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

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




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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
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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.'

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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."

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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