Restore plc is an AIM-listed support services company focussed on providing services to offices in the private and public sectors.

Restore plc has two divisions: document management and relocations. As a group it provides safe and secure services in document storage, online and tape storage, document shredding, office relocation, IT relocation and IT asset disposal. The group has significantly developed and expanded these services over the last few years by means of acquisition and organic growth and provides nationwide services, with storage locations across all of mainland Britain.

The Company was floated on AIM in November 2004. Our head office is in London W1.

Restore is a document storage company based in Redhill, Surrey. From its original storage facilities in Redhill, Paddock Wood and Launceston, and a 70-acre underground facility in Wiltshire, its geographical spread has grown significantly over the last few years, partly through acquisitions made in Oxfordshire, Sussex, Leeds, Glasgow, Middlesbrough, Manchester and Kent, as well as File and Data, another national records management business. It has also taken on the records management activities and sites of Harrow Green and now operates from 17 sites across the UK. The company offers a range of services from pure storage to a comprehensive, compliance-based records management programme and has customers throughout the UK.

Restore Shred, headquartered in Upper Heyford with sites from Glasgow to London, where it has a state-of-the-art facility with capacity in excess of 15,000 tonnes a year. The company was formed in October 2011 when it acquired the business and assets of Thoroughshred, a provider of secure shredding and recycling. The acquisitions of M&L Document Destruction and Cannon Confidential mean that Restore Shred now services customers across the UK.

Restore Scan (formerly Document Control Services Ltd (DCS)) is a specialist scanning company. The company is based in Peterborough and has a strong customer base across the UK, serving in particular the infrastructure sector.


http://www.restoreplc.com/investor-relations.php

Beneficiary of recurring revenue and loyal customer base. A good safe and steady stock.

moving up nice

Good move today aswell

Year End Trading Update
RNS
RNS Number : 9330V
Restore PLC
21 January 2013



21 January 2013





Restore plc

Year End Trading Update





Restore plc, the UK office services provider ("Restore" or "the Group"), is pleased to confirm that trading for the year ended 31 December 2012 was in line with our expectations.



Following the disposal in August 2012 of Peter Cox, our building repair business, the Group has two divisions: Document Management, whose main activities are records management, document scanning, and secure shredding and recycling, and Office Relocation, which includes Harrow Green, Sargents, Global Moving Solutions and a 50% stake in Relocom, the IT relocation specialist.



The Document Management division continued to perform strongly, driven by our records management activities. The integration of Harrow Green's records management activities was successfully completed, and we continued to achieve attractive operating margins. Our scanning and shredding operations benefited from being fully integrated within the division during the course of the second half.



The Office Relocation division, which primarily comprises the Harrow Green businesses acquired in March 2012, experienced stronger trading in the second half than the seasonally weaker first half, as anticipated at the time of our Half Year results in September. This outcome was achieved against the background of a programme of significant post-acquisition restructuring and cost reduction, together with disruption to some of the division's key trading months due to the Olympics.



The Group's Full Year results will be released on 20 March 2013.



Charles Skinner, Chief Executive of Restore, commented:



"In 2012, we continued to grow profits at the same time as securing market leadership in UK office relocations and rationalising our operational structure. Our markets, particularly records management, remained robust, and we continue to have an excellent platform for profitable growth

Interview with Charles Skinner, Chief Executive of Restore.

Click the link to listen;
http://www.brrmedia.co.uk/event/108106/charles-skinner-chief-executive

Restore snaps up records management firm
By Benjamin Chiou

Wed 20 Mar 2013



LONDON (SHARECAST) - AIM-listed support services firm Restore announced a placing to raise up to seven million pounds to fund the purchase of File & Data Storage, a records management services company in the UK.

The acquisition of File & Data is worth an initial consideration of £6.1m but includes a cash earn-out capped at £150,000 subject to the its financial performance.

"The acquisition of File & Data will further strengthen Restore's position as one of the UK's leading providers of records management services and brings the benefit of some strong and long-standing customer relationships," Restore said in a statement.

It plans to place up to 6,558,559 new ordinary shares at 111p each, raising up to £7.0m after expenses.

"Restore has been active in consolidating the UK records management market since 2010 to become what we believe is now the second largest provider of records management services in the UK," said Chief Executive Charles Skinner.

"File & Data has a strong national presence and some excellent customer relationships and its acquisition will further enhance our platform for growth. The Board looks forward to the contribution to the Group that File & Data will make."

Shares were 5.63% higher at 122p by Wednesday afternoon.

Acquisition of Atix Limited

RNS


RNS Number : 8434C

Restore PLC

22 April 2013






22 April 2013



Restore plc

Acquisition of Atix Limited

Restore plc ("Restore" or "the Company") is pleased to announce the acquisition of Atix Limited ("Atix"), which was completed on 19 April 2013.

Founded in 1997 and based in Kent, Atix is a records management business with a broad range of customers, predominantly in London and the South East of England.

Atix was purchased for a cash consideration of £932,000, on a cash free debt free basis, funded from Restore's existing bank facilities. For the 12 months to 31 March 2013, Atix's turnover is expected to be in the region of £845,000, with EBITDA in the region of £232,000.

The acquisition of Atix will further strengthen Restore's position as one of the UK's leading providers of records management services and brings the benefit of some strong and long-standing customer relationships.

Commenting on this acquisition, Charles Skinner, Chief Executive of Restore plc, said:

"Atix is a well-established provider of records management services in the South East and its acquisition will further broaden our customer base and provide the Group with additional cross-selling opportunities. Following on from our purchase of File & Data last month, this transaction demonstrates the continued progress of our acquisition-led growth strategy. The Board looks forward to the contribution to the Group that Atix will make".

A buy in this weeks SM - Arguably one of the least -known defensive stocks on the market. Restore is an ideal long term holding for any investor wanting exposure to a company with high levels of recurring revenue. Chief executive Charles Skinner says that if Restore did not win a single piece of new business hereupon, its document storage business would grow by 5% each year for the foreseeable future. This is existing customers giving Restore more boxes , rather than hiking storage rates.
As it stands today organic growth rates are exceeding expectations as insurers, lawyers and other paper hungry users are showing an insatiable appetite for keeping important documents in safe places. Once papers are put into storage, they can stay put for decades , providing long-lasting income for Restore. It charges a fee to look after these items and gets paid every time the documents need to be consulted (which is more often than you would expect)

A double page in this weeks Shares mag- A buy

This also looks like a very solid steady performer and one to be part of a balanced portfolio that will give stability.

