Restore plc

Solid.
Progress.
Annual 
Report
for the year ended 
31 December 2024

Summary	
1
Strategic Report
Chair’s Introduction	
2
Our Business	
4
Our Strategy	
5
Investment Case	
6 
Our Divisions	
8
Chief Executive Officer’s Statement	
16
Chief Financial Officer’s Statement	
20
ESG Committee Report	
24 
Risk Committee Report	
46
Section 172(1) Statement	
50
Governance
Board of Directors	
54
Governance Statement	
56
Audit Committee Report	
61
Directors’ Remuneration Report	
65
Directors’ Report	
73
Statement of Directors’ Responsibilities	
76
Independent auditors’ report	
77
Financial Statements
Consolidated statement of comprehensive income	
84
Consolidated statement of financial position	
85
Consolidated statement of changes in equity	
86
Consolidated statement of cash flows	
87
Notes to the Group financial statements	
88
Parent Company statement of financial position	
125
Parent Company statement of changes in equity	
126
Parent Company statement of cash flows	
127
Parent Company material accounting policies	
128
Notes to the Parent Company financial statements	
129
Other Information
Notice of Annual General Meeting	
147
Officers and advisers	
Inside back cover
Trading record	
Inside back cover
Financial calendar	
Inside back cover
Solid.
Progress.
For more information please see 
www.restoreplc.com

Summary
Revenue (£m)
2023
277.1
2024
275.3
Adjusted operating profit1 (£m)
2023
44.3
2024
48.8
Adjusted operating margin2 (%)
2023
16.0
2024
17.7
Adjusted profit before tax3 (£m)
2023
30.3
2024
34.4
Adjusted basic earnings per share4 
(pence)
2023
17.0
2024
19.0
Net debt5 (£m)
2023
97.8
2024
89.0
Statutory operating profit/(loss) (£m)
2023
(15.0)
2024
32.6
Statutory profit/(loss) before tax (£m)
2023
(29.0)
2024
17.9
Key features of 2024
›	 Adjusted operating margin increased by 170bps to 17.7%, progressing towards 
our medium term target of 20%. 
›	 Revenue broadly flat compared to 2023. Challenging trading conditions in 
Harrow Green and weak operational delivery in our former Digital business 
offsetting revenue growth in the remaining businesses.
›	 Integration of Records Management and Digital into the Information 
Management division, enhancing our customer offering and adding focus to our 
scanning activities, as well as reducing cost.
›	 Property consolidation programme progressing well with two new box storage 
facilities underway, replacing ten existing facilities.
›	 Net debt reduced and leverage falling towards the lower end of our preferred 
range, with significantly lower borrowings costs as a result of proactive cash 
management.
Divisional analysis
›	 Information Management revenue impacted by a weak performance in the 
former Digital business. Improved pricing in the former Records Management 
business plus tight cost control has however led to higher profit and margins.
›	 Both revenue and profit increased in Datashred despite a weaker year-on-year 
paper price.
›	 Harrow Green’s revenue and operating profit fell sharply in very difficult market 
conditions.
›	 Technology recovered to operate profitably after a loss-making 2023.
2024
2023
Divisional summary £m
Revenue
Adjusted
operating
profit1
Revenue
Adjusted
operating
profit/(loss)1
 Information Management
167.9
45.8
170.1
40.9
 Datashred
36.0
3.7
35.9
3.1
 Harrow Green
35.3
1.9
40.0
4.5
 Technology
36.1
1.8
31.1
(1.4)
1.	 Calculated as statutory operating profit before adjusting items (reconciled on page 84).
2.	 Calculated as adjusted operating profit divided by revenue (reconciled on page 97).
3.	 Calculated as statutory profit before tax and adjusting items (reconciled on page 84).
4.	 Calculated as adjusted profit before tax with a standard tax charge applied, divided by the weighted average 
number of shares in issue (reconciled on page 103).
5.	 Calculated as external borrowings less cash, excluding the effects of lease obligations under IFRS 16 
(reconciled on page 113).
1
Restore plc Annual Report 2024
Strategic Report

Introduction
I am pleased to report on a year of solid progress in my second 
statement as Chair. Having welcomed the return of Charles Skinner 
as CEO in Autumn 2023, the focus of Charles and his management 
team during 2024 has been to drive adjusted operating margin 
towards our medium-term target of 20%. 
In order to achieve this a large number of measures have 
been implemented: revitalisation of the businesses through 
decentralisation; right sizing our head office including the support 
functions; active treasury management; linking pricing to RPI/CPI 
as well as the property consolidation programme within Records 
Management; the integration of Digital and Records Management 
into our newly formed Information Management division; 
refocusing our Technology business onto higher quality customers 
and those outsourcing their IT lifecycle services; focusing on 
operational efficiencies and regaining market share within 
Datashred; and within Harrow Green focusing on the specialist 
areas of life sciences and heritage. 
Whilst work on those measures will continue into 2025 and 
beyond, in particular the integration of our Digital and Records 
Management businesses and the property consolidation 
programme, many are already delivering both operational and 
financial improvements across the Group. Accordingly, the Board 
remains confident in the Group’s ability to continue to deliver 
further progress. 
2024 performance 
Not everything went to plan in 2024. The Group encountered 
some specific headwinds which impacted profits, particularly the 
slow relocation market for Harrow Green together with weaker 
sales and operational delivery within our former Digital business. 
Despite these, the Group’s fundamentals remain strong and solid 
progress was made on our margin improvement plan, with the 
Group delivering double digit increases in adjusted operating 
profit and adjusted profit before tax, slightly ahead of the Board’s 
expectations. 
Our highly contracted and recurring income streams enabled the 
Group to deliver revenue of £275.3m, broadly flat on 2023. Adjusted 
operating margin improved 170 basis points to 17.7% (2023: 16.0%), 
resulting in adjusted operating profit of £48.8m (2023: £44.3m). 
Adjusted profit before tax increased by 14% to £34.4m (2023: 
£30.3m). This improvement in profitability reflects solid execution 
of our margin-enhancing initiatives by the management team.
As a result, adjusted basic earnings per share increased to 19.0 
pence per share, an increase of 12% compared to the 17.0 pence 
achieved in 2023.
Cash generation continued to be strong, with cash conversion of 
107% and a reduction in net debt to £89.0m (2023: £97.8m), with 
leverage reduced to 1.6x from 1.9x last year.
Board composition
I was delighted to welcome Patrick Butcher to the Board in October 
2024 as a Non-Executive Director. Patrick is a seasoned CFO 
and we believe his deep experience in financial and operational 
leadership, particularly in organisations providing essential services 
to the public sector, will bring significant value to the Group.
Our colleagues
Following the poor trading result in 2023 and the implementation 
of the measures noted above, our workforce has reduced by 
around 500 over the past two years to approximately 2,400 people. 
I appreciate that this has not been easy for our people and they 
have had to say goodbye to many colleagues. I would like to take 
this opportunity to thank both our current and former colleagues 
for their professionalism throughout this process. However, I am 
confident that we have the right structure in place to move into 
2025 and beyond, and are in a position where we can offer further 
opportunities for development as we move towards the next stage 
of our growth strategy.
Chair’s Introduction
“Solid progress has been made on improving 
the Group’s performance and rebuilding 
shareholder value during the year. The 
measures we have implemented are now 
bearing fruit, and we start 2025 ready to 
transition to the next stage of our growth 
strategy.” 
Jamie Hopkins, Chair
2
Strategic Report

During the autumn we ran an all-staff survey, in which over 75% of 
our people gave their views on how they thought we were doing. 
I am pleased to say that against a backdrop of change, overall 
employee satisfaction improved to 7.3 (out of 10), an improvement 
on the last survey ran in 2022 where the score was 7.1, and slightly 
ahead of the industry benchmark of 7.2. The survey has also given 
us sight of a number of areas where we can improve over the 
coming year. 
Health and safety
Health and safety has remained at the top of our Board agenda 
and is the first matter we discuss at each of our meetings. The 
Health and Safety Non-executive committee has been further 
enhanced during 2024 with the appointment of a Group head who 
co-ordinates the work across our four divisions and reports to the 
committee. They have also led the work on culture and training 
across all our people, including the roll-out of a new system to 
deliver our training, which all of our people (including the Non-
Executive Directors) have had to complete. 
Dividends
Your Board is recommending a final dividend of 3.8 pence, payable 
on 18 July 2025 to shareholders on the register at the close of 
business on 13 June 2025 and will be marked ex on 12 June 
2025. This brings the total dividend for the year to 5.8 pence 
(2023: 5.2 pence), an increase of 12%.
Strategic progress
The measures we have implemented during the year have 
delivered an improvement in margins in 2024, and I am confident 
that they will continue to deliver in 2025 as we drive towards 
our medium-term target of 20% adjusted operating margin. As 
mentioned, not everything went to plan in 2024 but I am confident 
that the right actions are in place to address these challenges and 
that they will help to deliver an improved performance in 2025. 
At Datashred we have recently agreed a fixed offtake price with a 
large UK paper mill for approximately half of our recycled paper 
volume during 2025 which will mitigate the impact of potential 
future volatility in paper prices. This is the first hedging contract 
of significance within Datashred. At Harrow Green, the confirmed 
order book includes a significant UK laboratory move in the current 
year.
Our leverage has decreased from the top to the bottom of our 
preferred range (between 1.5-2x adjusted EBITDA) in twelve 
months. Having engaged with our stakeholders it is clear that they, 
as well as us, want to stay broadly within this range. Accordingly, 
this together with the continuing momentum in the business, 
provides us with additional opportunities in terms of capital 
deployment. We will therefore target value accretive acquisitions 
in our core or adjacent business areas, and consider a return of 
surplus capital to shareholders in the form of share buybacks.
Jamie Hopkins, Chair
12 March 2025
3
Restore plc Annual Report 2024
Strategic Report

Market position
No.2
No.2
No.1
No.1
Market size1
£890m
£200m
£315m
£530m
Market growth1
c5%
c0%
c(10%)
c5%
UK sites
54
9
8
6
Employees2
1,340
307
344
345
›	 Long term physical records 
storage and management 
services
›	 Physical to digital processing
›	 Cloud storage and data 
management
›	 Process outsourcing
›	 Digital mailrooms
›	 Data management software
 ›	 Secure paper and IP 
destruction
›	 Paper recycling and resale
›	 Onsite and offsite capability
›	 Office and commercial 
relocations
›	 Short-and medium-term 
commercial asset storage
›	 Office and light industrial 
decommissioning solutions
›	 Project management 
services
›	 Life science services
›	 High security IT asset 
erasure
›	 IT decommissioning and 
recycling
›	 Technology refurbishment 
and resale
›	 IT asset preparation and 
installation
›	 IT relocation
Our Business
Restore provides mission critical services that protect and manage valuable data, 
information, communications and assets. The Group is now organised across 
four divisions following the integration of our Records Management and Digital 
businesses into the Information Management division.
1 	 Management estimates
2 	As at 31 December 2024
Quality income
Restore leads the markets it serves. Supporting public and private 
sectors with critical services, income is highly predictable, 
recurring in nature and generates strong cashflows.
13%
Datashred
13%
Technology
13%
Harrow Green
61%
Information 
Management 
Revenue mix
National scale
The Group has 77 sites providing 
national scale with local service. 
The scale and capability of 
Restore provides customers with 
class leading services and cost 
benefits.
Technology
Datashred 
Harrow Green 
Information Management 
4
Restore plc Annual Report 2024
Strategic Report
4
Restore plc Annual Report 2024
Strategic Report

Resources 
What we do
Value created for our
c2,400 people
Experienced specialists in every business
Dedicated employees
Margin enhancement
Organic growth
Targeted acquisitions
Restoring our world
Strategic focus
Improved health and safety performance 
with a focus on the wellbeing of 
our employees
Employees empowered to drive business 
performance
Employees
Reassurance from interacting with a market 
leader on critical services
National coverage provides access to a wide 
range of services
Customers
Transparency and accountability in all our 
interactions with suppliers
Supporting their net zero journeys
Suppliers
Long-term funding in place, due for 
refinancing from 2027
Experienced Board with strong governance 
structure
Cash generative
Financial resilience
Cash conversion1 of 107% (2023: 110%)
Solid dividend profile with total dividend  
of 5.8p per share for 2024
Shareholders
The Group has 77 sites providing 
national scale with local service. The scale 
and capability of Restore provides 
customers with class leading services and 
cost benefits
National scale
Net zero roadmap created with 
ambitious but credible near-term and 
long‑term targets
Planet
Predictable revenue streams
37%
Storage 
income
13%
19%
11%
Product  
sales
Relocations
20%
Recurring 
services
Non-recurring 
services
We have a market leading position in each 
of our divisions.
Market leading
We provide secure and sustainable 
business services for data, information, 
communications and assets. Our people 
protect what matters every step of the way.
Our purpose
Refer to pages 8 to 15 for more details
1 Calculated as free cashflow divided by net operating profit after tax (reconciled on page 87).
5
Restore plc Annual Report 2024
Strategic Report
Quality customer base
FTSE 100 companies
77%
Top 50 UK accountancy practices
66%
Local authorities in England, Wales & Scotland
69%
UK National Health Trusts
88%
Our business is simple but not easy. Whilst we hold strong market positions in all 
of our businesses and have constant and continuing market demand, efficient 
execution of our services is critical and we need to stay attuned to market 
dynamics and the demands of our customers to ensure success.
During the year, the Group has refined its strategy with ongoing focus on margin 
enhancement and organic growth now further supported by targeted acquisitions 
where this makes sense for the Group.
Our Strategy
Percentage represents the proportion of the 
relevant population that are customers of the 
Group
Solid. 
Progress.

Core elements of Restore
Predictable and recurring demand
›	 Our services are vital to organisations’ day-to-day operations 
but cannot be performed effectively or efficiently in-house.
›	 Our services (with the possible exception of Harrow Green) 
have predictable revenue streams with over 90% of 2025 
revenue visible.
›	 Long-term demand for our services is stable and evident.
Leadership in markets where scale is highly 
beneficial
›	 All of our operations benefit from scale in terms of operational 
efficiency.
›	 Given the critical nature of our services, customers are 
reassured by contracting with a market leader.
›	 Most of our operations require significant capital support 
at various stages of their development to ensure they are 	
providing the highest level of service, taking advantage of the 
latest technological developments.
›	 National coverage is necessary for a significant percentage of 
our larger customers, which very few of our competitors can 
offer.
›	 In most of our markets there are many opportunities for 
earnings-accretive bolt-on acquisitions.
Markets with high barriers to entry
›	 All of our markets require an established operation and 
customer base to gain a meaningful foothold.
›	 Most of our markets increasingly involve significant regulation, 
requiring suppliers to hold multiple industry certifications.
›	 Establishing a business of scale in our markets requires several 
years to establish trustworthiness with customers.
›	 We have historically grown our businesses through acquisition 
such that there are few opportunities for a small competitor or 
new entrant to undertake a similar exercise.
›	 Some of our markets have experienced awkward trading 
conditions post-Covid. The strength of our overall business has 
enabled us to manage our way through these conditions better 
than smaller competitors.
Long-established customer relationships
›	 Business-to-business services, particularly in business-critical 
services, are generally based on long-term relationships 
between individuals at several different touch points between 
the customer and supplier. These range from original sales 
contacts, customer service relationships to simple driver-to- 
site contacts. These establish ties which are not easily broken 
without creating service and other problems.
›	 The average period over which we store a box is in excess of 15 
years and overall customer churn is negligible in our Records 
Management business.
›	 Similarly in Datashred, the average customer life is seven years.
›	 In most of our services, we are usually active with a customer 
on a daily or weekly basis.
›	 Given the service delivery complexity, almost all of our 
customers are unlikely to move absent consistent service 
failures, significant pricing disparity or supplier consolidation. 
On the latter, our scale tends to mean we benefit from 
customers consolidating suppliers.
Appropriate financing structure with strong  
cash generation
›	 The financial strength of the Information Management business 
ensures a steady stream of cash generation.
›	 We have a strong balance sheet and highly supportive lenders.
›	 We have a high rate of cash conversion.
›	 All of our businesses are well-invested. In the immediate future 
the largest area of capital investment will be in the regular 
updating of our vehicle fleet, followed by investment in new 
Information Management sites where the return on investment 
from reduced box storage costs will be seen in the medium term.
›	 Significant funding is available for acquisitions, share buy-backs 
or a combination of both.
Experienced management and colleagues
›	 The vast majority of our divisional leadership teams are 
specialists in their individual businesses.
›	 Most of the managers across our businesses have joined the 
industry in an operational capacity.
›	 We operate in markets where most of our operatives have 
worked in their industries for the bulk of their working lives.
›	 We believe that our market standing in all of our operations 
primarily reflects the quality and dedication of our people.
The Group delivers stable, secure, high-margin earnings, founded on the strengths 
of the physical storage element of our Information Management division. While this 
is a mature sector, our other activities contribute increasingly stable revenues and 
steadily improving margins with attractive growth opportunities. 
6
Restore plc Annual Report 2024
Strategic Report
Investment Case

