Loss to date: 7.1% Orig­i­nal en­try point: Buy at 507p, 29 March 2018


WE’RE DIS­AP­POINTED WITH how shares in the doc­u­ment man­age­ment busi­ness are per­form­ing, par­tic­u­larly as Re­store (RST:AIM) was meant to have en­joyed a re­cent cat­a­lyst from new data pro­tec­tion laws called GDPR.

The clam­p­down on how data has to be man­aged re­sulted in higher than nor­mal box de­struc­tion rates in the six months to 30 June, bal­anced by more pro­ject rev­enue as clients had to pay a fee to look through their boxes be­ing stored by Re­store.

Chief ex­ec­u­tive Charles Skin­ner says GDPR has been neu­tral short-term for the busi­ness, but could re­sult in slightly higher box de­struc­tion rates in the medium term. He also thinks clients will do more shred­ding and scan­ning in the fu­ture.

The trad­ing pe­riod in­cluded the ac­qui­si­tion of TNT Busi­ness So­lu­tions, yet Re­store couldn’t get its hands on the busi­ness to en­force change un­til Au­gust as it was blocked while com­pe­ti­tion au­thor­i­ties looked at the deal. It bought the busi­ness to get a leg up in the pub­lic sec­tor where it sees con­sid­er­able out­sourc­ing op­por­tu­ni­ties.

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