Dreamcatcher, Would appreciate your comments over on the Coms BB where Doodlebug4 is a regular source of information.

Thanks

Pete

Coms doing very well 4PS. Any info picked up, I will gladly add.

AGM Statement

RNS


RNS Number : 8433F

Restore PLC

30 May 2013


Restore plc

AGM Statement





At the Annual General Meeting of Restore plc ("Restore" or "the Group"), to be held today at 2pm, the Chairman, Sir William Wells, will make the following statement:



"I am pleased to report that 2013 has started well and that Group trading in the first four months of the year has been encouraging and in line with management's expectations.



In our Document Management division, the core records management business continues to perform strongly. The acquisitions made in 2012 have been successfully integrated and the integration of the acquisitions made earlier this year is now underway, including the uplift and relocation of boxes arising from the acquisition of File & Data. We are currently developing additional space at both our Oxfordshire site and at our freehold underground facility in Wiltshire.



Restore Scan (previously DCS) and Restore Shred, which form part of the Document Management division, continue to benefit from their integration into the division, with many new business opportunities now being generated from other parts of the Group.



Restore IT Efficient, which comprises IT Efficient, the IT asset disposal business we acquired in April, has an excellent customer list and very exciting prospects. We expect to generate significant sales leads for the business from within the Group's existing customer base.



Our Office Relocation division, which trades primarily as Harrow Green, is showing a strong year-on-year improvement in profitability, benefiting from both the reduction in its cost base and improving market conditions. Several of our largest customers have significantly increased their activity with us, while a number of major projects, such as the relocation of papers for the British Library and the relocation of the BBC from White City, will contribute to the division's results this year. The integration of Sargents' relocation business into Harrow Green has been completed.



Following the acquisition of Sargents in 2011, the Group was required to service Sargent's largest customer through BGM Group Limited, a move planning business which has recently entered administration. As a result Restore expects to record a one off exceptional bad debt of up to £800k in relation to BGM in the current financial year. However, we continue to service the large customer but through a financially strong intermediary.



The Group continues to be highly cash generative and we maintain a healthy financial position. Due to the high visibility of Restore's revenues we look forward with confidence to making further strong progress this year".

One of eight aim names ready to hit the target. A buy in this weeks shares mag.

Trading Update

RNS


RNS Number : 9201I

Restore PLC

10 July 2013








10 July 2013



Restore plc



Trading Update



Restore plc, the UK office services provider ("Restore" or "the Group"), today issues a trading update for the six months ended 30 June 2013.



Trading in the first six months of 2013 was in line with our expectations.



Our Document Management division continued to trade well, with the core records management business performing strongly. The integration of the three acquisitions made in the period - File & Data and Atix in records management, and IT Efficient in IT asset disposal - is proceeding to plan.



Our Office Relocation division, which primarily comprises Harrow Green, the UK market leader, continued to benefit from improved market conditions and the reduction in its cost base, which, as reported in our May 2013 AGM Statement, will result in a strong year-on-year improvement in its profitability.



The Group's Half Year results will be released on 12 September 2013.

Starting to get back to highs, up 4% today.

Nice relaxing chart!

According to IC this week, a buy and still to cheap. Still trade on 11 times 2014's forecast earnings.

Tipped in Shares as well.

In Shares mag today - Looks vulnerable to a takeover approach.

Acquisition of Magnum Secure Limited

RNS


RNS Number : 1685F

Restore PLC

22 April 2014




22 April 2014

Restore plc

Acquisition of Magnum Secure Limited

Restore plc ("Restore" or "the Company") is pleased to announce the acquisition of Magnum Secure Limited ("Magnum"), which was completed on 17 April 2014.

Founded in 1989, Magnum provides records management and secure shredding services, predominantly in the North East of England. Magnum has developed a particularly strong presence with large public sector organisations and currently operates from sites in Goole, East Yorkshire, and Spennymoor, County Durham.

Magnum was purchased for a cash consideration of £4.6m, on a cash and debt free basis, funded from Restore's existing baking facilities. For the 12 months ending 31 July 2014, Magnum's turnover is expected to be in the region of £2.8m, with EBITDA in the region of £0.6m.

The acquisition of Magnum will further strengthen Restore's position as one of the UK's leading providers of records management services and brings the benefit of some strong and long-standing customer relationships.

Charles Skinner, Chief Executive of Restore plc, said:

"The acquisition of Magnum broadens our customer base in records management, increases our geographical coverage of the UK and will provide the Group with additional cross-selling opportunities. We have a strong track record of effectively integrating records management businesses and the Board looks forward to the contribution to the Group that Magnum will make

Acquisition of Cannon Confidential

RNS


RNS Number : 7842H

Restore PLC

22 May 2014






22 May 2014

Restore plc

Acquisition of Cannon Confidential

Restore plc ("Restore" or "the Company") is pleased to announce that it has today exchanged contracts to acquire Cannon Confidential from OCS Group UK Limited. Completion is expected to take place on 16 June 2014, following staff consultation.

Cannon Confidential, founded in 1998, provides secure shredding and recycling services from four sites across the UK and serves customers in both the private and public sectors.

Cannon Confidential was purchased for a cash consideration of £933,000 on a cash-free, debt-free basis, funded from Restore's existing banking facilities. For the 12 months ending 31 March 2014 Cannon Confidential's turnover was £1.7 million, on which it recorded a small loss.

The acquisition of Cannon Confidential will add significant critical mass to Restore Shred, the Group's rapidly growing secure shredding and recycling business, and extend its geographic coverage, particularly in North West England and Scotland.

Charles Skinner, Chief Executive of Restore plc, said:

"We have been developing a strong and fast growing shredding business which fits neatly with our other operations and expands the range of services we offer to our customers. This acquisition greatly enhances our capability and gives us full coverage of mainland Britain."

AGM Statement

RNS


RNS Number : 7840H

Restore PLC

22 May 2014






22 May 2014



Restore plc



AGM Statement





At the Annual General Meeting of Restore plc ("Restore" or "the Group"), to be held today at 12 pm, the Chairman, Sir William Wells, will make the following statement:



"I am pleased to report that 2014 has started well and that Group trading in the first four months of the year has been encouraging and in line with management's expectations.



