LONDON (ShareCast) - (ShareCast News) - Office services provider Restore confirmed on Tuesday that trading for the year to 31 December was in line with expectations.
The AIM-traded company said its document management division, whose core records management business accounts for the majority of group profit, continued to perform steadily.

Its principal focus during the year was the integration of Wincanton Records Management, acquired in December 2015, and PHS Data Solutions, acquired in August 2016.

The integration of the records management operations of both businesses was largely complete, the board said, with synergies in line with those anticipated on acquisition.

Its shredding activities were "transformed" by the acquisition of the much larger PHS Datashred business, with the integration now complete and Restore Shred rebranded as Restore Datashred.

Restore Scan made good progress during the year following a change of operational management and has been significantly enlarged by the addition of the scanning division of PHS DS.

The company's relocation division, primarily comprising the Harrow Green business, achieved steady year-on-year growth.

Trading during the final quarter was strong, the board said, with good levels of activity at Harrow Green.

Relocom, its technology relocation business, traded satisfactorily.

IT Efficient, the group's IT asset disposal business, performed strongly and benefited from improved operational practices.

The performance of ITP, Restore's toner cartridge recycling business, continued to be impacted by a weak global market for reselling empty cartridges.

"We are pleased by another year of good performance by the group, with significant increases in revenue, profits and earnings per share," said chief executive Charles Skinner.

"Following a two-year period in which we have made three major earnings-enhancing acquisitions, Restore is now established as one of the two market leaders in each of our main activities.

"The group is a key supplier of services to UK offices and workplaces and has an excellent platform for further profitable growth with strong visibility of earnings."

Restore said its full year results will be released on 9 March.

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