Restore’s FY24 results confirm a period of strong delivery against financial and strategicpriorities. Group revenue was stable year on year at £275m and adjusted PBT increased by14% to £34.4m, a shade ahead of our forecast, driven by good progress on margins. Our underlying forecasts are unchanged, anticipating further progress towards the 20% medium term operating margin target. Restore has also returned to the acquisition trail this morning with the £33m acquisition of Synertec, a market leading document management business with longstanding relationships in public and commercial sectors. We upgrade our earnings forecasts by 7% to 8% in FY25/FY26 and see compelling value in Restore’s shares, which now trade on <10x P/E for FY26. We reiterate our 400p Fair Value estimate.