit before tax3 (£m)\n\n\n\n\n\n16.3\n\n\n15.1\n\n\n8%\n\n\n\n\nStatutory profit/(loss) before tax (£m)\n\n\n\n\n\n8.6\n\n\n(25.9)\n\n\nn/a\n\n\n\n\nNet debt4 (£m)\n\n\n\n\n\n93.5\n\n\n97.9\n\n\n4%\n\n\n\n\nLeverage5\n\n\n\n\n\n1.7x\n\n\n1.8x\n\n\n6%\n\n\n\n\nAdjusted basic earnings per share6 (pence)\n\n\n\n\n\n9.0p\n\n\n8.4p\n\n\n7%\n\n\n\n\nStatutory basic earnings/(loss) per share (pence)\n\n\n\n\n\n4.7p\n\n\n(20.5p)\n\n\nn/a\n\n\n\n\nDividend per share (pence)\n\n\n\n\n\n2.00p\n\n\n1.85p\n\n\n8%\n\n\n\n\nSTRATEGY\n· Continued focus on improving operational and financial performance and maintaining good cash generation.\n· Records Management property consolidation strategy progressing well:\no First boxes moved into Markham Vale, our new 100,000 square foot facility, in Q2; on track to remove majority of boxes from our Redhill and Paddock Wood sites by year-end. \no Planning for our next site consolidation now underway.\n· New contract awarded with Department for Work and Pensions (\"DWP\") for inbound mail and document management services with a total minimum contract value of over £70m spanning six years, to start in FY25.\n· Further actions undertaken to improve the operational efficiency and profitability of the Digital business:\no Integration of the Digital business into Records Management; improve approach to market and reduce overheads.\no Closure of Stockport site and significant reduction in scale of Manchester operation, and consolidation of activity into Wolverhampton sites; reduction in capacity to benefit utilisation without constraining growth....