In our Document Management division, the core records management business continues to perform steadily. We are currently operating at just short of capacity but have acquired and developed additional space to accommodate our projected organic growth. Last year's acquisitions of File & Data and Atix are contributing as expected at the time of their acquisition.



As anticipated in our Full Year results announcement, Restore Scan has had a strong start to the year with profit sharply ahead year-on-year. Restore Shred has continued to grow rapidly with annualised growth in turnover currently running in excess of 50%.



Our Relocations division, which trades primarily as Harrow Green, has, as expected, benefited from improved market conditions and lower fixed costs. Activity in the London market is clearly strengthening and we have also secured several major projects outside of London, such that our regional network is now making a significant contribution to profit. Relocom, our IT relocation subsidiary, has traded in line with expectations, as has Restore IT Efficient. I am also proud to announce that Harrow Green was last week awarded the prestigious Commercial Mover of the Year award.



In the last two months, we have made several acquisitions:



- Records Management. In April, we acquired Magnum Secure, based in Goole, Yorkshire, and Spennymoor, County Durham and last week, we acquired Filebase in Washington, Tyne and Wear. These acquisitions continue our strategy of consolidating smaller records management businesses and will significantly strengthen our presence in the North East.

- Restore Shred. We have today announced that we have exchanged contracts to acquire Cannon Confidential, the UK shredding division of OCS. This adds significant critical mass to our fast-growing secure shredding and recycling operations, and increases our geographic coverage, particularly in North West England and Scotland.

- Relocom. In April, we acquired an additional 33% stake in Relocom, the UK IT relocation business, taking our overall stake to 83%, with an agreement to purchase the remaining shares, owned by the Managing Director of Relocom, in due course. This enables us to integrate Relocom fully into our operations, which will improve its profitability.



These acquisitions will increase our share of the UK market in the areas in which we operate and were funded from internal resources together with the new banking facility which we put in place in March. We expect them all to enhance earnings, particularly once they are fully integrated.



We look forward with confidence to making further strong progress this year."

N+1 Singer Buy 175.00 174.50 220.00 220.00 Reiterates

Completion of Acquisition

RNS


RNS Number : 7513J

Restore PLC

17 June 2014






17 June 2014

Restore plc

Completion of Acquisition



Restore plc is pleased to announce that, following the exchange of contracts on 22 May 2014, it completed the acquisition of Cannon Confidential from OCS Group UK Limited on 16 June 2014

Trading Update

RNS


RNS Number : 9055L

Restore PLC

10 July 2014






10 July 2014

Restore plc

Trading Update



Restore plc, the UK office services provider ("Restore" or "the Group"), today issues a trading update for the six months ended 30 June 2014.

Trading in the first six months of 2014 was in line with our expectations.

Our Document Management division continued to trade well, with the core records management business performing steadily and both scanning and shredding showing strong year-on-year improvement. As announced, we have completed the acquisitions of Magnum Secure, Filebase and Cannon Confidential and have now begun integrating them into their respective divisions. At the end of the period we acquired Papersafe UK Limited from SITA UK Limited for up to £200,000 and the process of integration is just starting.

Our Relocations division, which primarily comprises Harrow Green, the UK office relocations market leader, continued to benefit from improved market conditions and, as expected, will again show strong year-on-year improvement in its revenues and profitability. As previously announced, during the period we acquired an additional 33% stake in Relocom, taking our overall stake to 83% and enabling us to integrate Relocom fully into our operations.

The Group's Half Year results will be released on 10 September 2014.

Half Yearly Report

Summary:



· Adjusted PBT up 22% to £5.0m; adjusted EPS up 21% to 5.2p

· Document Management division continued to trade well

· Strong improvement in revenue and operating margin in Relocations

· Completion of three records management acquisitions

· Significant expansion of Restore Shred through Cannon Confidential acquisition

· Interim dividend increased by 33% to 0.8p per share



http://www.moneyam.com/action/news/showArticle?id=4882794

Acquisition
RNS
RNS Number : 4731T
Restore PLC
06 October 2014



6 October 2014

Restore plc

Acquisition of Cintas Document Management (UK) Limited and Placing of new Ordinary Shares to raise £14.9 million

Restore plc ("Restore" or "the Company"), the UK office services provider, today announces that it has entered into a sale and purchase agreement to acquire Cintas Document Management (UK) Limited ("CDMUK"), the UK records management and scanning division of Cintas Corporation of the US, for a total consideration payable by the Company of £23.5 million.

The Company also announces that it has entered into a firm placing with institutional investors to raise approximately £14.9 million before expenses ("Placing") through the issue of 7,090,049 new ordinary shares of 5p each ("New Ordinary Shares") at 210 pence each.

The Acquisition

CDMUK is one of the UK's 10 largest providers of records management services and currently operates from 12 sites across mainland Britain.

For the twelve months ended 31 May 2014, CDMUK recorded EBITA of £0.2 million, and an operating loss of £0.4 million after amortisation of goodwill of £0.6 million. Total revenues were £19.7 million, of which £12.9 million was attributable to records management, £6.4 million to scanning services and £0.4 million to non-transferring revenues. The net assets of CDMUK as at 31 May 2014 were £19.2 million.

The acquisition will be financed from funds raised by the Placing and a new debt facility of £15 million.

The acquisition of CDMUK:

· is consistent with Restore's strategy of consolidating the UK records management sector and provides significant synergistic opportunities to improve CDMUK's operational and financial performance.


· materially increases the scale of Restore, extending its position as the UK's second largest provider of records management services and expanding its customer base and operating capability in scanning services.


· is expected to be earnings enhancing in its first full year of ownership.

The Placing

Application has been made for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 7 October 2014.

Following Admission, the total number of voting rights of the Company's ordinary shares will be 82,090,540.

Charles Skinner, Chief Executive of Restore plc, said:

"This acquisition is a major milestone in Restore's development and represents the most significant consolidation within the UK records management sector since we embarked on our strategy of acquisitive growth four years ago. It provides an excellent opportunity for Restore to deploy its operational expertise and expand its presence in records management and scanning, and we are confident that the significant synergies between Restore and CDMUK will ensure an attractive return on invested capital for our shareholders. The Board looks forward to the contribution to the Group that CDMUK will make and to continued progress in the execution of our strategy."

