Restore is a leading provider of records management (physical document archiving), digitisation (scanning/digital mailroom) and secure recycling of paper and technology assets. In all these areas, it has a strong market position (either number 1 or 2 in the UK) and an excellent reputation across a customer base of blue-chip businesses and government/ public sector organisations.

28 Jul 2026

Impressive H1 results and CEO succession

Strong H1 performance. Revenue increased 21%, driven by a broadly equal mix of organic and acquisitive growth, with adjusted PBT up 23% and adjusted EPS up 24%, supporting full-year expectations.

Orderly CEO succession. CFO Dan Baker will succeed Charles Skinner as CEO from January 2027, with Skinner moving to Non-Executive Chair, providing leadership continuity as the Group builds on recent operational progress.

Cash generation supports capital allocation. Free cash flow increased to £21.3m, funding four bolt-on acquisitions, £4.6m of share buybacks and an 18% increase in the interim dividend to 2.6p.

Valuation remains undemanding. Despite sustained earnings momentum and recent upgrades, Restore continues to trade at a c.20% discount to peers and c.30% below its 10-year average rating. We reiterate our 400p/share Fair Value estimate, based on a conservative 16x P/E multiple.

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