Opportunities for growth
Information Management
›	 The combination of our Records Management and Digital 
businesses in 2024 enables us to offer an integrated storage/
scanning service creating more revenue opportunities.
›	 We are steadily increasing margins through efficiency 
improvements, particularly in consolidating expensive storage 
sites into cheaper, larger facilities.
›	 As comfortably the largest scanning operator in the UK, we are 
well-positioned to continue to win contracts for large-scale 
digital mailrooms, such as the largest UK digital mailroom 
contract awarded in 2024.
›	 There remain many significant public sector bodies, particularly 
in the NHS, who have yet to outsource their physical data 
storage and digitise data where appropriate. We expect to 
accelerate this logical transition through coherent promotion of 
the obvious benefits.
›	 The reduction in our surplus scanning capacity over the last 18 
months will drive operating margins in bulk scanning through 
improved utilisation.
›	 Overhead savings deriving from the combination of the two former 
businesses is reducing central costs as a percentage of revenue. 
›	 There is considerable opportunity for further bolt-on acquisitions 
from exiting competitors and in closely related activities.
Datashred
›	 The strong performance in 2024, despite a weak paper price 
in the first half of the year, reflected increased market share, 
improved pricing and better operational efficiency. We expect 
these growth elements to continue.
›	 We are starting to grow revenues in recycling materials other 
than paper particularly with existing Datashred and Group 
customers. Our infrastructure and customer relationships give us 
a ready-made platform for this diversification.
›	 We have successfully increased service charges to our customers 
to reflect prevailing market pricing, driving up revenues and 
operating margins.
›	 Our drive to establish more collection sites at other Group 
properties continues to drive down Datashred’s rent costs as a 
percentage of revenue
›	 The recently agreed fixed price on paper sales to a major UK mill 
enables us to manage volumes and costs efficiently, reducing 
volatility in profitability.
›	  We continue to increase the amount of paper we buy in, 
enabling us both to profit from additional volume and manage 
the quality of paper for resale.
›	 The UK shredding market remains comparatively 
unconsolidated. We are well-positioned to drive this 
consolidation through bolt-on acquisitions, enhancing operating 
margins and Group earnings.
Harrow Green
›	 Very tough market conditions in 2024 led to a steep decline 
in profitability. Nevertheless, we have retained our market 
preeminence and are expecting an improved performance in 
2025 based on the current orderbook and market outlook. 
›	 We continue to leverage our specialist skills in life sciences, with 
a suite of bioservice offerings including laboratory relocations, 
biobanking and disaster recovery alongside storage and 
distribution. In 2024 we completed the UK’s largest laboratory 
move and have further significant committed projects in 2025. 
Our commitment to this sector is reflected in our presence in 
Cambridge and the new branch opened in Oxford in 2024.
›	 Harrow Green has increased their focus on heritage storage and 
transport activities. There is strong demand in this sector, and we 
expect this renewed focus will yield strong returns over time.
Technology
›	 We expect to continue the significant growth in our IT lifecycle 
services volumes that we experienced in 2024, particularly 
working with channel partner IT resellers. Our compliance with 
agreed service levels continues to attract new customers in this 
space.
›	 Our direct customer base has remained stable for many years. 
On the back of our improved processes and focus on high-
quality customers, we are well-positioned to increase the size of 
this customer base. 
›	 The sharp increase in productivity we have seen in 2024 can be 
expected to be maintained. Further consolidation of a new ERP 
system throughout 2025 will continue to generate significant 
operational and financial benefits.
›	 Improved internal systems have enabled us to understand better 
the profitability of different processing activities. This enables us 
to price new business competitively and raise prices on lower-
margin activities, thus driving up overall operating margins.
›	 A significant percentage of our revenues are generated from the 
sale of recycled IT equipment. We are consolidating this activity 
from individual sites to a business-wide function. This will 
improve average selling prices which in turn will deliver higher 
values both for us and our customers.
›	 The UK (and global) IT recycling business has largely been a 
cottage industry for an exceptionally long time. We are confident 
that we can lead the UK market in professionalising this 
important and impactful market.
Central
›	 Central costs have reduced over the last year through a concerted 
effort to right size the head office functions. Borrowing costs also 
fell, largely from much tighter treasury management. 
›	 Restore has historically benefitted from a skillset in consolidating 
markets through acquisition. With the operating businesses 
now generally in good health, we expect to utilise this skillset 
in making earnings-enhancing acquisitions in our existing and 
closely related areas of operation. 
7
Strategic Report
Restore plc Annual Report 2024

8
Restore plc Annual Report 2024
Strategic Report
Our Divisions
Information Management
›	 The physical scanning of hard copy documents, requiring 
appreciable manual handling supported by sophisticated 
machinery and technology. The types of scanning undertaken 
range from regular digitisation of paper generated in customers’ 
day-to-day operations to large one-off projects such as 
digitising an NHS hospital’s or GP surgeries patient records. We 
also undertake the seasonal scanning of examination papers, 
presenting in excess of 100m images in very short timescales to 
our customer, RM Education, for further processing and onward 
distribution to exam markers.
›	 Serving as the largest UK supplier of digital mailrooms for clients 
ranging from major industrial companies to large Government 
departments such as HM Revenue & Customs and HM Land 
Registry.
›	 Online document hosting using our bespoke in-house online 
software. We offer both cloud-based and on-premise hosting 
enabling customers to instantly access documents from their 
computers. This higher margin activity is offered alongside our 
position as a gold reseller of DocuWare.
›	 Additional services such as media and tape storage, heritage 
storage and consumables, and ultra-secure, temperature 
controlled storage in vaults. Our expert digital transformation 
support helps customers make the right decisions on their 
digital journeys, as well as enhancing data capture to facilitate 
business analysis. We also securely destroy our customers’ 
documents deploying the services of Datashred.
Operating from 54 locations across the UK, the property estate 
is primarily leasehold and provides a mixture of deep and active 
storage options plus bespoke scanning facilities. Most facilities 
take the form of large, modern industrial units, although the 
business also operates from several cost-effective locations such 
as hardened aircraft shelters and former stone mines. Our property 
consolidation programme across this division has continued 
at pace in 2024. Our new 104,000 sq ft Markham Vale site is 
approximately half full with boxes decanted from more expensive 
legacy sites we have exited in 2024 and we have also recently 
signed a 25-year lease on an 84,000 sq ft facility in the North-East 
of England with a capacity of 900,000 boxes which we will start to 
decant into in early 2025.
The division operates as one of the two dominant operators in 
its respective markets. The storage business in particular has 
exceptional revenue and earnings visibility and extremely high 
barriers to entry to its market, especially to act credibly at scale. 
The scanning business also has very high barriers to entry, 
requiring significant technology capability as well as extensive 
certification, compliance, and adherence to the latest regulatory 
requirements in our key markets. Recent developments have 
raised barriers to entry particularly for smaller operators, including 
the need for secure, scalable infrastructure, systems integration 
capabilities, disaster recovery and substantial cyber insurance.
The newly formed Information Management division is the largest 
in the Group, comprising the legacy Records Management and 
Digital businesses. These businesses have always worked closely 
together, storing customers documents and digitising them where 
this transition will add value to their operations. The formation 
of this division will not only improve operational efficiency and 
profitability within the businesses but will better address our 
customers demand for integrated services.
The core components of the division include:
›	 The storage of paper documents for over 6,000 customers 
across almost all sectors, ranging from legal and insurance 
professionals, the NHS, and Government departments. Storage 
typically accounts for over 50% of the division’s revenue with 
these documents able to be retrieved seven days a week. The 
volume of paper document storage in the UK is currently stable 
with new documents going to storage roughly equating to old 
documents being destroyed. The greatest growth opportunity 
is from customers, mainly in the public sector, who have yet to 
outsource all or some of their in-house records management 
which almost inevitably saves cost and increases efficiency. 
“Information Management has excellent 
revenue and earnings visibility with 
extremely high barriers to entry and a  
good proportion of recurring activities.”
£167.9m
2024 Revenue
1,340
Staff 
54
Sites
Certifications
Cyber Essentials and Cyber Essentials Plus, 
ISO 9001, 14001, 27001, 22301, BS 10008, PCI-
DS, 45001, DCB 0129
22m
Boxes under management
786m
Cloud hosted documents

Taking the first UK mental health trust digital: 
Leeds and Yorkshire Partnership NHS Foundation Trust
Leeds and York Partnership NHS Foundation Trust (“LYPFT”) needed 
off-site storage to reclaim space taken up by patient records, as well 
as tackling a bigger ambition: to become the UK’s first mental health 
trust to digitise all its patient records.
The customer
In January 2008, LYPFT found itself drowning in paper. The Trust 
offers mental health services from c40 sites to the people of Leeds, 
York, Yorkshire and Northern England, providing support to over 
811,000 people. With the larger nature of mental health records, the 
Trust was generating and storing a lot of paper.
But the Trust didn’t just need that paper storing. It wanted to provide 
better patient care to the people it was helping. So, on top of secure 
off-site storage, the Trust wanted to go digital, and whilst ultimately 
this was an ambition to be ‘paper-lite’, not ‘paper-free’, the Trust’s 
aim was to deliver the NHS vision of paper-free care at the point 
of delivery, with an Electronic Patient Record and an Electronic 
Document Management System working seamlessly together to 
provide a fully electronic patient record
The challenge
The first thing the Trust needed to do was free up space in 
its c40 sites. The Trust had 22,139 boxes of patient records, 
containing 392,406 patient files in offsite storage with the Group, 
and large quantities of patient record volumes and loose, unfiled 
documentation all taking up valuable space at its operational 
locations. Each site wanted different things from the space, from 
using it to see more patients to using it to bring in more staff.
The wider challenge was even more ambitious: to have a digital file 
for every existing active and new patient. This meant scanning over 
3 million pages of patient records.
Our solution
Step one – storage
The solution began with the easiest challenge to tackle: the off-site 
storage.
This is something the Group has been doing for over 30 years, so 
we’re a dab hand at it. We already held 22,139 boxes of LYPFT patient 
records in our local secure storage facility.
Each of the 392,406 patient files were catalogued and indexed so 
anyone from the Trust could easily find and request the right record 
for delivery. The Trust requested that we create an exceptional 
4-hour delivery service for when a record was needed urgently, so we 
built out the processes and infrastructure needed to make sure we 
could provide that.
Step two – digitisation
The internal logistics were already in place. We already had the 
proven logistical service with Restore, which has never skipped a beat.
Carl Starbuck, Head of Information Governance / Data Protection 
Officer for LYPFT
Some of the files the Trust wanted scanned were already in our 
storage facilities. Our barcoding tracking systems meant the Trust 
could see exactly where each record was as they moved from storage 
to scanning and onwards to secure destruction – maintaining the 
essential ‘chain of custody’ with a robust audit trail following the 
record through its journey.
Optical Character Recognition is a service we’ve provided for many 
years, and it really came into its own in this project. Because mental 
health patient records can constitute many volumes of files and 
papers, finding out if they’ve ever been prescribed a certain drug or 
received a certain treatment approach can mean trawling through a 
lot of paper.
The results
The focus of this project was on the qualitative aspects of an 
electronic record. It’s better for patient care and safety. It’s better from 
a data protection perspective. You’re not moving the record around, 
it’s instantly and concurrently available. And it’s better in terms of 
providing quality health care.
Carl Starbuck, Head of Information Governance / Data Protection 
Officer for LYPFT
We started scanning files in February 2023. By March 2024, the Trust 
considered itself fully digital: every active patient now had a digital 
file. In a year, our team had created 7 million images.
All of those images were entered into MediViewer, putting the 
records of 7,500 patients at the fingertips of clinicians across the 
entire Trust. Now the Trust has 24/7 access to those records, making 
it easier to deliver care and better protecting patient information.
And, of the 392,406 patient files in our secure storage facilities, 
14,995 files were digitised, allowing us to reduce the Trust’s 
inventory by 631 boxes.
It can’t be understated, the sheer magnitude of what’s been achieved 
here. We are the first mental health trust that’s delivered a fully 
digitised record. It’s not happened before. There was no playbook for 
this. But I don’t recall losing sleep over it. Because we were working 
with people we trusted. We let Restore handle all the headaches. It 
was a big project with a lot of moving parts and a lot of partners. And 
the end result is excellent.
Carl Starbuck, Head of Information Governance / Data Protection 
Officer for LYPFT
Case Study
Customer: Leeds and York Partnership NHS Foundation Trust 
9
Strategic Report

10
Restore plc Annual Report 2024
Strategic Report
The price for this recycled paper undergoes considerable swings 
with a direct impact on revenues and profits. Given the degree of 
short-term volatility in the paper price, which is often affected by 
macroeconomic factors such as shipping costs, it is difficult to flex 
service fees to mitigate paper price swings. Given Datashred has 
a high proportion of contracted customers who pay service fees, 
the division is less exposed to this than its smaller competitors 
who tend to generate a higher percentage of revenues from paper 
sales. However, to mitigate the volatility in the paper price, we have 
recently agreed a fixed price for around half of our anticipated 
recycled paper sales in 2025.
As one of the main operators in the UK market, Datashred can 
generate considerable benefits of scale, through better route 
density and more cost-effective shredding facilities. Datashred also 
benefits from servicing Information Management’s destruction 
needs, which typically makes up around a fifth of the paper 
shredded. Additionally, Datashred can benefit from making use 
of Information Management sites for collation of larger volumes, 
which are then sent in bulk to the Datashred destruction sites.
Datashred operates from six shredding sites and five collection 
locations (two at Information Management sites) across the UK. 
Our largest sites in South-East London, Yorkshire and Cardiff are 
well-invested state-of-the-art facilities with significant capacity.
Our vehicle fleet is 130-strong of which 45 are on-site shredding 
vehicles where shredding is undertaken at the customers’ sites. 
The number of on-site shredding vehicles is steadily declining as 
we encourage customers to move towards off-site shredding for 
environmental reasons. We continue to work with customers to 
incentivise and educate them on this trend. In 2025, Datashred will 
also be starting their transition to HVO in their largest and highest 
emission vehicles, being the on-site shredders, with this high-
quality substitute for diesel being used to reduce carbon emissions 
by c90%.
We still consider there to be excellent market consolidation 
opportunities in the medium term within the shredding market 
and believe that Datashred is particularly well-placed in this 
regard as part of the Restore Group where storing, scanning and 
shredding documents all with one supplier provides a secure chain 
of custody. We expect this to be reinforced by larger customers 
increasingly preferring to contract with larger, more certified 
suppliers given the sensitivities around data security. 
Datashred is one of two national operators providing onsite and 
offsite shredding services in a fragmented market. Visiting over 
45,000 different sites with more than 450,000 total visits per year, 
we serve customers ranging from SMEs to nationwide operations, 
some of whom we service through their facilities management 
suppliers. The majority of income is in the form of contracted 
service fees which are predictable and recurring. These contracts 
are typically for three years but most are renewed at least once 
meaning the average customer lifecycle is seven years.
The remaining income is derived from the sale of shredded 
recycled paper to paper mills. Classified as ‘sorted office waste’, 
around 52,000 tonnes of shredded paper is fully recycled by the 
mills and is processed for use in tissue-based products. The vast 
majority of sales are made to UK based mills.
Our Divisions
Datashred
“As one of the two main UK operators, 
Datashred can generate considerable 
benefits of scale. Datashred’s average 
tenure with a customer is seven years.”
£36.0m
2024 Revenue
307
Staff 
9
Sites
Certifications
Cyber Essentials and Cyber Essentials Plus, 
ISO 9001, 14001, 27001, 45001, NPSA,  
PCI-DSS
c52,000
Average tonnes of paper recycled