For further information please contact:

Restore - N+1 Singer returns to 'buy' after Cintas purchase

By Giles Gwinnett

October 08 2014, 11:24am
Tetley said: 'The deal is expected to be earnings accretive in Restore’s first full year of ownership, with significant value created through cost synergies in the first instance and subsequently, we anticipate, through incremental organic growth.'
Tetley said: "The deal is expected to be earnings accretive in Restore’s first full year of ownership, with significant value created through cost synergies in the first instance and subsequently, we anticipate, through incremental organic growth."


Broker N+1 Singer has become a buyer again of office services firm Restore (LON:RST) having previously rated the stock a 'hold' after its acquisition of Cintas Document Management, which it says is its most significant deal to date.

It enhances the group's revenue by around £20mln and brings critical mass to the group's recently underperforming scanning operation, reckons James Tetley.

CDMUK is the UK division of US firm Cintas Corporation and is one of the UK's 10 largest providers of records management services and last year it recorded underlying earnings (EBITA) of £0.2mln and made an operating loss of £0.4mln after amortisation of goodwill of £0.6mln.

Restore is paying £23.5mln, financed via a placing and a debt facility.

Tetley said: "The deal is expected to be earnings accretive in Restore’s first full year of ownership, with significant value created through cost synergies in the first instance and subsequently, we anticipate, through incremental organic growth."

The impact of the acquisition means the broker lifts its full year 2015 revenue forecast for Restore by £20mln to £91.7mln, and the pre-tax profit forecast is lifted 25% to £16.7mln.

The target price moves upwards 14% to 275p, the broker said.

Another dividend payer that has performed well in recent times is Restore Plc (LON: RST). We have followed the stock for over a year from around £1.31 and recent interim results for the six months to 30 June continue to show strong momentum in the business. The group’s core business is document management with office relocations providing additional revenue. The strong first half performance saw 1st half revenues up 24% to £30.6m, adjusted EBITDA up 19% to £6.2m and a 33% increase in dividend to 0.8p.

Restore remains the UK’s no.1 office relocation business and no.2 in the UK for document management. The management have coupled organic growth with acquisition growth and forecasts from house broker Cenkos suggest that this strategy will continue to prove successful despite the market turmoil.

AIM is littered with early stage resource companies. Some of these have exciting and robust stories that offer appealing upside and potentially exciting news flow. They generally all carry a high degree of stock specific risk ahead of possible future production so it is refreshing to see an AIM resource company producing, generating cash and rewarding shareholders with dividends.



http://www.proactiveinvestors.co.uk/columns/shard-market-eye/17136/finsbury-food-restore-and-central-asia-minerals-on-shards-radar-17136.html

MARK SLATER: Six undervalued shares with the potential to become takeover targets


Restore specialises in two principal areas: document management and office relocation. This £164m AIM-listed company, which is under new management, has had a strong record of making earnings accretive, bolt-on acquisitions over the past three years. Whilst its core business is document storage a number of more recent acquisitions have bolstered the group’s presence in the related areas of document shredding and IT relocation


http://www.dailymail.co.uk/money/investing/article-2801514/mark-slater-six-shares-potential-takeover-targets.html

SMALL CAP SHARES IDEAS: Restore reveals how red tape is helping it win the storage wars

By Ian Lyall, Proactive Investors

Published: 15:06, 3 November 2014 | Updated: 15:06, 3 November 2014

As oxymorons go, the paperless office is right up there with the best of them.

For as any member of the white collar army will tell you, the digital revolution failed to materialise and the mounds of A4 continue to grow.

In fact layers of red tape and the bureaucracy have, if anything, exacerbated the problem.

Not that document storage specialist Restore would characterise it as a problem – the perfect storm perhaps, but certainly not a problem.



Red tape: Restore is growing by around 5 per cent each year thanks in no small part to regulatory burden




+1
Red tape: Restore is growing by around 5 per cent each year thanks in no small part to regulatory burden

'Counter-intuitively people are sending us more boxes as the amount of red tape rises. We love regulation,' Restore’s chief executive, Charles Skinner, told Proactive Investors.

'We don’t see empirically and in terms of industry trends any drop-off soon.



'Indeed we are hearing some people say we don’t trust the cloud [based electronic storage] and the best form of security to some is just putting the information on paper and storing it.'

This provides the backbone for a very healthy, high margin, dividend paying business that is growing at a net 5 per cent organically every year.

Not just that, once customers sign with Restore, they tend to stay put. This gives huge visibility of earnings.

The industry itself has reasonably high barriers of entry, while the dominant player, Iron Mountain, with about a third of the UK market, appears reluctant to compete on price.

'On the face of it ours is an unexciting business, but it is good margin giving a strong return on invested capital,' Skinner said.

'Net margins in the document management division are very high – in the order of 30 per cent.'

This was a business burdened with debt and on the brink of collapse when turnaround specialist Skinner joined in 2009. Since then it has moved from the recovery phase into all-out expansion mode.

In that time it has motored from near the back of the pack of the 10 or so mid-sized operators to number two; a distant number two it has to be said. It stores 6mln boxes in 17 locations, including a disused mine.


RESTORE AT A GLANCE


Ticker: RST

Value: £188million

Current price: 230p

Year high: 246p

Low: 133p
.
It has done this via mix of organic growth and acquisitions, snapping up the smaller independent players.

It has made 18 purchases in four years and has also added some breadth by offering shredding office relocation, scanning and secure IT asset disposal.

This broadening of the business will continue, Skinner said.

'We are clear, we like recurring revenues and businesses with the same channels to market we have. And they should be services the customer really doesn’t want to move.

'We do the stuff that is too fiddly and capital intensive for the traditional facilities managers to do.

'It is not about winning contracts, it is about acquiring customers. We are just interested in the UK service market. I think it is a really good space.'

Restore’s interims reveal the company is in rude financial health, with revenues up 24 per cent at £30.6milion and adjusted profits ahead 22 per cent at £5million. The pay-out was ramped up 33 per cent to 0.8p. 'We would expect our dividend to go up by more than our earnings,' Skinner said.

The broker Cenkos is predicting Restore will post pre-tax profits of £12million for the full-year, rising to £14.1million in 2105.

The Lazarus-like recovery from death’s door to the sound financial footing it finds itself in now is reflected by a share price that has risen more than 700% in the past four years.

The current share price of 230p values the business at 17.9 times 2014 earnings, which some investors might deem a little ‘toppy’, although that drops to 15.1 times in 2015.

Cenkos analyst Andrew Blain points out: 'Restore, as the number two player in document management and number one for office relocations, has strong positions in attractive markets and we support continued growth through acquisition.

