Research on Restore PLC (RST:LON) from Equity Development
Robust trading: AGM update confirms a strong start to 2026, with revenue growth driven by prior year acquisitions, notably Synertec, and continued organic momentum across digitisation, outbound communications and IT recycling. Quality of earnings improved: IT recycling growth resumes following 2025 consolidation, the core document storage business continues to deliver stable and predictable revenues, and operating margins remain strong across all divisions, with the 20% group margin target already achieved. Growth supported by M&A and capital returns: Three Datashred bolt-on acquisitions completed for c.£3.5m, an active pipeline remains, and the £20m share buyback is underway, with c.5% full year earnings accretion expected. Compelling rating: Double-digit earnings growth outlook remains intact, shares trade on 10.9x FY26 P/E falling to
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