Streamlining confidential data destruction 
logistics with Datashred
The customer
Circle Healthcare Group is a leading healthcare provider in the 
UK, well known for its commitment to high-quality patient care. 
The organisation has an extensive network of 50 hospitals and 
because they handle a significant volume of patient records, 
faces the ongoing challenge of managing confidential data 
securely and efficiently across the country. Not surprisingly, as 
a large operation, streamlining costs and creating sustainable 
productivity efficiencies are important goals for Circle 
Healthcare’s supplier partnerships, alongside meeting regulatory 
and sustainability criteria.
The challenge
Circle Healthcare Group was looking for a robust and reliable 
solution for the secure destruction of their confidential data that 
would not only maintain their compliance with confidential data 
protection requirements imposed by GDPR and patient expectation, 
but also help improve efficiency across their hospital network. 
More specifically, Circle Healthcare Group had some key outcomes 
to achieve including streamlining the data destruction process 
to reduce the administrative burden; maintaining high customer 
service standards; managing costs smartly and effectively and, 
most importantly, closing the gaps for risk by adhering to the 
stringent data protection regulations within the healthcare sector. 
A corollary from these outcomes would be an increased ability to 
focus on delivering end-to-end patient care excellence. 
Our solution
An introduction via an existing relationship with Information 
Management proved serendipitous for both Circle Healthcare 
Group and us. We were quickly able to prove our mettle in 
meeting all the customer’s needs. 
Managed personally by one of Datashred’s National Business 
Directors, we implemented a regular secure off-site shredding 
service that collects from various Circle Healthcare Group sites 
across the UK. From the moment we deliver our lockable secure 
data bins and storage, to collection and tracked transport to one of 
our sites, passing through all the protocols and procedures we have 
in place to guarantee confidentiality, we have ensured the safe and 
compliant disposal of their patient records and sensitive documents 
throughout the past 12 months. All our procedures are in line with the 
requirements outlined in BS EN 15713:2023 which, in turn, enables full 
compliance with GDPR. For all that shredded paper there was only 
one exit: through our trusted recycling partners for manufacture into 
new paper products, one of our key guarantees to all our customers. 
As part of the service, Circle Healthcare Group gained access to 
our Shred Smart portal that places account information, invoices, 
and upcoming collection dates at our customer’s fingertips, 
empowering them to manage their account proactively and 
efficiently. 
And, finally, the Restore Group’s integrated approach to providing 
complementary modern workplace services means that 
Datashred’s work with Circle Healthcare Group complemented 
the customer’s digitisation strategy, which involved scanning and 
digitally archiving significant volumes of documents. We were 
able to assist, of course, in destroying and recycling all those no-
longer-needed pieces of paper. 
The results 
Our successful work with Circle Healthcare Group demonstrates 
the value of a comprehensive and integrated approach to 
confidential data management in the healthcare sector. By 
leveraging secure off-site shredding services and digital tools like 
our Shred Smart portal, Datashred’s solution throughout 2024 
helped Circle Healthcare Group make significant improvements in 
efficiency, cost management, and compliance, including meeting 
the all-important requirements of BS EN 15713:2023. While we 
focused on what we do best – secure, sustainable, confidential 
shredding – our customer was able to focus on their core mission 
of delivering high-quality patient care.
Reduced environmental impacts
Throughout 2024, Circle Healthcare Group has been able to 
view their environmental impacts being turned into positives 
by shredding and recycling with us and benefiting from the 
Group’s own commitments to being Net Zero by 2050. Circle 
has saved the following:
5,409 
Trees not felled
10,183,040 
Litres water saved
1,336,524 
Energy saved (KwH)
190,932 
CO2 saved (kg)
CO2
735 
Landfill saved (m3)
Case Study
Customer: Circle Healthcare Group
11
Strategic Report

12
Restore plc Annual Report 2024
Strategic Report
Harrow Green is the UK’s leading commercial relocation company, 
supporting corporate and public sector clients with their complex 
and demanding workspace move projects.
The business provides a full project management service and 
delivers physical relocation and installation of workspace, 
furnishings, documents, and IT equipment so that relocated staff 
simply turn up at their new facility and can operate immediately 
post move.
Harrow Green employs 344 staff and has a pool of specialist 
agency labour it can draw on at peak times or for particularly 
large moves. It operates from ten sites across the UK (two at an 
Information Management site) with a fleet of 106 vehicles, 25 of 
which are fully electric. This scale, far bigger than any competitor, 
combined with huge experience of managing complex relocations 
gives Harrow Green a pre-eminent position in its market which 
translates into achieving premium rates.
All Harrow Green sites have appreciable storage capacity. This 
is valued by our customers, providing them with the flexibility 
to transform and manage their property estate or seek storage 
solutions for complex asset management requirements.
In addition to the core office moves business, we are also 
increasingly providing expert relocation services to several discrete 
sectors, notably life sciences and heritage assets. Our biobank in 
Cambridge, where our activities are strongly skewed towards the 
thriving life science businesses in the area, is filling up well, with a 
strong pipeline, the success of which has encouraged us to open 
another branch in 2024 near Oxford where life sciences are also 
burgeoning.
Harrow Green secures extraordinarily high customer satisfaction 
scores. This is reflected in c80% of our revenue being generated 
from existing customers.
Harrow Green frequently works with other Group businesses and 
plays a key role in introducing new customers to other Group 
businesses: a physical move is frequently a trigger for business 
process development or changing suppliers in other parts of the 
Group service.
Our Divisions
Harrow Green
“Harrow Green is the UK’s leading 
commercial relocations organisation, 
It is also increasingly providing expert 
relocation services to discrete sectors, 
notably in life sciences.”
£35.3m
2024 Revenue
344 
Staff 
8
Sites
349,000
Desks relocated
Certifications
Cyber Essentials Plus, ISO 9001, 14001, 
27001, 45001, BS 8522 BAR

Effective clearance and asset redeployment
The customer
BT Group is one of the UK’s leading telecommunications 
companies. At their Judd Street office, they required Harrow 
Green to clear seven floors of all furniture, technology, and 
confidential waste over a six-week period while redeploying 
reusable assets to other BT sites across the UK.
The challenge
The primary challenge was the strict six-week timeframe. A 
second deadline was introduced because our partner CBRE, were 
scheduled to start a separate project within part of the building, 
making it essential for the team to clear those areas promptly.
Additionally, we managed the relocation of 150 BT staff members 
to another building, project managing the move to keep 
disruption to a minimum.
Our solution
Clear communication, strategic prioritisation, and flexible 
resource allocation were crucial for this projects success. Our 
team managed the project with efficiency and sustainability in 
mind and achieved the following:
›	 Completed the clearance of seven floors over a six-week 
period, including the removal of all furniture, technology, and 
confidential waste.
›	 Most catering and kitchen equipment was redeployed to other 
BT sites, including locations in London, Merthyr Tydfil, and 
Manchester.
›	 Over 1,000 pieces of furniture such as chairs, sofas, meeting 
tables, and collaborative furniture were redistributed to various 
BT sites across the UK, including London, Ipswich, Crawley, 
Stoke, and Leeds.
›	 15 chairs were donated to St Joseph’s Hospice in Mile End, 
supporting the local community.
›	 Any redundant pods, booths, and seating were retained 
within the Circular Economy framework, ensuring sustainable 
processing or reuse.
›	 Minor dilapidations were completed, including the removal of 
all signage, manifestation, whiteboards, pinboards, and wall-
mounted brackets.
The results
The entire clearance was completed on schedule, meeting 
the six-week deadline and aligning with CBRE’s project 
timeline.
Major cost savings and sustainability benefits were 
achieved by redeploying over 1,000 furniture units and 
catering equipment to other BT sites.
72% 
equipment reused
1,897kg 
equipment repurposed
Case Study
Customer: BT Group
13
Strategic Report

14
Restore plc Annual Report 2024
Strategic Report
Since our initial investment in the IT asset disposal market through 
a small acquisition ten years ago, we are now the leading IT 
recycling and lifecycle services supplier. The market for end-of-life 
IT recycling has been in existence for over 40 years in the UK but it 
remains highly fragmented with many different types of businesses 
and charging models. The market is expected to become more 
orderly as society increasingly recognises the importance of data 
security and environmentally responsible disposal of IT assets.
Technology’s core activity remains the secure destruction of data 
and responsible recycling of all types of IT assets from laptops 
to servers to network equipment. We also support our core 
clients on recycling their electrical waste. Our target market is 
responsible corporate entities and public sector organisations who 
appreciate the importance of securely wiping data and disposing 
responsibly of their IT assets. These customers not only appreciate 
the competence and knowledge required to give them peace of 
mind, but also tend to appreciate the benefits of upgrading their IT 
equipment, meaning that their old equipment is not outmoded and 
has appreciable resale value.
Based on our knowledge and technology in the destruction and 
recycling market, we have a growing presence in the attractive 
IT lifecycle space. We are increasingly managing organisations’ 
IT estate from initial loading of software applications on new 
equipment through monitoring changes of users during the asset’s 
lifetime and then managing its disposal. A frequent source of 
this type of work is through the major IT valued added resellers 
(‘’VARs’’) and distributors who look to Technology to provide 
these services to their large customers. A typical example of this 
is our contract to manage the IT assets of a large Government 
organisation on behalf of a Top 5 VAR, CDW, who supply the 
equipment.
Our services extend from pre-life software imaging, physical 
installation and asset tagging, through the mid-life provision of 
relocation services, hardware and software upgrades and end of life 
services including fully secure and certificated decommissioning 
solutions through repurposing, recycling, or destruction.
Technology has four large processing sites for disposal or 
redeployment of IT equipment which processed c1m assets in 
2024. It also has one specialist site for destruction and recycling 
waste electrical and electronic equipment (WEEE) as well as a 
fleet of mobile on-site destruction vehicles which destroyed 
c738,000 items in the year. The Ultratec and Ultratest businesses 
in Stevenage have extensive secure hard disk wiping capability, 
including proprietary technology which facilitates the reuse of 
disks deemed irreparable by other processors. Ultratec cleaned 
and re-sold c500,000 hard drives in 2024. We also have our in-
house engineering resource working with customers, typically on 
disconnecting and reconnecting complex IT structures.
Our Divisions
Technology
“Technology is the leading UK IT 
recycling and lifecycle services supplier. 
Our target market is responsible 
corporate entities and public sector 
organisations.”
£36.1m
2024 Revenue
345
Staff 
6
Sites
Certifications
Cyber Essentials Plus, ISO 9001, 14001, 
27001, 45001, NSCS CAS(S), NPSA CSE
1.5m
Assets processed

How Technology optimised IT lifecycle services 
for a public sector entity
The customer
The end-user customer in this case study is one of the largest 
Government departments in the UK, with a vast estate and over 
800 locations. It operates several core sites that have high volumes 
of IT assets needing collection, as well as numerous smaller 
locations with lower volumes. Our partner, CDW, is a major IT 
value-added reseller, and currently supports this Government 
department with a significant digital transformation programme, 
which includes upgrades, outsourcing, and a rolling refresh of all 
devices across the whole, extensive, estate. 
The challenge
With such a diverse and widely distributed department, alongside 
multiple needs and outcomes for its thousands of devices, 
historically it has been challenging to align a robust, responsive 
supply chain with the customer’s demands and service level 
requirements. Issues have included managing different outcomes 
for different devices e.g. remarketing, redeployment or recycling as 
well as the need to process equipment at scale so that the end-
user customer meets their objectives. Naturally, maximising value 
recovery through intensive, focused remarketing efforts is of huge 
interest to any public sector entity. 
CDW drew up a set of primary objectives for partnering with 
us to supply the customer with what they required: essentially, 
disposal, asset remarketing and reverse logistics services, all 
backed and guaranteed by accreditations and experience that 
ensure data security (GDPR) and WEEE Directive compliance.
Our solution
Our service starts with security-checked collections operatives 
picking up assets at the agreed location and at the agreed time. We 
tag every item to make sure it can be tracked through our audit 
system, and then transport them to the appropriate Technology site. 
Once on site, we segregate, audit, test, visually inspect and grade 
each asset, swiftly moving every item into the correct stream for data 
wiping and then re-marketing, if a high-grade device, upgrading 
for redeployment back with the end-user customer, or moving into 
disposal and recycling of component parts and materials  
At every step, we meet the customer’s primary objectives: 
efficiently collecting, processing, disposing and recycling 
outdated IT equipment; maximising value recovery from surplus 
devices; ensuring data security throughout the process, and 
thus meeting our customer’s stringent data protection and 
environmental compliance needs; promptly returning active 
assets; and, lastly, managing day-to-day enquiries from the wider 
estate. Our operations are run by a dedicated service delivery 
team that manages bookings, reporting, service level agreements 
and day-to-day queries.
Our operations are robustly backed by our project plan, a plan 
that outlines phases of project implementation, defines timelines 
and specifies how milestones will be achieved. 
The results
With such an intense focus from Technology’s team of experienced 
technicians, account managers and engineers, it is not surprising 
to learn that the end-user customer, and CDW, have seen their 
objectives comprehensively met, particularly in the large increase 
in revenues from assets purchased through remarketing.
Cost savings through improved operational efficiency and 
guaranteed data security are further bolstered by revenues 
generated by remarketing through high-quality e-commerce 
channels – both good news stories for any customer’s bottom line. 
Meanwhile, because Technology in effect recycles all IT assets, 
either for a second life through re-sale or redeployment through 
charitable giving, or through disposal and break down, CDW 
and our end-user customer are pleased to know that their 
sustainability criteria are being achieved, too. 
“Working with Technology has allowed CDW to enhance 
our overall supply chain services. Over the last 18 
months, Technology has reacted to and executed 
consistent changes and improvements to align to our 
processes. The whole team’s attitude is of a highly 
committed standard to deliver a quality partnered 
service into CDW’s end-user customer. Accomplished 
service delivery processes allow us to have full visibility 
of stock location and condition so we can support 
our end-user customer’s requirements. Account 
management along with operational knowledge have 
been key to CDW’s successful managed service.”
Cheryl Hizzey, Senior Service Delivery Manager, CDW
Case Study
Customer: CDW + end-user customer 
15
Strategic Report

Introduction
Having returned to Restore as CEO in September 2023, I am mildly 
disappointed that adjusted profit before tax only increased by 14% 
in 2024. Having said that, the Group experienced some specific 
headwinds during the year, notably:
›	 weaker than expected sales and operational delivery in our 
former Digital business;
›	 a low paper price for our Datashred division (particularly in H1), 
compounding its recent low margins;
›	 considerable change needed in our Technology division to 
recover from a loss-making prior year; and
›	 very tough market conditions in the office removals market for 
our Harrow Green division.
Notwithstanding these specific headwinds, there are strong 
grounds for optimism for all of our divisions, specifically:
›	 The physical side of what is now Information Management, 
which is primarily box storage, continues to generate recurring 
revenues, now at increased operating margins.
›	 The integration of the former Digital operations, primarily 
our scanning activities, into Information Management has 
substantially been completed. This has sharply improved our 
offering to our customers who increasingly view physical and 
digital storage as two sides of the same coin. It has also added 
focus to our scanning activities and will result in annualised cost 
savings of approximately £3m to the Group.
›	 Datashred is performing well and we have hedged our paper 
sales price for approximately half of our recycled paper volume 
in 2025 at a level which should support the division’s adjusted 
operating margin moving towards 15%.
›	 Technology’s trading has continued to improve dramatically 
since its loss-making performance in 2023. Our operations 
are in good shape with the recent launch of a new IT system 
which will drive significant efficiency gains in 2025 alongside a 
refocus to higher quality customers. We continue to see growth 
in activity with our channel partners, typically value-added 
resellers of IT equipment, to whose customers we provide 
lifecycle services.
›	 After a tough 2024, Harrow Green has seen some improvement 
in market conditions. Our specialist skills in large-scale moves 
remain strong and we are growing our market position in the 
life sciences market, as illustrated by Harrow Green currently 
undertaking a significant laboratory move.
Health and safety
Health and safety remains the first priority across the Group. As 
part of this focus, we appointed a Group Head of Health and 
Safety in 2024. She is responsible for developing, implementing, 
and overseeing Restore’s health, safety, and wellbeing governance 
framework, embedding health, safety, and wellbeing into the 
DNA of the Group. She reports into the Group Health and Safety 
Committee, which includes three Board Directors and meets 
quarterly. I am ultimately responsible for health and safety across 
the Group.
2024 saw a 7% reduction in lost time incidents, including RIDDORs. 
Collisions were the biggest contributor to accidents during the 
year (21% of the total) which is partially reflective of the heavy 
focus we have had on improving the reporting culture across the 
Group but particularly within fleet and logistics. Other significant 
causes of accidents are cuts (16%) and manual handling (16%). Last 
year, manual handling was the largest contributor to our accident 
statistics (26%), so we are very pleased to have driven down the 
number of these incidents, primarily achieved through improved 
education and awareness. 840 manual handling awareness courses 
were delivered in 2024 alone to support this reduction. 
Chief Executive 
Officer’s Statement
“We remain committed to our medium-
term target of driving adjusted operating 
margins across the Group to 20%. Despite 
some challenging headwinds throughout 
2024, there are strong grounds for 
optimism for all of our divisions.”
Charles Skinner, CEO
16
Strategic Report