'With near half our turnover forecast thought to be recurring revenue and strong organic growth we believe a premium valuation.'

Jim Slater: Escape death taxes with my perfect portfolio of shares

Shares listed on the Aim market are exempt from inheritance tax. Our expert stock picker Jim Slater names three of the best

Restore, the document storage business, which I recommended at 178p, is now at 232p. At this level, it still has a prospective p/e ratio of 15, which is cheap in relation to its 35pc profits growth, giving an attractive Peg of 0.44.

http://www.telegraph.co.uk/finance/personalfinance/investing/shares-and-stock-tips/11217454/Jim-Slater-Escape-inheritance-tax-with-my-perfect-portfolio-of-shares.html

Acquisition of Ancora Solutions

RNS


RNS Number : 0914B

Restore PLC

02 January 2015




2 January 2015



Restore plc



Acquisition of Ancora Solutions



Restore plc ("Restore"), the UK office services provider, today announces that it has acquired the business and assets of Ancora Solutions ("Ancora"), a document management business, from IPPlus plc.



Ancora was purchased for a cash consideration of £500,000 on a cash-free, debt-free basis, funded from Restore's existing bank facilities.

Year End Trading Update
RNS
RNS Number : 8024C
Restore PLC
22 January 2015



22 January 2015





Restore plc

Year End Trading Update





Restore plc, the UK office services provider ("Restore" or "the Group"), confirms that trading for the year ended 31 December 2014 was in line with expectations.



Our Document Management division continued to perform steadily. The rate of new box intake at our core records management business improved as anticipated in the second half, benefiting from new business wins in the first half of 2014. In October, Restore completed the acquisition of the UK records management and scanning division of Cintas, materially increasing the scale and capability of the Group, and its integration is proceeding to plan. Restore Scan now predominantly comprises the former Cintas scanning business, which has recently secured significant new business. Restore Shred continued to show strong organic growth and the integration of Cannon Confidential, acquired in June, is progressing well.



Our Relocations division, which primarily comprises the Harrow Green businesses, continued to show good year-on-year growth. After a quiet third quarter, Harrow Green enjoyed a strong finish to the year.It has recently been awarded a major contract by Carillion Amey, worth approximately £2.5m per year, providing furniture moving and storage services to the Ministry of Defence. Relocom, in which Restore now holds a majority stake, is beginning to benefit from working more closely with Harrow Green, as is Restore IT Efficient, the Group's IT asset disposal business.



The Group's Full Year results will be released on 11 March 2015.



Charles Skinner, Chief Executive of Restore, commented:



"We are pleased by another year of good performance by the Group in 2014, reflecting the strength of our business model and the robust nature of our activities. Our existing businesses continued to trade well and at the same time we completed several acquisitions, which are now all trading profitably. We continue to strengthen our position as a key supplier of services to UK offices and we have an excellent platform for further profitable growth with strong visibility of earnings."

------------------------------------------------------------------------------------------------


22 Jan N+1 Singer 285.00 Buy

Jim Slater -

Restore, also tipped in August, announced the acquisition of Ancora, a document management business, for £500,000 in cash. It will no doubt be quickly integrated with substantial economies into Restore’s fast-growing business. In an update on January 22, Restore confirmed that trading in 2014 had been in line with expectations.



http://www.telegraph.co.uk/finance/personalfinance/investing/shares-and-stock-tips/11376838/Jim-Slater-two-more-IHT-free-Aim-shares-to-add-to-your-portfolio.html

Full year unaudited results

Summary:



· Group revenue up 26% to £67.5m

· Document Management revenue up 35%; operating profit up 12%

· Relocations revenue up 16%; operating profit up 50%

· Group adjusted profit before tax up 20% to £12.0m

· Adjusted earnings per share up 17% to 12.3p

· Dividend per share up 26% to 2.4p

· New five-year banking facility agreed

· Six acquisitions completed in the year, including the UK records management and scanning division of Cintas; all integration programmes on track

Restore plc issued excellent results for the year ending 31 December 2014 slightly ahead of expectations. This business offers decent visibility earnings, something that is hard to find on AIM.

Group revenue was up 26% to £67.5m with Document Management revenue up 35% and Relocations revenue up 16%. Group adjusted profit before tax was up 20% to £12.0m and adjusted earnings per share came in 17% higher 12.3p.

See more at: http://www.investorschampion.com/blog/

11 Mar N+1 Singer 285.00 Buy

1 May N+1 Singer 285.00 Buy

3 Jul N+1 Singer 330.00 Buy

Restore has made the somewhat unusual acquisition of one of the UK’s leading collector of empty printing cartridges, ITP Group Holdings Limited. It’s certainly a departure from their previous expansion in the document management sector.

It looks an interesting deal!

New research note at http://www.investorschampion.com/blog/

Acquisition of ITP Group Holdings Limited
RNS
RNS Number : 2000S
Restore PLC
06 July 2015

6 July 2015

Restore plc



Acquisition of ITP Group Holdings Limited



Restore plc ("Restore" or "the Group") is pleased to announce the acquisition of ITP Group Holdings Limited ("ITP"), the UK's leading collector of empty printing cartridges.



Founded in 1992, ITP collects empty printer cartridges and sells them on to cartridge remanufacturers and original equipment manufacturers. Based in Reading, it also has facilities in Thetford, Norfolk and Frankfurt in Germany.



ITP trades under the names ITP, Takeback and Office Green. It collects cartridges from thousands of premises across the UK in all business sectors, including large corporates, SMEs, NHS Trusts and schools. It also makes bulk purchases of cartridges from waste operators and other recycling businesses. ITP handles several million items a year.



The acquisition of ITP will broaden the capabilities of the Group to offer additional office services alongside its existing IT recycling, document management and office relocation activities. It enhances the Group's recycling capabilities where the Group already has a significant presence in paper, furniture and IT. ITP has a complementary customer base to Restore and its volumes can be expected to increase as ITP's services are offered to Restore's customers.



The total consideration for ITP is up to £4 million on a cash-free debt-free basis. The initial consideration is £3.2 million, funded from Restore's existing bank facilities, with a further £0.4 million payable after a six month handover period and an additional payment of up to £0.4 million based on performance during that period.



For the 12 months to 31 May 2015, ITP's management accounts recorded an operating profit of £1.1 million on a turnover of £4.5 million. Net assets per the management accounts are £4.9 million including £3.7m of surplus cash which has been paid by Restore as additional consideration.



