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.

13 Mar 2025

Positive FY24 outturn, return of strategic M&A

Restore’s FY24 results confirm a period of strong delivery against financial and strategic priorities. Group revenue was stable year on year at £275m, and adjusted PBT increased by 14% to £34.4m, a shade ahead of our forecast, driven by good progress on margins. Our underlying forecasts are unchanged, anticipating further progress towards the 20% medium term operating margin target.

Restore has also returned to the acquisition trail this morning with the £33m acquisition of Synertec, a market leading document management business with longstanding relationships in public and commercial sectors.

We upgrade our earnings forecasts by 7% to 8% in FY25/FY26 and see compelling value in Restore’s shares, which now trade on <10x P/E for FY26. We reiterate our 400p Fair Value estimate.

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