In 2024 we have also focused on ensuring a consistent standard 
of training across the Group with Royal Society for the Prevention 
of Accidents (“ROSPA”) approved training being delivered to our 
colleagues. I am pleased to say that c12,000 ROSPA health, safety 
& wellbeing courses were delivered through our online learning 
platform focusing on key areas of risk for the organisation such as safe 
movement of vehicles; slips, trips and falls; and stress awareness. 
We are encouraged by an increase in our leading health and 
safety indicators, with safety observations and near miss reporting 
increasing by 62% from 2023, showing a significant improvement 
in the vital two-way conversation needed within our organisation 
to drive down risk. 
Internal and external benchmarking of our performance remains 
a cornerstone of our health, safety and wellbeing strategy. To 
this end, we have actively continued our partnership with the 
British Standards Institute (“BSI”) and NatWest Mentor to ensure 
we receive impartial, competent reviews of our health and safety 
practices. The BSI conducted 12 external ISO 45001 certification 
audits during the year with NatWest Mentor conducting a further 
19 bespoke audits that aligned with the ISO 45001 framework. 
This activity has enabled us to benchmark our health and safety 
performance against our peer group and I am very pleased to 
report that we were generally in the first quartile of this peer group. 
Opportunities for improvement include performance monitoring, 
standardisation across the divisions and site management health 
and safety competence and we have taken steps to address these 
in our plans for 2025. 
Trading performance
Group revenue for 2024 was broadly flat at £275.3m. This primarily 
reflected significant declines in revenue in Harrow Green and 
in our former Digital business (included within the Information 
Management division). Within Information Management, our former 
Records Management business again achieved record revenues. 
Adjusted profit before tax grew 14% to £34.4m, driven by a clear 
focus on operating margins. This reflected a strong performance 
from the physical records management side of our Information 
Management division, offset in part by a weaker performance in 
our scanning operations. Both Datashred and Technology showed 
improved profitability but Harrow Green’s profits were appreciably 
down on the prior year. 
Divisional performance
For the first time, we are presenting our performance split into four 
divisions, rather than as two divisions.
Information Management 
This is the combination of what was formerly Records 
Management and Digital. It is substantially the largest and most 
profitable division in the Group.
For 2024, revenue was £167.9m, down 1% on 2023, with adjusted 
operating profit up 12% on 2023 at £45.8m. Adjusted operating 
margin was 27.3% compared with 24.0% in 2023. 
The former Records Management business experienced an 
increase in revenues driven by price increases on a broadly flat 
number of boxes. Service revenues related to box storage showed 
some growth, again largely as the result of higher prices rather than 
increased activity. Project work on box storage was satisfactory, 
although patchier than had been hoped.
We performed well on cost in the box storage business, with 
significant improvement in efficiency and tight cost control despite 
several cost headwinds. As budgeted, we saw continuing wage 
inflation. But we also faced steep increases in transport costs, as 
the price of vehicles and vehicle maintenance ran well ahead of 
inflation. We also witnessed unexpectedly high rent reviews on our 
properties, particularly in the South-East of England.
During the year we have embarked on an ambitious programme 
to minimise our property costs related to storage. There are two 
related components of this. Firstly, property costs in the South-
East of England mean that rent makes up a disproportionate 
percentage of overall costs in this geography. Secondly, a number 
of our sites are too small or inadequately configured to enable 
efficient operation. The solution is to consolidate smaller sites 
into large sites in locations where rental costs are lower. As part 
of this strategy, over the last year we have taken on a c100,000 
sq ft building at Markham Vale near Chesterfield, Derbyshire and 
more recently an 84,000 sq ft building near Durham. The former 
is now fully racked, storing approximately 700,000 boxes with a 
further 500,000 box slots expected to be steadily filled over the 
next two years. The latter is being racked and will ultimately hold 
approximately 900,000 boxes. As part of this site consolidation, 
we have been or will be able to exit around ten smaller, more 
expensive sites.
In 2024, we also completed the construction of a new building 
at our freehold site in Sittingbourne at a cost of £4m. This facility 
will hold an additional 250,000 boxes increasing our capacity 
for customers in the South-East of England who need a local 
service. While our business model is capital-light with few freehold 
properties, this freehold site partially protects us from ongoing 
rental increases in the South-East of England.
The former Digital business experienced a decline in revenues, 
despite several major contract wins. This was a result of lower bulk-
scanning activity, with notably few large one-off projects. Over the 
last eighteen months, we have significantly reduced the number of 
scanning locations. We now have two dedicated scanning facilities 
in Wolverhampton, one specialising in digital mailrooms and the 
other specialising in bulk scanning and will be taking on a new site 
to house one of the UK’s largest dedicated digital mailrooms for the 
Department of Work & Pensions (“DWP”), a contract won in 2024 
which will become fully operational during 2025. We also have two 
scanning sites inside box storage facilities.
We provide digital mailroom services to several large clients 
including HM Revenue & Customs Service (renewed in 2023), HM 
Land Registry (awarded in 2023), the Office of the Public Guardian 
(awarded in 2024) and the Ministry of Justice (awarded in 2024), 
in addition to the DWP. We did however lose a significant public 
sector bulk scanning contract during the year. 
17
Restore plc Annual Report 2024
Strategic Report

We continue to provide digitisation for a significant part of the 
UK exam system, including the International Baccalaureate and a 
number of professional qualifications. 
As noted above, the integration of the former Records Management 
and Digital businesses into the new Information Management 
division is now effectively complete. In addition to annualised cost 
savings of approximately £3m, we are now able to provide a single 
operation for customers looking for a service combining both 
physical and digital information management. There are significant 
barriers to entry into these activities, combined with highly 
contracted and recurring revenues.
Datashred
For 2024, revenue was £36.0m, broadly flat on prior year (2023: 
£35.9m), with adjusted operating profit up 19.4% on 2023 at £3.7m. 
Adjusted operating margin was 10.3% compared with 8.6% in 2023. 
In the year, both the number of visits and average collections per 
vehicle per day increased. Combined with price increases, our 
service revenues increased by 2% to £27.7m. This reflects sharply 
increased operational efficiency. 
In the year, we sold c52,000 tonnes of paper, including c11,000 
tonnes generated from destructions from our own box storage 
business. Total revenues from paper sales were £8.3m, a slight 
decline on the previous year. This reflected an average selling 
price in the year of £175/tonne, £10/tonne lower than in 2023 and 
significantly lower than in 2022. The paper price started 2024 at 
a historically low £141/tonne and ended the year at £166/tonne. 
The appreciable swings we have seen in the paper price during 
and after COVID have had significant impact on the profitability 
of Datashred. Apart from the paper price, Datashred’s revenues 
are stable with strong recurring revenue. In addition, we have 
recently agreed a fixed offtake price with a large UK paper mill 
for approximately half of our recycled paper volume during 2025 
which will significantly mitigate the impact of potential future 
volatility in paper prices. This is the first hedging contract of 
significance within Datashred. 
Datashred operates from 11 sites across the UK. Five of these are 
collection-only sites and two of which operate from our box 
storage sites. 
In addition to the growth in contracts, improved pricing and 
greater operational efficiency, we are looking to increase the 
range of services we offer. In 2024, we increased our revenues 
from textile shredding, typically uniforms, as well as other related 
services, such as battery disposal. We expect to continue to grow 
these recycling services, leveraging the strength of our customer 
relationships both within Datashred and across the wider Group.
Harrow Green
For 2024, revenue was £35.3m, down 11.8% on 2023, with adjusted 
operating profit down 57.8% on 2023 at £1.9m. Adjusted operating 
margin was 5.4% compared with 11.3% in 2023.
Harrow Green has long been the preeminent office removal firm in 
the UK. In profit terms it experienced its worst performance since 
COVID with levels of activity well below usual. This reflected a very 
slow year in the relocations market as decisions were delayed both 
ahead of the General Election and while the Autumn Statement was 
awaited. Activity in our core London market was exceptionally slow, 
while business outside London was better but remained subdued.
Harrow Green started the year completing the biggest 
pharmaceutical move in the UK. While the forward orderbook 
looked reasonable, a number of major projects timetabled for 2024 
were moved back and, in a few cases, cancelled. We undertook 
some cost-cutting at our flagship Silvertown branch during the 
year whilst maintaining the capabilities of the operation. Our new 
branch in Oxford traded in line with expectations and our branch in 
Cambridge continued to grow. Strong performances were seen in 
Croydon, Bristol and Birmingham.
We continue to focus on building our life sciences activities. We 
are undertaking another major laboratory move in 2025 and the 
biobank constructed at our Cambridge branch is performing well.
Technology
For 2024, revenue was £36.1m, up 16.1% on 2023, with an 
adjusted operating profit of £1.8m compared to an adjusted 
operating loss in 2023. Adjusted operating margin was 5.0% 
compared with (4.5%) in 2023.
The Technology management team has changed markedly since 
2023 with positive results. Apart from significant operational and 
financial reporting improvements, we have changed our strategy 
to focus on blue-chip customers and on servicing the end-clients 
of the Value-Added IT Resellers (“VARs”). This has enabled us 
to achieve improved pricing for our services such as collection, 
wiping and reconfiguration, as well as providing better quality 
equipment for resale. Service charges increased by 55.2% year-on-
year and resale values increased by 32.8%.
We have focused our Cardington site principally on servicing 
“channel” customers, providing lifecycle services to the end 
customers of VARs. Our largest customer for the year was CDW, 
on whose behalf we handled c145,000 items for a significant 
public sector entity. Our three other processing sites in Runcorn, 
Cannock and Birmingham are now focussed on end-of-life 
recycling, predominantly for regular, blue-chip customers, rather 
than sporadic collections of low-grade equipment. The expectation 
is that our Runcorn site will start offering lifecycle services to 
“channel” partners in 2025, thus increasing our capacity for growth 
and reducing any single point failure risk in this critical area. Our 
Bristol site specialises in destructions and continued to trade well.
Over recent months, we have rolled out a new ERP system 
which has brought many benefits: the ability to track equipment 
across the business rather than only in individual sites, more 
efficient transport deployment and a clearer understanding of the 
profitability of individual products and customers.
Our engineering activities, generally based on relocating IT 
equipment, experienced very low levels of activity, reflecting a hiatus 
in relocation activity ahead of the General Election and again around 
18
Restore plc Annual Report 2024
Strategic Report
Chief Executive Officer’s Statement continued

the new Government’s Autumn Statement. Ultratec, our hard drive 
wiping, repairing and trading business, performed weaker than in the 
previous year. Ultratest, our hard drive-processing software business, 
traded steadily with healthy licensing revenue and some equipment 
sales.
The market for IT recycling usually reflects levels of new IT 
equipment sales. These are starting to improve globally after a 
prolonged period of weakness. While this is becoming a helpful 
tailwind, I believe that the turnround of this division is attributable 
to the hard and thoughtful work of the current Technology team. 
We are optimistic that Technology’s performance will continue to 
improve in what is a fragmented and immature market.
Our people
Since I joined as CEO in September 2023, the number of senior 
roles has reduced from 58 to 41. Of these 41 positions, 22 are now 
filled by different people, including several internal transfers and 
promotions. Our overall workforce has reduced by c500 colleagues 
over the last two years from c2,900 to c2,400. While this has been 
painful, I am now confident that we have the right people in the 
right roles in the right structure. Our people can now be confident 
of future stability in a strong and growing company, with many 
opportunities for future development.
As a service business, the key to our success is well-motivated 
people who know what they are being asked to do and want to 
deliver excellently for our customers. They can expect that their 
work environment is fulfilling, secure and hopefully enjoyable. I am 
pleased to note that, despite recent changes, our “Your Say” survey, 
conducted by external consultants the Happiness Index, showed an 
improvement in all three key metrics: overall satisfaction, employee 
Net Promoter Score and response rate. 
I would like to thank all of my colleagues across the company for 
their energy and commitment to the Group’s success.
ESG
We are determined that Restore operates as a good citizen in all of 
its activities. I firmly believe that most businesses are steadily, and 
often quietly, moving ahead with environmentally positive change. 
We are keen to be in the vanguard of this, while managing the 
commercial implications smartly.
The largest single initiative to improving the environment that 
we are currently undertaking, after considerable investigation, 
is the conversion of our diesel vehicles, where appropriate, to 
Hydrotreated Vegetable Oil (“HVO”). This conversion will take place 
over the coming years. We have many and an increasing number 
of electric vehicles, but the technology is still inappropriate for 
much of our fleet, particularly at the larger end. We will invest 
c£0.4m per annum in EV infrastructure and storage tanks over 
the medium term to enact our strategy and also expect, given the 
current adverse discrepancy between the price of conventional 
fuel and HVO of c15p/litre, that profit will be adversely affected by 
c£0.5m, per annum; we believe this is an acceptable cost. Other 
ongoing environmental initiatives include the installation of LED 
lighting across the majority of our estate at an investment of 
c£0.5m per annum over the coming years. 
More detail on our ESG progress and priorities appear later on 
pages 24 to 45.
Strategy
We remain committed to our medium-term target of driving 
adjusted operating margins across the Group to 20%. As previously 
noted, this will be facilitated primarily by achieving 15% adjusted 
operating margins in our scanning (now part of Information 
Management), shredding and IT recycling operations. We are 
confident that these will continue to move in the right direction 
during 2025 and beyond and the time is now right to transition to 
the next stage of the Group’s growth strategy.
We are generating and receiving a range of acquisition 
opportunities in our core businesses as well as in closely related 
areas. In the opening months of 2025, we have completed the 
acquisition of Synertec in addition to the acquisition of Bluetex, a 
small box storage business acquired in 2024. We expect to make 
further acquisitions, leveraging our strong market positions and 
long-standing capability of integrating acquired companies. We 
are also looking at opportunities in closely related areas where 
we can leverage our channel-to-market, based on the breadth 
and depth of our relationships with so many of the UK’s leading 
companies and public sector entities. We will remain disciplined in 
the execution of our acquisition strategy, focused on strategic and 
cultural fit as well as attractive financial returns.
The Group is highly cash-generative and we are looking to 
deploy capital into opportunities where we can achieve returns 
comfortably higher than our cost of capital into activities which we 
understand. We will therefore target value accretive acquisitions 
in our core or adjacent business areas and, where appropriate, 
consider the return of surplus capital to shareholders in the form of 
share buybacks. 
Outlook
Trading since the start of the year has been good, with all divisions 
expected to deliver an increase in adjusted operating profit for 
the full year.  We are well positioned to deliver both organic and 
inorganic growth and remain confident in increasing the scale of 
the Group and delivering further value to shareholders.
 