Charles Skinner, Chief Executive of Restore plc, said:



"The acquisition of ITP further broadens the scope of services we offer our customers and enhances our presence in the recycling of office products. We believe this transaction provides us with another excellent platform for growth and the Board looks forward to the contribution to the Group that ITP will make."

6 Jul N+1 Singer 330.00 Buy

Trading Update
RNS
RNS Number : 7005T
Restore PLC
22 July 2015



22 July 2015



Restore plc



Trading Update





Restore plc, the UK office services provider ("Restore" or "the Group"), today issues a trading update for the six months ended 30 June 2015.



Trading in the first six months of 2015 was broadly in line with our expectations.



Our core records management business continued to perform steadily, with the integration of the Cintas activities acquired in October 2014 being the main focus during the period. Excluding Cintas, in the first six months annualised box growth exceeded expectations at 8%, with organic growth remaining strong. Following some rationalisation of smaller sites, capacity utilisation levels including Cintas are now moving above 90%. Volumes in Restore Scan, which primarily comprises the former Cintas scanning business and now represents around 10 per cent of Group turnover, were in line with expectations but significant technical problems on its major seasonal contract resulted in cost over-runs. Restore Shred traded satisfactorily.



Harrow Green, the UK office relocations market leader, performed in line with expectations and ended the first half strongly. The other parts of the Relocations division, Relocom and Restore IT Efficient, also performed satisfactorily. As previously announced, ITP Group, the UK's leading toner cartridge recycler, was acquired earlier this month and now forms part of this division, where it will work particularly closely with Restore IT Efficient, our IT recycling business.



The Group's Half Year results will be released on 15 September 2015.

22 Jul N+1 Singer 330.00 Buy

Restore announced the acquisition of Imaging and Archiving.

It’s only a small business which, for the 12 months ending 31 December 2014, generated turnover of £1.3m, on which it recorded a small profit. The purchase consideration of £1.45m on a cash-free basis therefore looks quite high. There must be some hidden value not apparent in the numbers!

See more at: http://www.investorschampion.com/blog/

Acquisition of Imaging and Archiving
RNS
RNS Number : 1061V
Restore PLC
05 August 2015

5 August 2015

Restore plc

Acquisition of The Data Imaging and Archiving Company

Restore plc ("Restore" or "the Company") today announces that it has exchanged contracts to acquire the business and assets of The Data Imaging and Archiving Company ("Imaging and Archiving"). Completion is expected to take place on 18 August 2015, following staff consultation.

Imaging and Archiving, founded in 1995, provides document management services from its base in South London and serves customers in both the private and public sectors.

Imaging and Archiving is being purchased for a cash consideration of £1.45 million on a cash-free, debt-free basis, funded from Restore's existing banking facilities. For the 12 months ending 31 December 2014, Imaging and Archiving's turnover was £1.3 million, on which it recorded a small profit.

5 Aug N+1 Singer 330.00 Buy

Jim Slater -
Restore


Restore, a document storage, shredding and relocation services firm, made a £23m acquisition of Cintas in October. The purchase is expected to enhance earnings.

The half-year update on July 22 was positive but there was a problem with a cost overrun on a major Cintas shredding contract. Remedial action has been taken and Cenkos, the company’s stockbroker, estimates that earnings per share for 2015 will still be up by 29pc. At the present price of 238p the prospective price to earnings (p/e ratio) for the next 12 months is about 14.

I agree with Cenkos that at this level the shares are a buy.

Half yearly report

15 Sep Panmure Gordon 320.00 Buy

"significant increases in revenue, profits and earnings per share."

"in line with expectations"


The Group's Full Year results will be released on 10 March 2016.

Charles Skinner, Chief Executive of Restore, commented:

"We are pleased by another year of good performance by the Group, with significant increases in revenue, profits and earnings per share. As expected at the time of acquisition, several acquired businesses have required substantial restructuring and these are now showing a marked improvement in profitability under our ownership. We continue to strengthen our position as a key supplier of services to UK offices and we have an excellent platform for further profitable growth with strong visibility of earnings."

Half Year Trading Update

RNS


RNS Number : 6654E

Restore PLC

20 July 2016




20 July 2016

Restore plc



Half Year Trading Update



Restore plc ("Restore", the "Company" or "the Group"), the UK office services provider, today issues a trading update for the six months ended 30 June 2016.



Trading in the first six months of 2016 was encouraging and in line with expectations.



Restore's records management business traded well and the integration of Wincanton Records Management ("WRM") continues to proceed to plan. Net box growth was, as expected, below our usual rate of increase, reflecting an anticipated major customer exit from WRM. Margins within the records management business increased during the period in line with our expectations. Restore Scan traded well and its major seasonal contract was executed successfully. Restore Shred traded broadly in line with expectations but continued to lack sufficient scale to make an appropriate contribution to the Group. However, our position in this market segment will be transformed following on from the acquisition also announced today.



Within the Relocation division, Harrow Green performed in line with expectations and enters the second half of the year with a strong order book. Relocom and IT Efficient also performed satisfactorily. ITP Group, our printer cartridge recycling business, experienced weaker trading conditions during the period, reflecting a recent softening in global demand for its product.



The Group's Half Year results will be released on 12 September 2016.



The Board is pleased to announce today that we have agreed to acquire PHS Data Solutions from Personnel Hygiene Services Limited for approximately £83.1 million, financed from funds raised by a placing with certain institutional investors and from existing debt facilities. PHS Data Solutions is the second largest provider of document shredding services in the UK as well as having a significant records management business and a presence in document scanning. Further information on the acquisition and placing are provided in a separate announcement today.

Replacement, proposed acquisition and placing

Half year report

Summary



· Group revenue up 26% to £55.4m

· Document Management revenue up 34%; adjusted operating profit up 31%

· Relocation revenue up 12%; adjusted operating profit up 42%

· Group adjusted profit before tax up 35% to £9.6m

· Adjusted earnings per share up 16% to 7.9p

· Interim dividend per share up 33% to 1.33p

· Wincanton Records Management integration proceeding to plan

· Acquisition of PHS Data Solutions post period-end which:

o significantly expands document shredding business to become second largest provider in the UK

o further extends the Group's position in records management

12 Sep N+1 Singer 360.00 Buy
12 Sep Peel Hunt 359.00 Buy

Broker Forecast - Peel Hunt issues a broker note on Restore PLC
BFN
Peel Hunt today reaffirms its buy investment rating on Restore PLC (LON:RST) and raised its price target to 390p (from 359p).

