Restore

RST · AIM · Industrial Goods and Services · mcap £404m · 308.0p

Restore stores and digitises business and public-sector records, runs secure document shredding, and provides IT recycling and related services. Most income is recurring, from storage and multi-year contracts such as those with the DWP and HMRC.

Target	Promise	Said	Status
2023
FY23	Deliver FY23 performance in line with market expectations	16 Nov 2023	✓ Kept
	“The Group remains on track to deliver a full year performance in line with market expectations.” Result FY23 adjusted profit before tax of £30.5m was in line with expectations. “the Board is pleased to confirm that Restore expects to report adjusted profit before tax for FY23 in line with market expectations”18 Jan 2024 · Trading Update and Notice of Full Year Results
2024
FY24	All businesses except possibly Harrow Green to improve adjusted operating margin in 2024	14 Mar 2024	✓ Kept
	“we anticipate all of our businesses, with the possible exception of Harrow Green, to deliver an improvement in adjusted operating margins in the current year.” Result Group margin rose to 17.7% in FY24 and profit rose 10%; no division-level miss was reported. “Adjusted operating margin increased by 170bps to 17.7% (2023: 16.0%), reflecting our actions to improve profitability and progressing towards our medium-term target of 20%.”13 Mar 2025 · Full year 2024 results “Adjusted operating margin improved 170 basis points to 17.7% (2023: 16.0%), resulting in adjusted operating profit of £48.8m (2023: £44.3m).”13 Mar 2025 · Full year 2024 results
End FY24	Remove majority of boxes from Redhill and Paddock Wood sites	31 Jul 2024	… In progress
	“on track to remove majority of boxes from our Redhill and Paddock Wood sites by year-end” Status so far Not yet due.
End 2024	£3m annualised savings from scanning integration, mostly complete by end 2024	21 Nov 2024	… In progress
	“we continue to expect annualised savings of £3 million” Status so far Not yet due.
2025
H1 2025	DWP mail contract to commence	31 Jul 2024	◐ Partly kept
	“The contract, valued at over £70 million (dependent on transactional volumes), spans six years and is expected to commence in H1 2025” Status so far By July 2025 the DWP digital mailroom was expected fully on-stream in the second half of 2025. “This revenue is starting to be replaced by the major contract win of the Department of Work & Pensions' digital mailroom, which is expected to come fully on-stream during the second half of the year.”29 Jul 2025 · Half year 2025 results
FY25	Mitigate £3m Autumn Budget cost headwind through margin actions and price rises	21 Nov 2024	✓ Kept
	“the Group expects this momentum in the business, along with appropriate price rises, where possible, to mitigate the impact” Result FY25 margin rose to 20.8% and profit beat consensus. “Adjusted operating margin improved 130 basis points to 20.8% (2024: 19.5%) and as a result our medium-term target of 20% has been achieved.”12 Mar 2026 · Full Year 2025 Results “the 130-basis point improvement is primarily driven by the continuing business. This further builds on growth of 270 basis points in the previous year, giving a 400-basis point improvement over two years.”12 Mar 2026 · Full Year 2025 Results
FY25	All divisions to increase adjusted operating profit in FY25	13 Mar 2025	◐ Partly kept
	“The Board remains confident of achieving its full year expectations, with all divisions expected to deliver an increase in adjusted operating profit for the full year.” Also stated 13 May 2025 Status so far Harrow Green profit fell to about £0.3m from £1.9m and it was sold in Dec 2025. “The Board remains confident of achieving its full year expectations, with all divisions expected to deliver an increase in adjusted operating profit for the full year.”13 May 2025 · Trading update “Harrow Green is expected to deliver 2025 full year revenue and adjusted operating profit of c.£30m (2024: £35.3m) and c.£0.3m (2024: £1.9m) respectively, representing a significant year-on-year reduction.”9 Dec 2025 · Disposal of Restore Harrow Green
2025	Datashred margin to move towards 15% in 2025	13 Mar 2025	… In progress
	“we have hedged our paper sales price for approximately half of our recycled paper volume in 2025 at a level which should support the division's adjusted operating margin moving towards 15%” Status so far Not yet due.
2026
Jul 2026	Identify third new consolidation site	29 Jul 2025	… In progress
	“We expect to identify a third new site within the next year to complete the property consolidation programme” Status so far Not yet due.
Today · 11 Oct 2026
FY26	Sustain adjusted operating margin above 20% in FY26 and beyond	9 Dec 2025	… In progress
	“This gives me real confidence in our ability to sustain adjusted operating margins above 20% for the foreseeable future.” Also stated 12 Mar 2026 Status so far Not yet due.
FY26	FY26 adjusted profit before tax ahead of market expectations	9 Dec 2025	✗ Missed · target changed
	“the adjusted profit before tax will be ahead of current market consensus for FY26” Also stated 12 May 2026 · 28 Jul 2026 Result Guidance eased from 'ahead' to 'in line' in May 2026, then 'at least in line' in July. “The Board remains confident that the Group will deliver adjusted profit before tax for the full year in line with market expectations”12 May 2026 · Trading update “With all divisions performing in line with or above our expectations, the Board remains confident that the Group will deliver adjusted profit before tax for the full year at least in line with market expectations”28 Jul 2026 · Half year 2026 results
2027
31 Mar 2027	Complete £20m buyback in two tranches	16 Mar 2026	… In progress
	“it is anticipated it will end no later than 31 March 2027, subject to market conditions” Status so far Not yet due.