Trading Update, Contract Award and CME

Restore plc (AIM: RST), the UK's leading provider of digital and information management and secure lifecycle services, today issues the following trading update for the 10 months ending 31 October 2023 (the "Period").

Since the half year, the Group has continued to deliver solid revenues underpinned by the core storage and highly contracted and recurring income streams that are a central feature of the Group's profitability and cash generation.

In Records Management, which represents a significant majority of the Group's operating profitability, trading has been good with continued growth, resulting in strong revenue and profit levels. The continued focus on cost management in the organisational structure and the property estate will deliver a more efficient operating model.

In Digital, whilst the lower level of non-recurring contracts, particularly in bulk scanning, continues, the business has demonstrated strong cost management and good momentum with significant contract wins with HM Revenue & Customs, as announced on 6 September 2023, and the HM Land Registry (HMLR), as detailed below.

In Technology, as previously outlined, volumes of quality IT assets for resale remain subdued given the economic uncertainty and the low point in the IT refreshment cycle. Action has been taken to focus on the higher-margin activities and leverage our core capabilities in this highly fragmented market.

In Datashred, trading has been as anticipated, reflecting the lower recycled paper pricing. Cost challenges are being addressed.

Harrow Green continues to trade well and in line with management expectations.

Cash generation in the Period has remained healthy. The restructuring and change processes undertaken during the Period have required additional cash expenditure with the year-end net debt position expected to be broadly in line with the position at the previous year-end.

The Group remains on track to deliver a full year performance in line with market expectations.

Contract Award

Restore Digital has been awarded a contract by HMLR with a minimum total contract value of £4.5m to provide a virtual mail room, document scanning and data extraction services. Under the three-year contract, which commenced in September 2023, Restore will operate and manage a central mail room where items are received, sorted and prepared for scanning, with document classification and data extraction completed prior to delivery into HMLR.

Capital Markets Event

Restore is this afternoon hosting a Capital Markets Event ("CME") for investors and analysts at which it will set out how it is undertaking to reinvigorate the Company and capitalise on the underlying strength of its market-leading operations. Management will set out the Group's renewed focus on operating margin and cash generation.

The CME will include presentations from Charles Skinner, CEO, Dan Baker, CFO, and the Managing Directors of Restore's five business units.

The event takes place today at 2:30pm at Upper Ground Wing, ETC Venues, St Paul's, 200 Aldersgate, London, EC1A 4HD. If you would like to attend and have not yet registered, please register via Connie.Gibson@FTIConsulting.com.

There will be a live webcast for those unable to attend in person. To register for the webcast, please email Connie.Gibson@FTIConsulting.com.

A playback of the webcast and presentation will be made available on the company's website later today at www.restoreplc.com/for-investors/#reports-and-presentations.