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Adjustment king Restore continues bad work

18/03/2019 · Restore PLC (RST) 

AIM UK

Boxes in warehouse being moved around by forklift truck
As we have come to expect from UK office services provider Restore, the latest results were packed full of questionable exceptional items and adjustments. However, with the share price having slumped significantly since our last warning about their opaque presentation could there now be a buying opportunity?

Full year adjusted results from Restore (LON: RST) saw revenue rise 14% to £196m, pre-tax profit rise 20% to £37.5m and earnings per share rise 12% to 25.2p. Unfortunately the real, unadjusted numbers, were more modest with statutory pre-tax profit only £21m and statutory earnings per share only 13p. At the current share price of 282p, this results in a punchy price earnings multiple of 21.7x, akin to some of the excellent high growth companies included…

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