Charles Skinner, Chief Executive Officer
12 March 2025
19
Restore plc Annual Report 2024
Strategic Report

Overview
Revenue for the year ended 31 December 2024 was broadly flat at 
£275.3m. The high proportion of recurring storage income in our 
Records Management business, together with highly contracted 
services in the other businesses, continued to underpin overall 
Group revenue. However, we experienced some headwinds during 
2024, including in particular a slow relocations market for Harrow 
Green, weaker sales and operational delivery within our Digital 
business, and reduced paper prices in Datashred during the first 
half. Together these offset revenue growth elsewhere in the Group. 
Our primary focus in 2024 was to increase profitability and we 
implemented several measures during the year which are now 
delivering enhanced margins. As a result, adjusted operating 
margin increased by 170 basis points to 17.7% (2023: 16.0%), and 
adjusted operating profit grew 10% to £48.8m (2023: £44.3m). 
Active treasury management, through reducing excess cash on 
hand and unutilised debt facilities, resulted in lower borrowing 
costs and has driven adjusted profit before tax growth of 14% to 
£34.4m (2023: £30.3m).
On a statutory basis, the Group made a profit before tax of £17.9m 
(2023: loss before tax of £29.0m). The loss in the prior year was 
largely driven by £36.3m of asset impairments, primarily in 
Datashred (2024: £nil).
Good cash generation endures as a key quality of the Group, with 
cash conversion of 107% for 2024 (2023: 110%) and a free cashflow 
of £39.1m (2023: £37.3m). As a result, net debt decreased to £89.0m 
as at 31 December 2024 (2023: £97.8m), and the leverage ratio 
reduced to 1.6x from 1.9x in 2023, towards the bottom of our 1.5x – 
2.0x target range.
Financial highlights
2024
£m
2023
£m
Variance
%
Revenue
275.3
277.1
(1%)
Adjusted operating profit
48.8
44.3
10%
Adjusted operating margin (%)
17.7%
16.0%
170bps
Adjusted profit before tax
34.4
30.3
14%
Statutory profit/(loss) before tax
17.9
(29.0)
162%
Adjusted basic earnings per 
share (pence)
19.0p
17.0p
12%
Free cash flow1
39.1
37.3
5%
Cash conversion (%)2
107%
110%
(3%)
Net debt
89.0
97.8
9%
Leverage2
1.6x
1.9x
16%
1	 Calculated as cash generated from operations less income taxes paid, 
capital expenditure and lease payments, but before the cash impact of 
adjusting items (reconciled on page 87).
2	 Calculated as adjusted EBITDA divided by net debt, including a pro-forma 
adjustment to EBITDA for acquisitions in line with financial debt 
covenants.
Chief Financial 
Officer’s Statement
“The Group continues to be strongly profitable and highly 
cash generative, with leverage now decreased to the 
lower end of our target range. A number of measures 
have been implemented to improve profitability and 
these are delivering. We are now accelerating the 
strategic development of the Group in line with our 
updated capital allocation framework.”
Dan Baker, Chief Financial Officer 
20
Strategic Report

Income statement 
During 2024, we reassessed our operating segments and for the 
first time are presenting our results as four divisions. This better 
represents how we now manage the businesses within the 
Group, with each division having a dedicated Managing Director 
and senior leadership team. The four divisions are: Information 
Management (comprising our Records Management and Digital 
businesses); Datashred; Harrow Green; and Technology.
2024
£m
2023
£m
Variance
%
Information Management
Revenue
167.9
170.1
Adjusted operating profit
45.8
40.9
Adjusted operating margin
27.3%
24.0%
330bps
Datashred
Revenue
36.0
35.9
Adjusted operating profit
3.7
3.1
Adjusted operating margin
10.3%
8.6%
170bps
Harrow Green
Revenue
35.3
40.0
Adjusted operating profit
1.9
4.5
Adjusted operating margin
5.4%
11.3%
(590bps)
Technology
Revenue
36.1
31.1
Adjusted operating profit/(loss)
1.8
(1.4)
Adjusted operating margin
5.0%
(4.5%)
950bps
Group
Revenue
275.3
277.1
Divisional adjusted operating 
profit
53.2
47.1
Central
(4.4)
(2.8)
Adjusted operating profit
48.8
44.3
Adjusted operating margin
17.7%
16.0%
170bps
Revenue
Information Management
Our Records Management business has a base of highly recurring 
revenues, primarily from blue-chip and Government customers. 
Inflationary price rises on a stable number of boxes (22.3 million 
as of the end of 2024; 2023: 22.5 million) provided good revenue 
growth in the year. 
However, fewer non-recurring contracts in our Digital business, 
particularly in bulk scanning, alongside weaker operational 
execution resulted in lower scanning revenue. This was partially 
offset by recent contract wins with HM Land Registry and the 
Office of the Public Guardian for digital mailroom services, both 
of which increased activities during 2024, alongside the existing 
mailroom contract with HM Revenue & Customs continuing 
to provide a solid base of contracted and recurring work. As 
previously announced, we also won the mailroom contract for 
the Department of Work and Pensions, one of the most significant 
mailrooms in the UK. This will commence in 2025 and will largely 
offset the loss of a significant public sector bulk scanning contract.
Datashred
Datashred service revenues are highly contracted with a good 
portion of recurring customers. In the year, both the number of 
visits and average collections per vehicle per day increased leading 
to a 2% increase in service revenue. Revenue from paper sales has 
recently been less predictable; whilst we consistently collect and 
shred in excess of 52,000 tonnes, there continues to be ongoing 
challenges in recycled paper pricing, with a full year average selling 
price in 2024 of £175 per tonne compared to £185 per tonne in 
2023. Prices continued to be depressed in the first half of the year, 
although normalised in the second half of 2024 towards historical 
levels. As a result of these offsetting factors, overall revenue in the 
division was broadly flat.
Harrow Green
Following a strong 2023, which benefited from the delivery of a 
significant contract for a large multinational pharmaceutical firm, 
Harrow Green had a tough year in a slow relocations market. We 
believe that businesses delayed relocation decisions both ahead of 
the General Election and while the Autumn Statement was awaited, 
and the market continued to be weak through to the end of the 
year. As a result, revenue declined £4.7m to £35.3m.
Technology
The global IT sector began to recover in 2024 following a 
slowdown in 2023 and the unwinding of a cycle that had been 
introduced as a result of the COVID lockdowns and resultant home 
working. This is now having a knock-on impact of higher volumes 
of IT assets for recycling. Technology has also been refocusing 
on higher quality customers, which typically have higher quality 
IT assets, and the increasing number of customers who are 
outsourcing their IT lifecycle services to Value Added Resellers 
(“VARs”). Technology is partnering with the leading VARs to provide 
end of life and mid-life cycle services to a number of customers 
including significant Government departments.
Adjusted operating profit
Our primary focus during the year has been on improving margins. 
In order to achieve this, we have implemented the following 
measures: 
›	 revitalisation of the businesses through decentralisation; 
›	 reducing the size of head office, including the support 
functions; 
›	 within Records Management, linking pricing to RPI/CPI and 
driving the ongoing property consolidation programme; 
›	 the integration of Digital and Records Management into our 
newly formed Information Management division; 
21
Restore plc Annual Report 2024
Strategic Report

›	 refocusing our Technology business to higher quality customers 
and those outsourcing their IT lifecycle services; 
›	 focusing on operational efficiencies and regaining market share 
within Datashred; and 
›	 Harrow Green focusing on the specialist areas of life sciences 
and heritage. 
Despite revenue in the Group being broadly flat, and some profitability 
headwinds as discussed above, these measures started to deliver in 
the year and resulted in higher Group profitability overall. 
The property consolidation commenced in Spring 2024 with the 
signing of a lease for a c100,000 square foot facility in Markham 
Vale, near Chesterfield, with a capacity of around 1.2 million boxes. 
That facility is around half full as at the end of 2024 having received 
boxes from sites the Group exited in the South-East of England, and 
will continue to be filled over the next two years as other sites are 
exited. Towards the end of 2024 we commenced the second phase 
of the consolidation and signed a lease on an 84,000 square foot 
facility near Durham with a capacity of around 900,000 boxes. This 
will start to receive boxes in Spring 2025 from sites we are exiting 
in the North and North-East of England during 2025 and 2026. 
Once both of these two facilities are full, we will have exited around 
ten sites in order to fill them and relocated over two million boxes.
We announced the integration of our Records Management and 
Digital businesses into our newly formed Information Management 
division as part of our interim results in July 2024. At that time 
we anticipated that it would cost up to £3m to complete the 
integration and would provide the Group with annualised cost 
savings of c£3m. I am pleased to report that integration costs are 
running slightly under the expected £3m and that as of the end of 
2024 we have been able to implement plans which will achieve the 
savings anticipated, some of which we benefited from during 2024. 
This integration will have been significantly completed by the end 
of the first half of 2025. 
Central costs represent costs relating to the Board and the head 
office. We reduced the size of the head office team at the end of 
2023 which has saved around £1m of annualised costs. However, 
the inclusion of a charge for management team bonuses in 2024 
(2023: nil) and for share based payments relating to share schemes 
in 2024 (which was credit in 2023), resulted in an overall year on 
year increase in central costs. 
Financing and interest expense 
Net debt at 31 December 2024 was £89.0m (2023: £97.8m), with 
leverage decreasing from 1.9x to 1.6x.
2021
2022
2023
2024
Net debt 
(£’m)
100.8
103.5
97.8
89.0
Leverage
1.8x
1.7x
1.9x
1.6x
Active treasury management has reduced the interest burden on 
the Group in the year. Excess cash on hand has been significantly 
reduced, and the Group has established a £10 million overdraft 
facility to help manage this. In addition, to save facility fees, £75m 
of the Rolling Credit Facility (“RCF”) was voluntarily cancelled 
during the year, decreasing the facility from £200m to £125m. 
As a result, and despite some base rate headwinds, interest on 
borrowings reduced to £7.9m (2023: £8.9m).
2024
£m
2023
£m
Interest on borrowings
7.9
8.9
Interest on finance lease liabilities1
6.2
4.4
Amortisation of deferred finance costs
0.6
0.6
Other finance costs
-
0.1
Total finance costs
14.7
14.0
1	 Interest on finance lease liabilities increased due to a rise in the 
incremental borrowing rates used.
In addition to the RCF, the Group has US Private Placements 
(“USPP”) of £25m with a fixed term and rate. Total available facilities 
of £150m is considered to be ample given the Group’s strategy. 
Should it be needed, the RCF also includes an accordion which 
the Group can exercise to increase the facility by up to a further 
£25m. The Group has strong relationships with its lenders should 
additional facilities be required.
Adjusting items
Due to the nature of certain income or costs, the Directors 
believe that an alternative measure of profit before tax and 
earnings per share provides readers of the annual report with a 
useful representation of the Group’s performance that should be 
considered together with statutory profit and earnings per share.
The adjusting items in arriving at adjusted profit before tax are as 
follows:
2024
£m
2023
£m
Asset impairments
-
36.3
Amortisation
12.1
12.2
Acquisition transaction costs
-
0.2
Restructuring and redundancy
2.1
5.9
Property related costs*
1.5
3.1
Strategic IT reorganisation
0.8
1.6
Total adjusting items
16.5
59.3
* In 2024 this includes £0.3m presented in finance costs related to dual running 
lease liability interest costs
The largest component of adjusting items in 2023 related to 
asset impairments of £36.3m. This primarily comprised a £32.5m 
non-cash impairment of the goodwill in Datashred following 
a reassessment of future growth expectations, and a £3.6m 
impairment of assets relating to a business exit in the Technology 
business. There were no such impairments recorded in 2024.
Chief Financial Officer’s Statement continued
22
Restore plc Annual Report 2024
Strategic Report

No material acquisitions were made in 2024 leading to a stable 
amortisation charge. 
There were significant restructuring costs presented in 2023 which 
related primarily to the dual running costs for the changes in Chair, 
CEO, and CFO, new management teams in the Technology and 
Datashred businesses, and a reduction in the head office team. 
This restructuring programme was largely completed in the first 
quarter of 2024. The bulk of the cost recorded in 2024 relates 
to the integration of Digital and Records Management into the 
Information Management division.
Property related costs in 2024 primarily reflect the cost of 
relocating boxes as part of our property consolidation strategy, as 
well as the dual running costs incurred whilst we move the boxes. 
The costs incurred in 2023 related to the strategic review of the 
Group’s property estate which was conducted in preparation for 
the consolidation and primarily related to the crystallisation of 
dilapidations provisions on properties that we reassessed as being 
non-strategic and therefore likely to exit in the short to medium 
term.
Investment in the Group’s strategic IT programmes relates to a 
new finance system implemented in Harrow Green in 2024, and 
in the former Digital business and Technology in 2023. These 
programmes have now been completed.
Following these adjusting items, the Group made a statutory profit 
before tax of £17.9m (2023: statutory loss before tax of £29.0m).
Earnings per share (“EPS”)
2024
2023
Weighted average number of shares in issue
136,129,425
136,580,425
Weighted average fully diluted number  
of shares in issue
137,698,973
137,302,753
Adjusted profit before tax (£m)
34.4
30.3
Tax at 25% (2023: 23.5%) (£m)
(8.6)
(7.1)
Adjusted profit after tax (£m)
25.8
23.2
Adjusted basic earnings per share 
19.0p
17.0p
Adjusted fully diluted earnings per share 
18.7p
16.9p
Adjusted basic earnings per share is calculated by reference to the 
adjusted profit before tax for the year with a standard tax charge 
applied, divided by the weighted average number of shares in issue 
during the year.
Adjusted fully diluted earnings per share is calculated by reference 
to the adjusted profit before tax for the year with a standard tax 
charge applied, divided by the weighted average fully diluted 
number of shares in issue.
The 12% increase in adjusted basic earnings per share to 19.0 
pence (2023: 17.0 pence) resulted primarily from a 11% increase 
in adjusted profit after tax plus a slight decrease in the weighted 
average number of shares.
Statutory basic profit and diluted profit per share were 9.1 pence 
and 9.0 pence respectively.
Taxation
The tax charge for the year is £5.5m (2023: £1.7m).
Cashflow
Cash generation endures as a key quality of Restore and in 2024 
the Group generated free cashflow before financing costs of 
£39.1m (2023: £37.3m).
Net cash generated from operating activities improved to £58.5m 
from £47.8m in 2023, with cash conversion at 107% (2023: 110%).
Capital allocation
The focus during 2024 has been to improve operational 
performance across the Group, deleverage the balance sheet and 
maintain shareholder returns. Whilst we are yet to achieve our 
target profitability, margins have improved and there is momentum 
in the business for further improvement in 2025 and beyond. We 
have previously stated a preferred leverage range of between 1.5x 
and 2x adjusted EBITDA; the Group started the year with leverage 
of 1.9x and finished the year with 1.6x. We are therefore refining our 
capital allocation framework as follows:
1.	 Invest for growth: invest in the business where it accelerates 
progress and will deliver attractive returns; and target value 
accretive acquisitions in our core business or adjacent areas.
2.	 Deliver shareholder returns: maintain a progressive dividend 
policy, with consistent dividend cover; and consider return of 
surplus capital to shareholders in the form of share buybacks.
3.	 Maintain a strong balance sheet with target leverage ratio over 
the medium term of 1.5 – 2.0 x net debt to adjusted EBITDA.
Statement of Financial Position
The Group remains in a strong financial position. Working capital 
management continues to be a strength of the business, with debt 
ageing broadly consistent at 53 days and total equity increasing 
to £233.8m (2023 restated: £229.9m). Whilst we manage our cash 
balances on a Group basis, we have separately presented our cash 
and overdraft balances on the Statement of Financial Position to 
align with recent FRC guidance.
The strength of the Statement of Financial Position is indicative of 
the overall good health of the business and provides substantial 
capacity to support future growth and investment requirements.
Dan Baker, Chief Financial Officer
12 March 2025
23
Restore plc Annual Report 2024
Strategic Report

