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. Restore is also the UK market leader in commercial relocations via its Harrow Green business.

14 May 2025

Positive AGM statement; growth strategy on track

Restore’s trading update yesterday confirmed a positive start to the year, with revenue growth in the first four months underpinned by the performance of the core storage business.

The period has also seen three acquisitions, confirming management’s ambitions to bolster organic growth with selective M&A.

Restore is a high-quality business with strong margins and a high level of contracted and recurring revenues. Whilst the shares are showing early signs of a recovery in momentum, the valuation remains, in our view, compelling. We reiterate our 400p Fair Value estimate.

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