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.

12 May 2026

Positive AGM update; high quality growth at 10x P/E

Robust trading: AGM update confirms a strong start to 2026, with revenue growth driven by prior year acquisitions, notably Synertec, and continued organic momentum across digitisation, outbound communications and IT recycling.

Quality of earnings improved: IT recycling growth resumes following 2025 consolidation, the core document storage business continues to deliver stable and predictable revenues, and operating margins remain strong across all divisions, with the 20% group margin target already achieved.

Growth supported by M&A and capital returns: Three Datashred bolt-on acquisitions completed for c.£3.5m, an active pipeline remains, and the £20m share buyback is underway, with c.5% full year earnings accretion expected.

Compelling rating: Double-digit earnings growth outlook remains intact, shares trade on 10.9x FY26 P/E falling to <10x in FY27, and we reiterate our 400p Fair Value estimate.

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