Restore – another tale of questionable exceptional items
Interim results from the provider of document storage, shredding and office removal services yet again included a host of exceptional costs which shareholders are clearly supposed to ignore. We question how much longer they can get away with this!
Restore (AIM:RST) is yet another so-called ‘Buy and Build’ stock market creation which is focused on delivering value to shareholders, primarily through the acquisition and successful integration of other related businesses, principally in the area of document storage and management.
Management commented on ‘another strong first-half performance”, but it didn’t look terribly strong to us.
The adjusted results obviously present the usual delightful picture with revenue rising 9% to £95.1m, operating profit up 15% to…
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