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Restore reports 35% fall in adjusted profits
StockMarketWire.com
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Restore plc reported full year revenue of £182.7m, down 15% on 2019 with adjusted profit of £23.2m for the year, down 35% on 2019. The resulting adjusted earnings per share is 15.0p for 2020, compared with 23.2p for 2019.
The group's cash generation was cited as a major strength with net debt reduced from £88.5m at the end of 2019 to £66.1m at 31 December 2020.
Restore chief executive Charles Bligh said the business had achieved a resilient and profitable performance in a challenging year.
The team responded superbly throughout the pandemic, fully maintaining our services for customers, enhancing our safe working practices and delivering on strategic initiatives across cost reduction and organic growth.
'With a further year of debt reduction, the business is well positioned to bounce back very strongly and is now actively investing for future growth. The recent acquisitions in Restore Technology will double revenues to £30m a year in this business. He added that it is planning to invest in new sites during 2021 to absorb accelerating net box growth momentum from 2020 and to meet future growth requirements.
We have substantial quality and quantity in our acquisition pipeline with realistic pricing across all the key Business Units which we are actively pursuing.
At 9:14am:
Story provided by StockMarketWire.com
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