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Restore PLC on Wednesday lifted the dividend after revealing a return to profit in the first half. In the six months that ended June 30, the Surrey-based provider of data, information and asset management services reported pretax profit of £8.6 million, swung from a £25.9 million loss a year prior. Revenue was little changed at £139.4 million compared to £139.6 million. Earnings per share improved to 4.7 pence from a loss of 20.5p per share a year ago. Digital & Information Management revenue rose 2.8% to £87.5 million from £85.1 million. Continued strong growth in Records Management storage revenue was driven by inflation-linked price rises. Box numbers were broadly flat at 22.5 million, while Digital trading was in line with expectations. Secure Lifecycle Services revenue fell 4.8% to £51.9 million from £54.5 million. Harrow Green was impacted by a slower commercial moves market and construction delays on projects, as previously anticipated. Chief Executive Charles Skinner said: ‘We continue to believe Restore should be targeting an adjusted operating margin of no less than 20% in the medium term.’ ‘Our expectations for the group’s full-year performance remain unchanged, and we continue to anticipate that all of our businesses, with the exception of Harrow Green, will deliver an improvement in adjusted operating margins in the current year as we work towards the group’s medium-term goal.’ The interim dividend was increased by 8.1% to 2.00p per share from 1.85p a year ago. Shares in Restore fell 1.6% to 252.50p in London on Wednesday morning. Copyright 2024 Alliance News Ltd. All Rights reserved.
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