Restore hikes dividend after strong growth in 2013

13th Mar 2014 07:59

UK office services provider Restore hiked its dividend by over a quarter after a strong increase in adjusted profits in 2013.The AIM-listed group said that adjusted profits surged by 61% to £10m last year on revenues that rose 24% to £53.6m.Results were helped by a strong performance from the core Records Management business within the Document Management division. Meanwhile, the Relocations division was boosted by a full year's contribution from office relocations unit Harrow Green as well as the acquisition of Restore IT Efficient.Exceptional items totalled £3.4m in 2013, up slightly on 2012, mainly due to costs associated with the three acquisitions Restore made during the year.Statutory profits, which include these exceptionals, amortisation, discontinued activities and share-based payment charges, totalled £5m in 2013, up from £1.5m the year before.The board recommended a full-year dividend of 1.9p per share, up 27% year-on-year. Net debt was reduced by £1.8m to £16m."We were pleased with our performance in 2013 and the further progress we made in line with our strategy of growing a market-leading UK office services business," said Chief Executive Charles Skinner."The current year has started in line with our expectations."The stock was up 2.3% at 189.8p in early trading on Thursday.BC