Business
Trading Update and CMD
Trading Update and CMD.
About this update from Restore Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0440F\n Restore PLC\n 12 November 2020\n \n \n \n \n 12 November 2020 \n \n \n Restore plc\n \n \n (\"Restore\" or the \"Group\" or \"Company\")\n \n \n \n \n \n Trading Update and Capital Markets Day\n \n \n \n \n \n Significant Growth Opportunity \n \n \n \n \n \n Restore plc (AIM: RST), the UK market leading document management, commercial relocation and IT recycling business, is\n pleased \n to provide the following trading update for the ten month period ended \n 31 October 2020. The Company is today hosting a virtual Capital Markets Day, setting out the Board's growth strategy.\n \n \n \n \n \n CURRENT TRADING\n \n \n \n \n \n Further to the third quarter trading update announced on 1 October 2020, the Group provides the following update on trading activity through to the end of October:\n \n \n \n \n \n - Overall activity levels in October were in line with the expected improvement in trajectory\n \n \n - Cash collection remained strong and we are on track to deliver reduced net debt at year end of £65-69m (pre acquisitions)\n \n \n - Building on growth in Q3, net box growth in Records Management continued to be positive in October \n \n \n - \n Restructuring of the business will result in c250 staff leaving the business (during August and to November) \n \n \n - \n Following completion of the planned restructuring, only c7% of staff remain furloughed on the Government's Job Retention Scheme which underlines the strong increase in customer activity levels over the last six months\n \n \n - Acquired E Recycling Ltd, \n a high security IT Asset Destruction (ITAD) business\n which \n will further enhance the Group's strong position in the large and rapidly growing IT recycling market\n \n \n \n \n \n GROWTH STRATEGY\n \n \n \n \n \n Today's Capital Markets presentation will provide detail of the medium-term strategy of the Group. We see opportunity for sustainable growth in each of the markets in which we operate, delivering enhanced returns, strong cash generation and significant shareholder value creation through three clear drivers:\n \n \n 1) Organic Growth across all business units and therefore taking market share\n \n \n 2) \n Acquisition Growth\n across 4 of the 5 business units\n \n \n 3)&nb...