21 May 2019
Restore plc
AGM Statement and Appointment of Chief Financial Officer
Restore plc (AIM: RST), the UK leader in document management and business relocation services, today issues a trading update ahead of its Annual General Meeting to be held later today.
Trading for the first quarter was in line with the Board's expectations.
The core records management business has continued its positive momentum, resulting in net box volume growth in Q1. Restore Digital, the scanning business, is trading as anticipated and gearing up for the delivery of its major exam scanning contract. Operating performance in Restore Datashred has remained stable, with a continued focus on tight cost control, whilst customer retention and new business development have been encouraging. Trading in the Relocation Division, comprising Restore Harrow Green and Restore Technology (IT lifecycle services), has been satisfactory and consistent with prior year levels.
Accordingly, the Board's expectations for the full year remain unchanged, including planned reductions in net bank debt levels, and look forward to delivering another year of progress in 2019.
The Board is pleased to announce the appointment of Neil Ritchie as Chief Financial Officer. Neil is currently Chief Financial Officer of AIM-listed Mulberry Group plc and prior to this spent 14 years with the technology business Dyson, where he held a variety of commercial and finance roles. Neil replaces Adam Councell who, as previously announced, is stepping down from the Board in August. Neil will serve on the Board as an Executive Director, reporting to CEO Charles Bligh effective from 1 October 2019.
Martin Towers, Chairman, commented:
"I am delighted that Neil will be joining Restore as CFO. He brings a wealth of experience in high growth and listed businesses and will be an excellent addition to the leadership team."
Neil Ritchie commented:
"I am delighted to be joining Restore, a high quality business with a sustained track record of growth and a strong financial position. It's an exciting time to join and I look forward to working with the Board and the team to build the Group further from this great foundation."
The Group's Half Year results will be released on 31 July 2019.
For further information please contact:
Restore plc www.restoreplc.com
Charles Bligh, Chief Executive Officer 020 7409 2420
Adam Councell, Group Finance Director
Peel Hunt LLP www.peelhunt.com
Mike Bell 020 7418 8900
Guy Wiehahn
Ed Allsopp
FTI Consulting www.fticonsulting.com
Nick Hasell 020 3727 1340
Alex Le May
Disclosures required by Schedule 2(g) of the AIM Rules for Companies
Neil James Ritchie (age 48)
Current directorships |
Directorships held in the last five years |
Fashion AZ Limited |
None |
KCS Investments Limited |
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Mulberry (Asia) Limited |
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Mulberry (Asia) Limited (Taiwan branch) |
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Mulberry (UK) Limited |
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Mulberry Co (France) SARL |
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Mulberry Co (Sales) Ltd (Irish branch) |
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Mulberry Co (Sales) Ltd (Netherlands branch) |
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Mulberry Company (Australia) Pty Ltd |
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Mulberry Company (Austria) GmbH |
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Mulberry Company (Canada) Inc. |
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Mulberry Company (Design) Limited |
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Mulberry Company (Europe) Limited |
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Mulberry Company (Germany) GmbH |
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Mulberry Company (Holdings) Limited |
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Mulberry Company (Sales) Limited |
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Mulberry Company (Shoes) Limited |
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Mulberry Company (Switzerland) GmbH |
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Mulberry Company (USA) Inc. |
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Mulberry Fashions Limited |
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Mulberry France Services SARL |
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Mulberry Group Holding Company Limited |
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Mulberry Group plc |
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Mulberry Japan Co. Limited |
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Mulberry Korea Co. Ltd |
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Mulberry Leathers Limited |
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Mulberry Trading (Shanghai) Company Limited |
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Mulberry Trading Holding Company Limited |
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Save as set out above, there are no further disclosures required pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies in respect of Mr Ritchie's appointment to the Board.
