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Restore says restructuring on track to cut debt levels by year-end
StockMarketWire.com
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IT company Restore was on track to reduce its net debt to £65-69 million by the end of this year as it continued its restructuring during October.
In a trading update ahead of its capital markets day today, Restore said overall activity levels in October were in line with the expected improvement in trajectory.
The restructuring was to result in approximately 250 staff leaving the business, with roughly 7% of staff remaining furloughed after this process.
The company said it saw opportunities for sustainable growth in each of its markets, delivering 'enhanced returns, strong cash generation and significant shareholder value creation'.
Charles Bligh, CEO, said: 'We continue to see good activity levels across all business units and although it is too early to understand the impact of the recently implemented lockdown restrictions across the UK, we anticipate activity levels being similar to those experienced over the last few months.
'We have maintained strict cost management and I expect to report strong cash generation for the year, with H2 profits larger than H1 profits.'
At 2:00pm: (LON:RST) Restore PLC share price was -7.5p at 352.5p
Story provided by StockMarketWire.com
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