Story provided by StockMarketWire.com

Acquisition of Reisswolf Wales
RNS
RNS Number : 5994T
Restore PLC
09 January 2017
 
9 January 2017
 
 
Restore PLC
 
Acquisition of Reisswolf Wales
 
Restore plc ("Restore") today announces the acquisition of the business and certain assets of Reisswolf Wales, Border Counties & Merseyside ("Reisswolf Wales"), the secure shredding division of Parry & Evans Limited, a fibre-based waste recycling business based in Welshpool, Wales.
 
Reisswolf Wales was founded in 2002.  For the 12 months ending 31 May 2016, it generated revenues of £0.5 million.  The acquisition was funded from Restore's existing bank facilities.
 
Charles Skinner, Chief Executive of Restore, commented:
 
"Following the acquisition of PHS Data Solutions in August, the addition of Reisswolf Wales brings to Restore a new customer base in the Welsh region, further economies of scale, and strengthens our position as the UK's second largest provider of secure shredding services".

9 Jan
Peel Hunt
390.00
Buy
9 Jan
N+1 Singer
420.00
Buy

Acquisition of Reisswolf London

RNS


RNS Number : 7844U

Restore PLC

23 January 2017




23 January 2017





Restore PLC



Acquisition of Reisswolf London



Restore plc ("Restore") today announces the acquisition of ID Secured Limited, trading as Reisswolf London, the Bedfordshire-based secure shredding business of Parry & Evans Limited.



Reisswolf London was founded in 2002. For the 12 months ending 31 May 2016, it generated revenues of £1.3 million. The acquisition was funded from Restore's existing bank facilities.



Charles Skinner, Chief Executive of Restore, commented:



"The addition of Reisswolf London, following our recent acquisition of Reisswolf Wales, will expand our customer base in the South East region, produce further economies of scale, and strengthen our position as the second largest provider of secure shredding services in the UK".

Year End Trading Update

RNS


RNS Number : 8609U

Restore PLC

24 January 2017




24 January 2017





Restore plc



Year End Trading Update





Restore plc, the UK office services provider ("Restore" or "the Group"), confirms that trading for the year ended 31 December 2016 was in line with expectations.



Our Document Management division, whose core records management business accounts for the majority of Group profit, continued to perform steadily. Our principal focus during the year was the integration of Wincanton Records Management, acquired in December 2015, and PHS Data Solutions ("PHS DS"), acquired in August 2016. The integration of the records management operations of both businesses is largely complete, with synergies in line with those anticipated on acquisition. Our shredding activities have been transformed by the acquisition of the much larger PHS Datashred business, with the integration now complete and Restore Shred rebranded as Restore Datashred. Restore Scan made good progress during the year following a change of operational management and has been significantly enlarged by the addition of the scanning division of PHS DS.



Our Relocation division, which primarily comprises the Harrow Green business, achieved steady year-on-year growth. Trading during the final quarter was strong, with good levels of activity at Harrow Green. Relocom, our technology relocation business, traded satisfactorily. IT Efficient, the Group's IT asset disposal business, performed strongly and benefited from improved operational practices. The performance of ITP, our toner cartridge recycling business, continued to be impacted by a weak global market for reselling empty cartridges.



The Group's Full Year results will be released on 9 March 2017.



Charles Skinner, Chief Executive of Restore, commented:



"We are pleased by another year of good performance by the Group, with significant increases in revenue, profits and earnings per share. Following a two-year period in which we have made three major earnings-enhancing acquisitions, Restore is now established as one of the two market leaders in each of our main activities. The Group is a key supplier of services to UK offices and workplaces and has an excellent platform for further profitable growth with strong visibility of earnings."

9 Mar
N+1 Singer
420.00
Buy
9 Mar
Peel Hunt
398.00
Buy

13:10 06/04/2017
Broker Forecast - Berenberg issues a broker note on Restore PLC
Berenberg today initiates coverage of Restore PLC (LON:RST) with a buy investment rating and price target of 435p. Story provided by StockMarketWire.com

AGM Statement
RNS
RNS Number : 7263F
Restore PLC
22 May 2017
 
22 May 2017
 
Restore plc
 
AGM Statement
 
 
At the Annual General Meeting of Restore plc ("Restore" or "the Group"), to be held later today at Cenkos, 6-8 Tokenhouse Yard, London EC2R 7AS, the Chairman, Sir William Wells, will make the following statement:
 
"I am pleased to report that 2017 trading has started well across the Group, with the benefits of the acquisition of PHS Data Solutions in August 2016 being delivered in line with expectations.
 
Our Document Management division, including our core records management business, is trading well, with Restore Datashred and Restore Scan benefiting from their greater scale following the successful integration of the PHS scanning and shredding activities.
 
The performance of Harrow Green, the core business within our Relocation division, is in line with expectations. IT Efficient, our IT recycling business, is steadily integrating ITAD Works acquired in February 2017, while ITP, our toner cartridge recycling business, is showing improvement following its poor performance in 2016.
 
The year has started well and we look forward to delivering another year of strong progress in 2017."
 

Half Year Trading Update
RNS
RNS Number : 9462L
Restore PLC
25 July 2017
 
 
25 July 2017
Restore plc
 
Half Year Trading Update
 
Restore plc ("Restore" or "the Group"), the UK office services provider, today issues a trading update for the six months ended 30 June 2017.
 
Trading in the first six months of 2017 was in line with expectations, with the Group continuing to benefit from last year's acquisition of PHS Data Solutions ("PHS DS").
 
Within the Document Management division, Restore's core records management business traded robustly. As expected, net box growth during the period was below our usual rate of increase, reflecting major customer exits from previously-acquired businesses that were anticipated at the time of acquisition. However, cost savings, including those from the records management operation of PHS DS, exceeded expectations. Restore Datashred traded strongly and benefited from improved demand for recycled paper. Restore Scan also traded well, and its major seasonal contract was executed successfully.
 
Within the Relocation division, Harrow Green performed well, with good year-on-year growth.  Relocom traded satisfactorily. Our IT recycling activities, which comprise IT Efficient and The ITAD Works, acquired in February 2017, traded particularly strongly. ITP Group, our toner cartridge recycling business, showed improvement and traded profitably during the period.
 
The Group's Half Year results will be released on 11 September 2017.

