Restore

RST · AIM · Industrial Goods and Services · mcap £405m · 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
2025
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