LONDON (ShareCast) - (ShareCast News) - Office services provider Restore said acquisitions and restructuring costs resulted in a slight decline in interim pre-tax profit.
In the six months to 30 June, the group posted a 12.1% decline year-on-year in pre-tax profit to £2.9m, as acquisitions and costs related to redundancies dragged revenue lower.

However, when one-off costs are stripped out, adjusted pre-tax profit rose 42% year-on-year, boosted by a sharp increase in revenue, which rose 43% to £43.9m.

Restore said revenue in its management division surged 73%, driven by the acquisition of Cintas, while revenue in the relocations arm grew 11% year-on-year.

"We continued to make good operational and financial progress in the first half with records management, the key driver of group performance, benefiting from strong organic box growth and the on-schedule integration of the Cintas business acquired last year," said group chief executive Charles Skinner.

"Our relocations division traded well in what is traditionally its seasonally weaker first half, and continued to benefit from improved operational efficiencies and the expansion of our service offering,"

On Tuesday, the London-listed company said its second half has got off to a positive start and it expects to meet its full-year targets, adding it has lifted its interim dividend by 25% to 1p.

Restore shares were up 2.56% to 260.00p at 1002 BST on Tuesday.

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