Interims Mon 11 Sept

Summary:

· Group revenue up 57% to £86.9m
· Document Management revenue up 74%; operating profit up 63%
· Relocations revenue up 21%; operating profit up 18%
· Group adjusted profit before tax up 59% to £15.3m
· Adjusted earnings per share up 38% to 10.9p
· Good organic growth across both divisions
· PHS Data Solutions successfully integrated
· Restore Datashred performance ahead of expectations
· 7 acquisitions completed since the start of the year
· Interim dividend per share up 26% to 1.67p
· Banking facilities increased and extended


Commenting on the results Charles Skinner, Chief Executive, said:

"We continued to make good operational and financial progress in the first half. In particular we delivered strong organic growth across the Group and our shredding business, which was significantly enlarged by the major acquisition in 2016, performed better than expected.

We will continue to pursue our strategy of organic and acquisitive growth and we are well positioned to gain further market share across all of our businesses.

The second half has started well and the Board expects to deliver a full year performance slightly ahead of its previous expectations."

Cheers juzzle. :-))

11 Sep
N+1 Singer
600.00
Buy

11 Sep
Peel Hunt
528.00
Buy

12 Sep
Berenberg
585.00
Buy

Financial Calendar
Trading Update
30 January 2018

10:10 23/01/2018
Broker Forecast - Peel Hunt issues a broker note on Restore PLC
Peel Hunt today downgrades its investment rating on Restore PLC (LON:RST) to add (from buy) and raised its price target to 608p (from 528p). Story provided by StockMarketWire.com

Year End Trading Update
RNS
RNS Number : 2579D
Restore PLC
30 January 2018

30 January 2018


Restore plc

Year End Trading Update


Restore plc, the UK office services provider ("Restore" or "the Group"), confirms that trading for the year ended 31 December 2017 was in line with expectations.

Our Document Management division, whose core records management business accounts for the majority of Group profit, continued to perform well. Our Records Management business continued to trade strongly. Restore Datashred performed satisfactorily and completed five small shredding acquisitions during the year, all of which have now been fully integrated. Restore Scan continued to increase revenues and operating margins.

Our Relocation division, which primarily comprises the Harrow Green business, continued to achieve good year-on-year growth. Trading activity at Harrow Green was strong. IT Efficient, the Group's IT asset disposal business, was significantly expanded by the acquisition of The ITAD Works in February 2017, and the combined business traded ahead of expectations. ITP, our toner cartridge recycling business, showed some signs of improvement but its market remains difficult.

The Group's Full Year results will be released on 13 March 2018.

Charles Skinner, Chief Executive of Restore, commented:

"Our full year results will show further significant year-on-year growth in revenue, profits and earnings per share. This reflects the successful integration of PHS Data Solutions, acquired in August 2016, and a strong underlying performance by our businesses. We continue to have an excellent platform for further profitable growth with strong visibility of earnings."

30 Jan
Peel Hunt
608.00
Add

Final results

Summary:

· Group revenue up 36% to £176.2m
· Group adjusted profit before tax up 36% to £31.2m
· Adjusted basic earnings per share up 25% to 22.4p
· Document Management revenue up 41%; adjusted operating profit up 41%
o GDPR expected to drive major projects for Document Management Division
· Relocation revenue up 25%; adjusted operating profit up 16%
o Significant office moves for Bloomberg and Facebook
· First full year of PHS Data Solutions; shredding business transformed
· Total dividend up 25% to 5.0p per share

Acquisition

08:10 27/04/2018
Broker Forecast - Liberum Capital issues a broker note on Restore PLC
Liberum Capital today initiates coverage of Restore PLC (LON:RST) with a buy investment rating and price target of 660p. Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk

AGM Statement
RNS
RNS Number : 6335O
Restore PLC
21 May 2018

21 May 2018

Restore plc

AGM Statement


At the Annual General Meeting of Restore plc ("Restore" or "the Group"), to be held later today at Cenkos, 6-8 Tokenhouse Yard, London, EC2R 7AS, the Chairman, Martin Towers, will make the following statement:

"2018 trading has started satisfactorily across the Group and our expectations for the full year remain unchanged.

In our Document Management division, our core records management business continues to trade well. As previously announced, we completed the acquisition of TNT Business Solutions on 30 April. Restore Datashred, our shredding business, delivered lower operating margins than budgeted in the first quarter and steps have been taken to improve margins in the second quarter. Restore Digital, our scanning business, continues to trade satisfactorily.

Restore Harrow Green, our office relocations business, which comprises the largest part of our Relocation division, continues to trade well. Restore Technology, our IT lifecycle services business, continues to build on last year's successful acquisition of The ITAD Works.

We look forward to delivering another year of progress in 2018."

Half Year Trading Update
RNS
RNS Number : 3691V
Restore PLC
23 July 2018


23 July 2018
Restore plc

Half Year Trading Update

Restore plc ("Restore" or "the Group"), the UK office services provider, today issues a trading update for the six months ended 30 June 2018.

Trading for the first half of 2018 was in line with management expectations.

In our Document Management division, Restore Records Management traded steadily. As expected, we witnessed higher destruction and removal rates in the period as customers reviewed their GDPR obligations. After a slow start to the year, Restore Datashred's performance improved strongly towards the end of the period, partly due to increased GDPR-related activity. Restore Digital traded well particularly at the end of the period when its major seasonal scanning contract was executed successfully. Our Relocation division traded satisfactorily led by a solid performance from Restore Harrow Green and our IT recycling business continuing to perform well.

The business and assets of TNT Business Solutions, which were acquired on 30 April 2018, performed in line with management expectations. Following completion of the acquisition, an initial enforcement order was issued by the Competition and Markets Authority which prevented the integration of the business. This order has now been lifted and the integration will proceed in the second part of the year.

The Group's Half Year results will be released on 17 September 2018.

Half year results 2018

Summary:

· Group revenue up 9% to £95.1m
· Group adjusted profit before tax up 13% to £17.3m
· Adjusted basic earnings per share up 10% to 12.0p
· Document Management revenue up 8% to £69.9m; operating profit up 11% to £17.6m
o Restore Datashred benefit from increased GDPR-related activity in second quarter
· Relocations revenue up 14% to £25.2m; operating profit up 35% to £2.7m
o Improvement in operating margin from increased operational efficiency
· Good initial contribution from TNT Business Solutions; integration programme now underway
· Interim dividend per share up 20% to 2.0p