On behalf of the Board, I am pleased to report on the progress of 
the Group’s ESG strategy for 2024. We have made good headway 
along our net zero journey, turning theoretical plans into tangible 
and practical strategies and have taken time to reevaluate and refine 
our overall ESG strategy to ensure it is impactful and pertinent 
yet is pragmatic and proportionate to the risks and opportunities 
the Group faces. Our strategic goals and ambitions are set out on 
page 25 and cover the full ESG landscape that is relevant to Restore. 
We have also enhanced our KPI reporting, ensuring alignment with 
both our revised strategy and the KPIs which are included within the 
Executive Directors incentivisation for the year. 
Throughout this report, you will see how our thinking has 
matured across all areas of ESG, with a clear, sensible path towards 
achieving our strategic goals and ambitions in 2025 and beyond. 
Our ESG targets are ambitious but credible and while we may not 
have all the answers yet, we feel confident about our immediate, 
short-term and many of the medium-term steps we need to take 
to achieve them.
Governance of ESG
To ensure there is the appropriate focus and challenge on all 
aspects of the Group’s ESG strategy, Restore operates a Board-
level ESG Committee which is chaired by me as an Independent 
Non-Executive Director and attended by other Non-Executive 
and Executive Directors. This Committee formally reviews and 
challenges the Group’s ESG strategy, holds management to 
account for delivery of committed execution plans and signs 
off ESG disclosures and assurance. The Terms of Reference are 
available on our website.
Key agenda items for the ESG committee in 2024 have been:
›	 reviewing and challenging the overall ESG strategy, including 
2024 priorities and reporting requirements;
›	 reviewing and assessing 2024 progress and 2025 priorities for 
each focus area in the ESG strategy;
›	 working with the Remuneration Committee to agree and 
implement ESG-related incentivisations into the Executive 
Directors 2024 annual bonus targets; 
›	 completing a deep dive into the Group’s net zero commitments 
and ambitions, including the Group’s fleet decarbonisation 
roadmap and soon-to-be published Transition Plan Taskforce 
(“TPT”) Disclosure Framework aligned Net Zero Transition Plan; 
and
›	 receiving training from external sustainability specialists, 
covering the current climate and net zero landscape along with 
how the ESG Committee can best govern and support Restore’s 
specific climate journey.
ESG Committee 
Report
“We have made significant progress along our 
ESG journey in 2024 with a renewed clarity and 
direction driving us into 2025.”
Lisa Fretwell, Chair of the ESG Committee
24
Strategic Report

ESG Strategy
We are working with our customers and suppliers to deliver a secure and sustainable business future, focusing on Our Planet, Our 
People and Our Business. Our overall “Restoring our world” strategy, and its constituent parts, was derived in 2021 following a materiality 
assessment, whereby a broad set of stakeholders were surveyed to derive consensus on the main ESG issues the Group faced. In 2024, we 
have reassessed the strategy and the strategic pillars underpinning it to ensure that the overall strategy and its key topics remain pragmatic 
and impactful and are focused on those areas that we believe are most relevant to the Group and the ESG landscape in which we operate. 
The review in 2024 had led to the following updated strategy. Whilst the overall vision and focus areas remain appropriate, the “Topics, 
long-term goals and ambitions” have been refreshed to ensure they align both with the revised operational structure of Restore and also 
align with the areas we now believe to be the true key ESG focus areas for the Group.
The key changes from the strategy derived in 2021 are as follows:
›	 Under Our Planet we have redefined “Resource Use” to be more focused on the treatment of the waste that we create; an environmental 
issue that we consider to be key to our ESG progress. During 2025 we will determine our commitment as to when we anticipate sending 
zero Restore waste to landfill. Following this, in the medium-term, our focus will move up the waste hierarchy, setting commitments 
around the amount of waste we actively recycle rather than just the amount that is diverted from landfill.
›	 There have been no changes to Our People strategy, whilst the execution of the strategy may differ following changes to the people 
leadership team, the topics and goals set out in the original strategy are still considered to be the core foundations.
›	 The most significant changes have been made to Our Business strategy. On reflection, most of the previous focus areas, whilst 
fundamental to the successful running of our businesses, are deemed to be core day-to-day elements of our divisional strategies rather 
than overarching principles of how we govern our business. We wanted the revised strategy to reflect the areas that were needed to 
underpin how we run our business; those that provide the foundations for our commitment to transparency, fairness, sustainability 
and equality. The revised strategic pillars also align with the areas that our Governance team oversee and focus on. No change is 
recommended to the Data security pillar given the fundamental importance this has to both our business and how we govern it.
The KPIs set out on page 26 have been refined to reflect the changes noted above. 
›	Climate action
	 To accelerate our journey to Net 
Zero, in-line with the objectives set 
out in the 2015 Paris Accord, and 
become a Net Zero organisation 
by 2050.
›	Diversion of waste from 
landfill
	 To send zero Restore waste to 
landfill.
›	Biodiversity
	 To reduce our impact on the 
natural world and habitats across 
our property estate.
›	Health, safety & wellbeing
	 To ensure there is a culture across 
the Group of “Safety first” and that 
we have a positive impact on the 
overall wellbeing for all in the 
Group.
›	Culture
	 To provide a trusting and 
supportive culture where everyone 
can thrive and be their best.
›	Community
	 To ensure that we make a positive 
contribution to the communities 
we operate in.
›	Enriching careers
	 To improve the working life for 
employees.
›	Diversity & inclusion
	 To ensure that our workplace is 
diverse, equitable and inclusive  
for all.
›	Board Governance
	 To ensure that the Group is 
managed for the long-term benefit 
of all shareholders with corporate 
governance being an essential part 
of this.
›	Data security
	 To always be the trusted custodian 
of the data we hold.
›	Contract management
	 To have in place a contract 
management process that reduces 
risk, improves efficiency and 
creates transparency for all parties 
involved.
›	Compliance & training
	 To have in place best in class 
compliance and training practices 
throughout the Group.
Restoring our world
Our Strategy
Deliver a secure and sustainable future
Our Vision
Our People
Our Business
Our Planet
Focus areas
Topics, long term goals and 
ambitions 
KPIs and policies
Transparency and reporting
Foundations
25
Restore plc Annual Report 2024
Strategic Report

ESG Committee Report continued
26
Restore plc Annual Report 2024
Strategic Report
KPIs
The KPIs below represent the measures that we will use to track progress against our “Restoring our World” strategy for the foreseeable 
future and reflect the changes to the strategy referenced on page 25. We understand the importance of consistency in KPI reporting and 
will continue to report the measures below going forward. Where a key ESG topic does not yet have a relevant KPI, for example Biodiversity 
and Community, we will look to develop an appropriate measure in 2025.
These KPIs have also been updated to align with the ESG strategic objectives included within the Executive Directors 2024 bonus targets (refer 
to page 68 for further details). The Group understands that it is best practice to establish ESG-related incentivisation schemes to ensure that 
the ESG commitments made are appropriately embedded within the culture of the organisation and will look to cascade down appropriate 
targets to additional senior management in the Group as well as reviewing that the targets continue to be appropriate and relevant.
Our Planet
Link to strategy
2024
2023
2022
Reduction in Scope 1 and Scope 2 market-based emissions (tCO2e)*
Climate action
6%
17%
Not measured
Intensity ratio (Scope 1, 2 and 3 market-based emissions  
per £m of revenue)
Climate action
31.3
34.3**
41.3
Hybrid/electric vehicles in the fleet (%)
Climate action
45%
17%
3%
Hybrid/electric company cars in the fleet (%)
Climate action
99%
91%
63%
Sites with REGO backed electricity contract (%)
Climate action
93%
86%
85%
Waste diverted from landfill (%)
Diversion of waste from landfill
93%
Not measured
Not measured
Our People
Link to strategy
2024
2023
2022
Women in management roles (%)
Diversity & inclusion
31%
33%
33%
Women on the Board (%)
Diversity & inclusion, Board 
Governance
33%
40%
50%
Women across the business (%)
Diversity & inclusion
30%
34%
34%
Employee engagement (%)*
Culture, Enriching careers
73%
Not measured
70%
Employee engagement survey response rate (%)*
Culture
78%
Not measured
74%
Our Business
Link to strategy
2024
2023
2022
Total e-learning training completed (%)
Compliance & training
87%
Not measured
Not measured
Health and safety e-learning training completed (%)*
Health, safety & wellbeing, 
Compliance and training
86%
Not measured
Not measured
Top 250 suppliers assessed through our 3rd party risk  
management tool (%)
Contract management
To be reported on in 2025 onwards
Trustpilot rating (average)***
Data security, Contract 
management
4.6/5.0 
4.6/5.0
4.6/5.0
Near miss and safety observations (numbers reported)*
Health, safety & wellbeing, 
Compliance & training
643
396
123
Number of major non-conformances found in external audits*
Health, safety & wellbeing, 
Compliance & training
1
Not measured
Not measured
Certifications awarded
Data security
Refer to pages 8 to 15
*	
KPIs included in Executive Directors annual bonus targets (refer to page 68 for further details)
**	 KPI restated in line with GHG emissions – refer to page 35
*** 	relevant businesses are Datashred and Information Management

2024 progress
Climate action
›	 Operationalised our net zero roadmap through the introduction of various management-led working groups, the key one being the 
Environmental Operational Committee (the ‘’EOC’’) which includes the CFO, Company Secretary and sustainability specialists from 
each of the businesses. The focus of this committee is to drive actions in the businesses to meet the Group’s climate targets and 
commitments and is supported by the Fleet Forum and Property Working Group who focus on the decarbonisation of our fleet and 
estate respectively. 
›	 Increased the frequency of our carbon reporting from annually to quarterly. This has allowed us track progress against our interim net 
zero targets.
›	 Developed a comprehensive fleet decarbonisation roadmap across all businesses, formalising the key strategic levers we plan to take 
including both the electrification of our fleet and the use of alternative fuels.
›	 Completed the quantification of our full Scope 3 baseline, ensuring that all relevant emissions are now assessed-refer to page 32 for 
further details.
›	 Collaborated with external sustainability specialists to develop the Group’s first TPT Disclosure Framework aligned Net Zero Transition 
Plan. This TPT Plan will be published shortly on our website (www.restoreplc.com)
›	 Secured REGO backed electricity contracts on 100% of sites where we directly procure electricity. Overall, 93% of our sites now have 
renewable electricity.
›	 Implemented carbon-related incentives for the Executive Directors as part of their annual bonus targets. 
Diversion of waste from landfill
›	 Consolidated our waste providers across the Group to one single provider. This national provider has strong environmental principles 
and does not send waste to landfill unless there is no viable alternative. We expect this to significantly reduce the level of waste we send 
to landfill in the future.
›	 Started to actively track our waste statistics across the Group with a view to determining our waste commitments in 2025. This includes 
understanding how much waste is recycled, how much is incinerated and how much goes to landfill.
Biodiversity
›	 Published biodiversity policies in a number of our businesses.
›	 Commenced an impact assessment of biodiversity risks and opportunities within the operations of the Group, guided by the LEAP 
approach (Locate, Evaluate, Assess, Prepare).
›	 Initiated discussions with some of our larger landlords on the approach to biodiversity on their sites.
Our priorities and plans in 2025 are:
›	 Execution of the fleet decarbonisation roadmaps proposed by the businesses. This will involve the further electrification of vehicles 
where possible alongside the usage of alternative fuels such as HVO in several of our businesses.
›	 Develop a process to simplify the measurement of the Group’s full scope 3 emissions to ensure that this becomes an annual 
repeatable process alongside developing further understanding of the Group’s Scope 3 emissions and the strategic levers available to 
start to manage and reduce these emissions.
›	 Develop further commitments in relation to waste and biodiversity to align with the focus of “Our Planet” strategy.
›	 Cascade carbon incentivisation schemes down to additional senior management in the Group with the Remuneration Committee 
continuing to focus on how this can be further embedded within the Group’s reward structure.
›	 Submit our near-term and long-term net zero commitments for approval by SBTi.
›	 Publish the Group’s first TPT Disclosure Framework aligned Net Zero Transition Plan.
Our Planet
Strategic progress
27
Restore plc Annual Report 2024
Strategic Report

ESG Committee Report continued
2024 progress
Health, safety and wellbeing
›	 Successfully completed several external health and safety audits, undertaken by a 3rd party partner, with no major non-conformances 
unresolved by the end of 2024.
›	 Enhanced our health and safety system landscape with the commitment to a new system which will significantly improve our incident 
reporting, allow us to benchmark our performance across the Group and will act as a single source of the truth across all businesses.
›	 Significantly improved the Group’s wellbeing data and reporting, allowing us to develop our understanding of key wellbeing issues 
within the businesses and helping to inform appropriate and proportionate responses and actions.
›	 Improved access to wellbeing support services with a 10% increase in the utilisation of our Employee Assistance Programme.
Culture
›	 Observed encouraging results from the “Your say” employee engagement survey which was run in the year, with an improved response 
rate of 78% (vs 74% when previously run) and an improvement in engagement from 70% to 73%.
›	 Launched several new and improved recognition schemes across all divisions in the year, recognising long-service as well as 
performance.
›	 Embedded colleague voice forums across large parts of the business, opening up two-way communication channels and allowing our 
colleagues to have their say.
Community impact
Each of our businesses has been actively engaged in the community, working with external partners and making it easier for our colleagues 
to donate and support charities, examples include:
›	 partnering with local employability services and DWP to help support positive futures in our communities;
›	 continuing to support and donate to several charities including the Mission Christmas Cash for Kids charity, Barnardos, Crisis, 2wish 
foundation and the Whitechapel Mission; and 
›	 making apprenticeship levy donations to SME’s across our communities.
Enriching careers 
›	 Continued to roll out leadership development training across all senior and functional leaders and are on track for 100% of leaders to 
have participated in the programme by April 2025.
›	 Launched the “Restores Futures” programme to encourage learning through apprenticeships. Technology currently have 20 colleagues 
on a live programme, Harrow Green have 15, and Datashred have 9. Information Management will launch 30 apprenticeships in 2025.
›	 Improved access to support benefits following a benefits platform review. Enhanced benefits include the introduction of Wagestream 
and additional service-related holidays in Datashred, life assurance benefit launched for all employees across the Group, maternity and 
paternity provisions increased from a statutory minimum and care concierge services relaunched and promoted.
Diversity and inclusion
›	 Raised awareness and promoted and celebrated diversity and inclusion through several calendar events such as Black History Month, 
South Asian Heritage Month, Pride and Diwali.
›	 Completed extensive diversity and inclusion training with 90% of our colleagues completing the relevant courses, above our target of 
85% for the year.
›	 Improved data gathering and awareness of our workforce demographics following the “This is me” campaign in 2023. This has translated 
to monthly KPI dashboards being produced which are reviewed by the businesses.
Our priorities and plans in 2025 are: 
›	 Focus on equipping our people leaders to support wellbeing with 75% of leaders targeted to complete wellbeing training by the end 
of 2025.
›	 Develop and roll-out the new health and safety system across the Group with a focus on enhancing incident reporting and the root 
cause analysis of incidents.
›	 Continue to enhance our diversity and inclusion data with all businesses committing to targets and action plans to work towards a 
more diverse workforce at all levels by the end of 2025.
›	 Reinvigorate and further embed our colleague networks, proactively supporting under-represented employee groups to provide 
feedback, share lived experiences and influence cultural change.
Our People
Strategic progress continued
28
Restore plc Annual Report 2024
Strategic Report

2024 progress
Board governance
›	 Completed a gap analysis in preparation for the introduction of the 2023 QCA code with additional focus on annual board evaluations 
and shareholder voting rights on our Remuneration Policy.
›	 Appointed a new Non-Executive Director, Patrick Butcher, broadening the skills and experience of the Board.
›	 Addressed the key findings from the 2023 Board evaluation process, refer to page 59 for further details.
Data security
›	 Published and issued a new Data Protection Policy and sub-policies and procedures around subject access requests, data protection 
impact assessments, appointing sub-processors and data incidents. 
›	 Rolled out compulsory e-learning for all employees on data protection with supplementary in-person training being delivered to certain 
roles and functions who have more exposure to this area.
›	 Obtained comprehensive cyber and professional indemnity insurance which is now in place across the Group.
›	 Established a Bi-monthly Data Protection Oversight Committee to ensure issues are aired and best practice shared across the Group.
Contract management
›	 Implemented new systems during the year to enhance and streamline both our contract repository and contract standardisation 
processes.
›	 Reviewed existing supplier terms and conditions to ensure they remain fit for purpose and developed new framework supplier contracts 
to be used with our stakeholders.
›	 Committed to a 3rd party risk management tool which will allow the Group to perform supplier due diligence on key current suppliers 
and during the onboarding process of new suppliers.
›	 Invested in additional internal resource to ensure that the contract management process is efficient, robust and consistent across the 
Group and across stakeholders.
Compliance and training
›	 Developed and externally published a supplier code of conduct, which focuses on the compliance, ethical and governance expectations 
we have of our supply chain. 
›	 Completed a substantial policy review and refresh exercise to ensure that policies are pertinent, consistent, non-duplicative and in line 
with the Group’s aims and ambitions. Within this a new code of conduct has been developed and rolled out to all relevant stakeholders.
›	 Rolled out a new e-learning platform across the Group, allowing access to a significant number of training modules and courses.
Our priorities and plans in 2025 are:
›	 Develop a robust approach and mitigation strategy to address supply chain risk throughout the organisation. This will include the 
successful implementation of the Group’s new 3rd party risk management tool, starting with the top 250 suppliers by spend being 
assessed and evaluated.
›	 Implement practices to close all gaps identified in the introduction of the new 2023 QCA code.
›	 Continue the development of our new e-learning platform, ensuring the training programmes undertaken are proportionate to roles 
and responsibilities, the schedule and cadence of training raises awareness of key issues across the Group and reporting is enhanced 
to allow the accurate monitoring of e-learning completion rates.
Our Business
29
Restore plc Annual Report 2024
Strategic Report

