Slide 1: 2013 Results Presentation
2 0 1 3 R E S U LT S P R E S E N TAT I O N CHARLES SKINNER, CHIEF EXECUTIVE ADAM COUNCELL , GROUP FINANCE DIRECTOR
Slide 2: Highlights
Highlights 1 Revenue up 24% Adjusted PBT up 61% Adjusted EPS up 42% Dividend up 27% 3 acquisitions: 2 successful integrations, 1 exciting new business stream Significant change in shareholder base with Geraldton exit New banking facility
Slide 3: 5-year Performance
5-year Performance 2 Revenue (£m) Adjusted profit before tax (£m) Adjusted earnings per share (p)
Slide 4: Overview of Operations
Overview of Operations 3 Document Management division Relocations division One of the market leaders in The market leader in UK office UK record management relocation with national coverage Nationwide secure shredding IT Asset Disposal and recycling and recycling Scanning IT relocation
Slide 5: Financial Review
FINANCIAL REVIEW
Slide 6: Financial Summary
Financial Summary 5 2013 2012 % Change Revenue (£m) 53.6 43.3 24% Adjusted EBITDA (£m) * 12.1 7.9 53% Adjusted operating profit (£m) * 10.9 7.1 54% Adjusted PBT (£m) * 10.0 6.2 61% Adjusted EPS (p) ** 10.5 7.4 42% Dividend per share (p) 1.9 1.5 27% Net Debt 16.0 17.8 (10%) * Before discontinued oper
Slide 7: Document Management
Document Management 6 Adjusted operating Revenue (£m) Margin % profit (£m) 2012 21.0 7.5 36% Acquisitions 6.7 1.7 Organic Growth 0.9 0.5 Cost savings in acquired RM 0.8 businesses Scanning (0.9) (0.3) 2013 27.7 10.3 37% Change +32% +37% +100bps
Slide 8: Relocations
Relocations 7 Adjusted operating Revenue (£m) Margin % profit (£m) 2012 22.3 1.2 5% Acquisitions 3.5 0.4 Organic Growth 0.1 0.0 Gross margin improvement 0.3 Overhead reductions 0.3 2013 25.9 2.2 8% Change +16% +83% +300bps
Slide 9: Summary Cash Flow
Summary Cash Flow 8 2013 £m 2012 £m Adjusted EBITDA 12.1 7.9 Exceptional costs (3.4) (3.0) EBITDA after exceptionals 8.7 4.9 Working capital 1.5 (5.0) Net cash from operations 10.2 (0.1) Capex (3.7) (1.9) Interest/Tax (1.5) (1.3) Acquisitions/Disposals (8.7) (12.6) Proceeds from share issues 7.0 11.
Slide 10: Capex
Capex 9 2013 £m File and Data uplift 0.8 IT system upgrade 0.6 Monkton Farleigh – D19 0.7 Growth Capex – New Racking 0.8 Growth Capex – Shredding 0.4 Maintenance Capex 0.4 TOTAL 3.7
Slide 11: Balance Sheet
Balance Sheet 10 2013 2012 £m £m Non-current assets 64.5 52.8 Trade and other current assets 17.9 17.6 Cash and cash equivalents 3.9 2.7 Current Assets 21.8 20.3 Trade and other current liabilities (15.6) (13.0) Financial liabilities – borrowings (6.0) (6.4) Current liabilities (21.6) (19.4) Financi
Slide 12: Debt Facilities
Debt Facilities 11 2013 Headroom £m £m Cash 3.6 5.1 Term loan (12.7) 0.0 RCF (3.0) 0.0 CID facility (3.9) 1.4 Total net debt 16.0 6.5 New £30m RCF agreed post year end. A further £7.5m accordion available 5 year framework agreement Margin reduction of over 100 bps Flexible facility going for
Slide 13: Analysis of Exceptional Costs
Analysis of Exceptional Costs 12 2013 £m Acquisition Costs 0.2 Box relocation costs 0.7 Restructuring and redundancy costs 1.4 Bad debt 0.9 Other 0.2 TOTAL 3.4
Slide 14: Operational Review
O P E R AT I O N A L R E V I E W
Slide 15: Document Management Division
Document Management Division 14 Document Management Division Revenue and Adjusted operating profit £'m Records Management continues to drive 30.0 27.7 forward 25.0 RM organic growth >6% before new business 21.0 20.0 Additional space created (currently at 92% of 15.0 storage capacity) 10.3 10.0
Slide 16: Relocations Division
Relocations Division 15 Relocations Division Revenue and Adjusted operating profit £'m Harrow Green revenue up 30 25.9 Harrow Green net margins up 25 22.3 Office relocation market starting to pick up 20 Working more closely with Relocom 15 Restore IT Efficient is a solid growth platform 10
Slide 17: Group Strategy
Group Strategy 16 Decentralised operations with central customer database “Deepening” and “Broadening” Services with similar channel to market Recurring revenues Customers unlikely to switch suppliers Typically involves significant off-site activity, unlike mainstream facilities manageme
Slide 18: Outlook
Outlook 17 Core Records Management business is robust and growing Harrow Green cost base sorted and market conditions improving Significant growth being sustained in Restore Shred Exciting opportunities in Restore IT Efficient Centralised customer database is working Continuing opportuni
Slide 19: Contact Details
Contact Details 18 Charles Skinner: 0207 409 2420 cskinner@restoreplc.com Adam Councell: 0207 409 2420 acouncell@restoreplc.com www.restoreplc.com