ESG Committee Report continued
Net zero journey
The Group aims to be a net zero organisation by 2050. From a 
2023 baseline, interim targets are in place to reduce absolute Scope 
1 and 2 emissions by 50% by 2030 and absolute Scope 3 emissions 
by 42% within the same timeframe. Additionally, the Group has 
committed to reducing absolute Scope 1 and 2 emissions by 90% 
by 2035. These targets have been set by following the Science 
Based Targets initiative (SBTi) Corporate Net Zero Standard, as this 
is the only credible and international framework that guides how 
companies can set targets that are aligned with climate science 
and the Paris Agreement. In 2025 the Group will be working to 
validate its targets with SBTi.
The Group will also shortly publish its first TPT Disclosure 
Framework aligned Net Zero Transition Plan. The transition plan 
turns commitments expressed under the ‘Our Planet’ pillar of our 
ESG Strategy into a real and tangible roadmap for how the Group 
will become a net zero organisation. Restore may not have all 
the answers yet, but in the coming years we are committed to 
transparently sharing updates on our progress. 
To facilitate our 2050 net zero target, we will put in place a 
comprehensive decarbonisation roadmap to be delivered by each 
individual business and supported by strong governance within the 
Group.
We have engaged with a third-party to establish an initial set of 
actions to be completed along this roadmap. These actions are 
based on the outcomes of carbon footprint data analysis and 
a stakeholder questionnaire sent out to representatives of the 
businesses.
The actions aim to provide a comprehensive programme of 
decarbonisation, acknowledging that not all actions deliver 
direct carbon reduction initially, but are required to support a 
data led culture of decarbonisation and establish some essential 
foundations for future carbon savings.
This roadmap will be integrated into our governance framework 
to ensure accountability and rigour in reporting. It is essential 
that as a Group we embed sustainability considerations into our 
decision-making processes, and our commitment to net zero will 
be reflected in Board oversight, executive compensation, and risk 
management practices.
The roadmap is broken down into four time horizons with the 
associated focus areas as set out on page 31.
Restore will achieve net zero by reducing absolute Scope 
1, 2, and 3 emissions by 90%, from a 2023 baseline, by the 
following target years:
›	 Scope 1 and 2: 2035
›	 Scope 3: 2050.
These long-term commitments are supported by near-term 
targets:
›	 to reduce Scope 1 and 2 emissions by at least 50% by 2030;
›	 to reduce Scope 3 emissions by 42% by 2030; and
›	 to ensure that by 2030, suppliers covering 70% of emissions 
from Purchased Goods and Services have set net zero 
targets aligned with a 1.5°C pathway.
Roadmap to net zero
30
Restore plc Annual Report 2024
Strategic Report

Solutions for decarbonisation overview
1 	 Immediate actions (2025) – a focus on improving data 
quality for our key emissions sources. This will provide us 
with the granular detail required to strategically target key 
emissions sources for individual Scopes and categories of 
emissions. We will also initiate engagement with our suppliers 
to develop knowledge sharing and education. 
2 	 Short-term actions (2026 to 2027) – will focus on a 
completion of a comprehensive review of supply chain net 
zero maturity, internal and external engagement activities 
and progressing with ongoing decarbonisation strategies for 
buildings and fleet. 
3 	 Medium-term actions (2028 to 2039) – to include initiatives 
that build on our short-term actions. It is anticipated that 
by this point we will have achieved our near-term targets 
and will see changes to regulatory frameworks (e.g. carbon 
pricing) to guide our next steps. 
4 	 Long-term enablers (2040 to 2050) – these fall into the last 
decade of action before our long-term net zero target. There is 
still a high level of uncertainty and related dependencies linked 
to our decarbonisation trajectory, however, we will update our 
approach in the next iteration of our Transition Plan once there 
is more clarity in the market.
Path to net zero – Time horizons
Decarbonisation
Engagement 
Governance 
Policies
1
Immediate
(2025)
	› Improving data quality with a focus 
on purchased goods and services 
and use of sold goods data. 
	› Setting strategies for 
decarbonisation of estate and fleet. 
	› Initial engagement activities with 
key suppliers. 
	› Initial net zero engagement and 
training with employees. 
	› Embedding environmental 
committees and working groups 
into the Group’s corporate 
governance structure. 
	› Net zero training for Board Members. 
	› Updating sustainable procurement 
policies. 
	› Updating remuneration strategy for 
Executive Directors. 
2
Short-term
(2026 - 2027)
	› Start to access activity-based data. 
	› Determine feasibility of a large-scale 
solar array at the Monkton Farleigh 
mine. 
	› Comprehensive review of supply 
chain.	
	› Comprehensive employee training 
and engagement. 
	› Identify channels for internal and 
external communications. 
	› HR process to determine 
appropriate skills across the 
organisation levels. 
	› Updating travel policies. 	
	› Updating procurement policies to 
drive energy efficiency, low waste 
and low carbon. 
3
Medium-term
(2028 - 2039)
	› Seek new suppliers if current ones 
do not meet criteria. 
	› Reduced Scope 1 and 2 emissions 
by 90% by 2035.
	› Agree net zero action plans with key 
suppliers.
	› Ongoing training on net zero. 
	› Review approach to Board 
remuneration on net zero transition.
	› 	Understand what skills will be 
needed to lead the business beyond 
net zero. 
	› Review whether all relevant policies 
are in place.
	› Ensure all supplier contracts 
mandate carbon disclosure. 
4
Long-term
(2040 - 2050)
	› Ensure smart carbon data collection 
solutions are embedded into 
finance systems. 
	› Continuous and transparent review 
of targets, actions and processes. 
	› Strong relationships with suppliers, 
knowledge sharing and innovation. 
	› Collaborative work with suppliers, 
peers and civil society focused on 
achieving net zero. 
	› Ongoing transparent reporting of 
progress. 
	› Ongoing monitoring and 
management of transition plan 
implementation.
	› Ongoing review of process to 
enable net zero. 
	› Ongoing review of policies to 
enable net zero.
80,000
100,000
120,000
60,000
40,000
20,000
0
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
Immediate 
actions
Short-term 
actions
Medium-term 
actions
Long-term enablers
1
2
3
4
Step decarbonisation
Annual carbon footprints
Theoretical decarbonisation pathway
31
Restore plc Annual Report 2024
Strategic Report

Total scope 1, 2, and 3 carbon footprint 
(market-based) for YE 2023, tCO2e
Our scope 3 emissions are further broken down 
into the following categories:
Scope 3 carbon footprint by emission  
source for YE 2023, tCO2e
ESG Committee Report continued
2024 progress against the immediate 
actions
Improving data quality with a focus on purchased goods 
and services and use of sold goods data – during 2024 we 
completed the quantification of our full carbon baseline covering 
all scopes and all relevant emissions. The baseline represented 
2023 data and highlights the significance of the emissions in our 
value chain compared to those in our operations.
Our largest category of Scope 3 emissions is “use of sold products” 
and relates entirely to our Technology division who remarket 
a variety of IT equipment. Whilst these services support the 
expansion of the circular economy through their recycling 
credentials, the Scope 3 emissions calculated must represent the 
expected lifetime emissions of all relevant products sold which 
leads to the significant emissions recorded.
“Purchased goods and services” reflect emissions from purchases 
made throughout 2023, the largest emissions are generated 
from our purchase of building construction related materials and 
printing and recording services.
All emissions have been calculated based on the spend 
methodology and therefore have an inherent level of estimation 
within them. Our focus in 2025 will be two-fold:
1.	
Start to understand the strategic levers available to us to 
reduce our largest Scope 3 emissions. We want to implement 
pragmatic and impactful solutions that drive our emissions 
down but are also balanced and proportionate to the Group’s 
wider strategy.
2.	
Look to refine and improve the quality of the data behind the 
calculation of the largest Scope 3 emissions in order to reduce 
the level of estimation within these numbers. This will include 
starting to access activity-based data off which to calculate 
emissions more accurately.
Setting strategies for decarbonisation of estate and 
fleet – we have made good progress during 2024 in setting our 
net zero decarbonisation strategies for our estate and fleet:
Estate 
›	 We have c19MW of electricity consumption in our estate, 94% 
of which is directly procured by Restore. As at 31 December 
2024, we have now secured REGO backed contracts against 
all directly procured electricity. This comes at a premium of 
c£0.2m which the Group incurs annually but which allows us 
to report zero carbon emissions in relation to this consumption. 
For the remaining electricity which is landlord procured, 
we are engaging with each landlord to understand their net 
zero journey and plans to “greenify” their electricity supply. 
Approximately one-third of this landlord-procured electricity 
is also now backed by REGO contracts and for the rest we will 
continue to engage with the landlords to understand their 
future plans when the current contracts expire. 
›	 We are currently unable to purchase equivalent “green” gas 
contracts due to cost so our focus on this area will be to reduce 
consumption of gas. Three of our sites consume over half of our 
gas so we will immediately focus on these sites to understand 
levers we can use to reduce consumption. 
100, 957.2 tCO2e
Purchased goods and services	
14,909.7  15%
Waste	
	
411.1  0%
Use of sold products	
66,589.7  66%
Fuel and energy related activities	
3,117.9  3%
Business travel	
592.5  1%
End-of-life treatment of sold products	
1,125.4  1%
Upstream transportation and distribution	
2,577.1  3%
Employee commuting	
3,360.6  3%
Scope 1	
	
7.8%
Scope 2	
	
0.4%
Scope 3	
	
91.8%
92,683.9 tCO2e
32
Restore plc Annual Report 2024
Strategic Report

Fleet
c90% of Scope 1 emissions are driven by our fleet so this is our 
core strategic operational focus area. Our strategy is as follows:
›	 all company cars to be moved to EV/Hybrid from ICE vehicles–
we are at 99% of our fleet at 31 December 2024 and expect this 
to be 100% in the short-term. 
›	 all forklift trucks to be moved to EV from LPG or diesel - we are 
currently at 89% and expect this to be 100% in the short-term. 
›	 transitioning to an EV fleet for vans where it is reasonable and 
practicable to do so in terms of the range of the vehicles, the 
cost and the ability to create the relevant infrastructure to 
support it. We have 9% of electric vans currently and expect 
this to increase gradually over the medium and long term as 
technology and infrastructure advances appropriately. 
›	 where we are not yet able to move towards an EV fleet, for example 
our HGV’s and large shredding vehicles, we will invest in alternative 
fuels such as HVO as a transition fuel. We have our first HVO tank 
now in place at our Information Management site in Thurrock and 
are planning to roll out further tanks across our portfolio in the 
coming years, initially targeting the Datashred division who have the 
largest share of the Group’s Scope 1 emissions.
›	 the incremental operating cost of our decarbonisation strategies 
for the immediate and short term is on average between 
£0.4-£0.5m per annum. This relates primarily to the current 
bio-fuel premium over diesel plus higher EV lease costs. 
Capital expenditure for the key fleet policies is also between 
£0.2m-£0.4m and represents the cost of the bio-fuel tanks and 
EV infrastructure. 
Initial engagement activities with key suppliers – during 
2024 a supplier code of conduct was developed which set out the 
expectations we have of our supply chain in terms of their ethical 
and compliance behaviour. This supplier code of conduct includes 
several environmental areas including environmental responsibility, 
resource efficiency and waste minimisation, pollution and 
emissions reduction, and environmental reporting and is published 
on our website (www.restoreplc.com). During 2025 we will also 
be implementing a new 3rd-party risk management tool to allow 
us to complete robust supplier due diligence on our key suppliers, 
this will include an element of understanding their net zero 
journey and carbon footprint. The data gathered from this exercise 
will allow us to start to understand the net zero impact of our 
supply chain and ultimately allow us to engage appropriately with 
suppliers.
Initial net zero engagement and training with employees 
– all employees now must complete a mandatory environmental 
awareness training module on our new e-learning platform. During 
2025 we will look to establish a programme of more bespoke 
training and communications that will raise the awareness of our 
net zero strategy across the Group.
Embedding environmental committees and working 
groups into the Group’s corporate governance structure – 
various management led committees have been integrated into the 
Group’s governance structure as set out below, the remit of each of 
these groups is detailed further on page 36:
Restore plc’s net zero governance structure:
Restore plc’s Board
ESG Committee
Green Leads
Board
Senior management
Sustainability specialists
Working groups
Fleet Forum
Environmental 
Operational  
Committee
Exco / BU MD’s
Property Working 
Group
Net zero training for Board members – during 2024, the 
Board participated in training, facilitated by a 3rd party, focusing on 
the current net zero landscape, Restore’s specific net zero journey 
and how they can best govern and challenge the Group’s journey. 
We will continue to provide training to the Board and senior 
management as is deemed necessary throughout 2025.
Updating sustainable procurement policies – the Group 
developed a new Environment Policy in 2024 which is published 
on the Group’s website (www.restoreplc.com). The aim of this 
policy is to set out the strategies that will be implemented and 
actions which will be undertaken in order to reduce our impact 
in this area. As referenced above, we also implemented a supplier 
code of conduct that included the environmental expectations we 
have of our supply chain. In 2025 we will continue to develop our 
suite of sustainable policies including sustainable procurement 
policies.
Updating remuneration strategy for Executive Directors 
- as detailed in the Remuneration report on page 68, a portion of 
the Executive Directors annual bonus for 2024 was linked to an 
absolute reduction in Scope 1 and 2 market-based emissions. In 
2025, carbon-related incentivisation will be cascaded down to 
additional senior management to ensure that all businesses are 
aligned in their commitment to the Group’s net zero targets and 
ambitions.
33
Restore plc Annual Report 2024
Strategic Report

Outlook
This pathway to net zero sets out the next chapter of our 
sustainability journey, and our robust commitment to our 
net zero target. We have already started to implement carbon 
reduction measures across the Group, but like most businesses 
in our industry, we have a complex ecosystem that will require 
consolidated action to decarbonise. Making sustainability an 
integral part of the organisation will help to unlock our potential, 
harnessing opportunities that our sustainability journey delivers 
whilst mitigating the key risks present and will ensure that we are 
fit for the future.
The path to net zero requires immediate action, innovative 
solutions and transformative change. To deliver against these net 
zero targets, therefore, we will be working to ensure all available 
carbon reduction opportunities and initiatives are embedded 
across our businesses. We have a strong foundation of sustainable 
action across the organisation and are culturally well placed to 
build upon this but must unify across the businesses to maximise 
impact.
We are confident that our net zero commitments are well aligned 
with our business strategy, and we are prepared to invest in making 
a net zero future the reality for Restore. 
As part of our ongoing commitment to transparent and 
comprehensive reporting, our baseline and net zero targets will 
be reviewed for relevance on an annual basis as part of Net Zero 
Governance.*
2024 carbon emissions
In line with best practice, our Global Green House Gas (“GHG”) 
emissions report is set out on the next page. The GHG data relates 
to emissions during the 12-month period from 1 January to 31 
December 2024, and 100% of our emissions are UK based. Our 
carbon footprint is calculated using methodologies consistent 
with the GHG Protocol with additional guidance notes included as 
required and has been verified by a third-party as being compliant 
with the Streamlined Energy and Carbon Reporting guidelines to a 
level of limited assurance.
Location-based emissions (reflects the average 
emissions intensity of grids on which energy 
consumption occurs)
Total emissions reduced by 4% from 2023, with a reduction of 
560 tCO2e. Emissions from our fleet are the most significant driver 
of our carbon performance, comprising c58% of total emissions, 
and these emissions reduced by 1% from 2023 following the 
gradual replacement of our smaller fleet vehicles with electric/
hybrid alternatives. Overall, 45% of our fleet is now either electric 
or hybrid, an increase from 17% in 2023, with 99% of our company 
cars now using lower-carbon technology. Emissions from waste 
have also significantly reduced (72% reduction) as our focus shifts 
to actively diverting waste from landfill, supported by a new 
national waste management provider.
Market-based emissions (reflects emissions from 
electricity that companies have purposefully 
chosen)
Total emissions have fallen by 9% from 2023, with a reduction 
of 894 tCO2e. The reduction is driven by the same factors as 
the location-based emissions above but in addition the Group 
continues to take action to seek sustainably sourced energy in its 
estate. 93% of sites now have electricity supplied through REGO 
backed suppliers (2023: 86%) with 100% of directly procured 
electricity now being renewable. Where Restore does not manage 
that supply directly, for example where a landlord manages power 
supply, the Group is actively negotiating for that energy supply to 
transition to a renewable alternative. 
Intensity ratios
In line with lower emissions, our market-based intensity ratio has 
reduced to 31.3 from 34.3 driven by the factors above.
*	
In line with the SBTi Corporate Net Zero Standard, companies are required to check targets annually and at minimum review them every five years. If necessary, 
companies must recalculate their target to reflect significant changes that might compromise the target. Recalculation should not be triggered by organic growth but 
should be triggered by significant changes in company structure / operation (e.g. mergers/acquisitions), in methodology used for calculating the base year inventory 
(e.g., improved emissions factors, improved data quality), and in the occurrence of significant errors.
ESG Committee Report continued
34
Restore plc Annual Report 2024
Strategic Report

35
Restore plc Annual Report 2024
Strategic Report
1	
Scope 1 (direct) – measures which relate to emissions resulting from activities owned or controlled by Restore.
2	
Scope 2 (energy indirect) – emissions are those released into the atmosphere that are associated with the Group’s consumption of purchased electricity, heat, steam and cooling. 
These indirect emissions are a consequence of the Group’s energy use but occur at sources the Group does not own or control.
3	
The 2023 market-based electricity emissions have been restated as it was discovered in 2024 that an incorrect conversion factor had been applied to the electricity at one site.
4	
Scope 3 (other direct) – emissions are a consequence of the Group’s actions that occur at sources that the Group does not own or control and are not classed as Scope 2 emissions.
5	
Energy consumption data is captured through utility meter reads or estimates.
Streamlined Energy and Carbon Reporting (“SECR”)
The Group has continued to make good progress on improving our data collection, data coverage and data quality.
In line with prior year, we have included market-based reporting as well as location-based reporting to demonstrate how our procurement 
approach prioritises renewable energy sources. We do not yet include our full Scope 3 emissions in our SECR reporting but will endeavour 
to do so in the medium-term.
tCO2e
2024
2023
2022
Fleet fuel emissions
7,122.6
7,222.6
8,281.0
Natural gas
474.5
509.0
412.4
Heating fuels
–
121.9
153.6
Total Scope 11
7,597.1
7,853.5
8,847.0
Electricity
3,919.0
3,824.2
3,841.8
Total Scope 2 location-based2
3,919.0
3,824.2
3,841.8
Electricity
177.0
416.23
1,154.3
Total Scope 2 market-based2
177.0
416.23
1,154.3
Total Scope 1 and 2 location-based
11,516.1
11,677.7
12,688.8
Total Scope 1 and 2 market-based
7,774.1
8,269.73
10,001.3
Transmission and distribution losses
348.1
330.5
351.4
Business travel
319.6
443.0
397.8
Waste
113.0
404.1
731.5
Water
6.7
13.2
13.4
Procurement
43.0
37.6
29.1
Total Scope 34
830.4
1,228.4
1,523.2
Total Scope 1, 2 and 3 location-based
12,346.5
12,906.1
14,212.0
Total Scope 1, 2 and 3 market-based
8,604.5
9,498.13
11,524.5
Intensity measures
In line with previous years, management provides an intensity measure for carbon usage based on revenue and headcount in order to 
correlate emissions with levels of activity in the Group.
tCO2e
2024
2023
2022
Intensity measure (per £’m of revenue)
Group revenue (£’m)
275.3
277.1
279.0
Scope 1, 2 and 3 location-based emissions per £’m of revenue
44.8 (-3.9%)
46.6 (-8.4%)
50.9 (-12.5%)
Scope 1, 2 and 3 market-based emissions per £’m of revenue
31.3 (-8.7%) 
34.3 (-16.9%)3
41.3
Intensity measure (per employee)
Average employee numbers (FTE)
2,556
2,727
2,892
Scope 1, 2 and 3 location-based emissions per employee
4.8 (2.1%)
4.7 (-4.0%)
4.9 (-12.5%)
Scope 1, 2 and 3 market-based emissions per employee
3.4 (-2.9%)
3.5 (-12.5%)3
4.0
Energy consumption
The tables represent 100% of our business energy use, a breakdown of emissions by fuel type is provided below.
kWh
2024
2023
2022
Gas oil
-
253,283.9
290,951.3
Natural gas
2,594,549.2
2,782,374.3
2,259,222.0
Propane (buildings)
-
52,432.5
80,272.7
LPG (buildings)
-
87,121.1
8,269.8
Diesel oil (buildings)
-
41,522.9
76,509.5
Burning oil
-
34,226.9
126,909.2
Fleet
28,470,517.7
28,466,985.1
32,312,398.7
Grey fleet
1,033,847.3 
1,426,441.7
1,536,848.4
Electricity
19,014,703.9
18,492,891.0
19,894,303.8
Total energy consumption5
51,113,618.1
51,637,279.4
56,585,685.4

This is our fourth year of reporting climate-related disclosures, in 
line with the TCFD recommendations and in recognition of The 
Companies (Strategic Report) (Climate-related Financial Disclosure) 
Regulations 2022. 
The TCFD disclosures also address section 414CB (2A) Companies 
Act requirements in relation to climate-related disclosures. 
Adherence to the relevant parts of these requirements is set out 
on page 43. The Group has continued to use the TCFD framework 
to structure our reporting in this area to ensure consistency 
with previous years, however we will continue to map our 
TCFD disclosures to the relevant sections of the Companies Act 
framework.
Governance
The Board maintains overall responsibility and oversight of climate-
related risks and opportunities, ensuring alignment with Group 
vision and direction. However, to ensure there is the appropriate 
strategic and operational focus on climate-related matters, a Board-
level ESG Committee was established in 2023. This Committee is 
chaired by Lisa Fretwell, a Non-Executive Director, and attended 
by other Non-Executive and Executive Directors. Whilst this 
Committee covers all environmental, social and governance 
matters, it is acutely responsible for the oversight and challenge 
of our climate strategy; holding management to account for the 
execution of the strategy, ensuring our climate reporting meets 
regulatory requirements and ensuring that the Group’s approach to 
climate-related risks and opportunities is balanced, measured and 
appropriate for our business.
Key climate-related agenda items for the ESG committee in 2024 
have been:
›	 reviewing and challenging the overall climate-related strategy, 
including 2024 priorities and reporting requirements;
›	 reviewing and assessing 2024 progress and 2025 priorities for 
each focus area in the climate-related strategy;
›	 working with the Remuneration Committee to agree and 
implement climate-related incentivisations into the Executive 
Directors 2024 annual bonus targets; 
›	 completing a deep dive into the Group’s net zero commitments 
and ambitions, including the Group’s fleet decarbonisation 
roadmap and soon-to-be published TPT Disclosure Framework 
aligned Net Zero Transition Plan; and
›	 receiving training from external sustainability specialists, 
covering the current climate and net zero landscape along with 
how the ESG Committee can best govern and support Restore’s 
specific climate journey.
The Board and the ESG Committee are supported by the following 
management committees who carry out the day-to-day delivery of 
our climate commitments:
›	
Risk Committee: this committee, which is also chaired by Lisa 
Fretwell, supports in the oversight of climate-related risks, and 
the overall effectiveness of risk management arrangements. The 
climate-related risk register is reviewed as part of the enterprise-
wide risk framework assessment every three months which 
enables management to incorporate ongoing refinement and 
quantification of risks. In the September Risk Committee meeting, 
there was also a deep dive into the overall environmental risk in 
the Group, including a review on the key risks which impact our 
climate strategy and how they are evolving.
›	
Environmental Operational Committee (“EOC”): this is 
a newly formed committee in 2024 and includes the CFO, 
Company Secretary and the sustainability leads of each 
of the BU’s. The EOC meets every 2 months and its remit 
includes: driving the Group’s net zero journey including the 
overview and monitoring of the Group’s fleet and property 
decarbonisation roadmaps; monitoring of quarterly carbon 
reporting outputs; training and awareness; management of 
the Group’s journey to reduce the amount of waste to landfill; 
and driving our environmental agenda through our value 
chain. This committee is supported by a Fleet Forum who 
are responsible for developing and implementing the fleet 
decarbonisation roadmap. This forum comprises each of the 
divisional Fleet Directors and sustainability specialists. The 
EOC is also supported by a Property Working Group which 
is responsible for the decarbonisation of our estate, waste 
initiatives and bio-diversity concerns.
In addition to the above committees, execution of our climate 
strategy is the also the responsibility of the MD’s of each of our 
businesses. They have the task to deliver the strategy on a day-to-
day basis; understanding the climate-related risks that impact their 
business whilst also harnessing the opportunities that climate-
related matters can bring. They are supported by sustainability 
experts embedded into the businesses’ leadership teams.
At an employee level, sustainability champions work on the 
achievement of our sustainability goals whilst all colleagues are 
responsible for adhering to the Group’s strategy and Environment 
policy on a day-to-day basis.
The Board continues to ensure that there is appropriate climate-
related expertise within the business and in 2025 will continue to 
build on this level of knowledge and understanding.
The Board and the ESG Committee understands that it is best 
practice to establish carbon-related incentivisation schemes to 
ensure that the climate commitments made are appropriately 
embedded within the culture of the organisation. This was 
implemented for the Executive Directors in 2024 with an absolute 
carbon reduction target representing a portion of their bonus for 
the year. For 2025 this will be cascaded down to additional senior 
management in the Group with the Remuneration Committee 
continuing to focus on how this can be further embedded within 
the Group’s reward structure.
ESG Committee Report continued
Task Force on Climate-related Financial Disclosures (“TCFD”) and non-financial 
and sustainability information statement
36
Restore plc Annual Report 2024
Strategic Report

Risk management
The Group has considered all risk and opportunity categories outlined 
in the TCFD guidance, across all our operations and supply chains, to 
ensure that appropriate climate-related risks have been identified and 
analysed. These were identified and assessed over four time-horizons:
›	 Immediate: 2025  
Focuses on improving data quality, initial engagement with 
suppliers and initial execution of our operational strategies
›	 Short-term: 2026 to 2027 
In line with current strategic planning and considers expected 
capital expenditures
›	 Medium-term: 2028 to 2039 
Aligns to where we will mostly likely see changes to regulatory 
frameworks and technological developments and includes 
initiatives that build on our current actions and enable 
achievement of near-term targets.
›	 Long-term: 2040 to 2050 
Aligned to the UK Governments Net Zero pledge, it informs the 
longer-term aspects of our “Restoring our World” ESG strategy 
and includes initiatives that may require significant budget, 
structural or industry change, or technological innovation not 
yet available but which are facilitators of our net zero aspirations 
and achievement of long-term targets.
Climate-related risks and opportunities are identified, assessed, and 
managed as part of the existing enterprise-wide risk framework 
to determine their relative significance in relation to other Group 
risks. The enterprise-wide risk framework is reviewed by the 
Risk Committee quarterly and is signed off by the Board at least 
annually, with climate-related risks aggregated into a single 
environmental principal risk. This allows a Group-level view of 
climate risk but also helps to understand the specific threats and 
opportunities that the individual businesses face. Refer to pages 46 
to 49 for more details on our enterprise-wide risk management 
processes.
Whilst the Board recognises that to achieve its strategic objectives, 
it must accept and manage a certain degree of risk, it has a low 
appetite for risks that have significant negative consequences such 
as climate-related risks. It aims to ensure that the Group either 
avoids those activities that may result in climate-related risks 
accelerating or eliminate the risks through applied and focused 
mitigation efforts.
Based on our enterprise-wide risk framework, our overall climate 
risk exposure is assessed to be moderate. The potential impact 
of the identified climate-related risks and opportunities is set 
out on pages 40 to 41 and whilst we do not expect them to 
drive a fundamental change to current business strategy (with 
regularly horizon scanning to ensure we are aware of any macro 
environmental changes), our risk appetite in this area will push us 
to continue to reduce our risk exposure. 
37
Restore plc Annual Report 2024
Strategic Report

Strategy
Our sustainability strategy, “Restoring our World”, was developed 
and published in November 2021 and identifies clearly defined 
targets which mitigate against climate-related risks and capitalise 
on climate-related opportunities. The strategy is reviewed 
annually with any material changes in regulations, social context, 
technology availability and the development of climate science 
being incorporated as necessary. 
The strategy was derived through climate-related workshops 
undertaken across the business, supported by external consultants. 
We have reviewed the strategy in 2024 to ensure it remains 
pertinent and appropriate for the business and whilst we have 
made some changes to the wider sustainability strategy, the 
climate-related element of the strategy is in line with 2023.
In previous years, we analysed the impact of our climate-related 
risks and opportunities on our strategy using three scenarios:
1.	
Net Zero 2050 (NZE) – where actions limit the global 
temperatures rise to 1.5 °C by 2100, with 50% probability, 
included as it informs decarbonisation pathways used by SBTi.
2.	
Stated policies (STEPS) – outlines a combination of physical 
and transition impacts as temperatures rise by 2.6°C by 2100 
from pre-industrial levels, with a 50% probability.
3.	
RCP 8.5 – an extreme physical risk scenario, where mean 
global surface temperatures rise by c4.3°C by 2100 from pre-
industrial levels as the global response to mitigating climate 
change is limited.
Although a comprehensive resilience assessment has not been 
performed to fully quantify the impact of these scenarios on the 
Group’s strategy, we have assessed the directional impact of the 
likelihood and impact of these scenarios on the identified risks and 
opportunities to ensure we understand how climate change may 
affect our business, these are set out on pages 40 to 41.
Our climate-related risks and opportunities have also informed our 
strategy and financial planning as follows:
Operations
Our Scope 1 and 2 emissions are those that are emitted by our 
operations. We have a near-term target to reduce scope 1 and 2 
emissions by 50% by 2030 and by 90% by 2035 using the initiatives 
set out below. We expect our ability to reduce emissions will 
increase year on year as global technology and infrastructure 
accelerates to meet demand, particularly in relation to our fleet. 
Our strategy within our operations is as follows:
›	 c90% of Scope 1 emissions are driven by our fleet so this is our 
core strategic operational focus area. Our strategy is as follows:
	
›	
all company cars to be moved to EV/Hybrid from ICE 
vehicles – we are at 99% of our fleet at 31 December 2024 
and expect this to be 100% in the short-term. 
	
›	
all forklift trucks to be moved to EV from LPG or diesel - we are 
currently at 89% and expect this to be 100% in the short-term. 
	
›	
Transitioning to an EV fleet for vans where it is reasonable 
and practicable to do so in terms of the range of the vehicles, 
the cost, and the ability to create the relevant infrastructure 
to support it. We have 9% electric vans currently and expect 
this to increase gradually over the medium and long term as 
technology and infrastructure advances appropriately. 
	
›	
Where we are not yet able to move towards an EV fleet, for 
example our HGV’s and large shredding vehicles, we will 
invest in alternative fuels such as HVO as a transition fuel. 
We have our first HVO tank now in place at our Information 
Management site in Thurrock and are planning to roll out 
further tanks across our estate in the coming years, initially 
targeting the Datashred division who have the largest share 
of the Group’s Scope 1 emissions.
›	 We have c19MW of electricity used in our estate, 94% of which 
is directly procured by Restore. As at 31 December 2024, we 
have now secured REGO backed contracts against all directly 
procured electricity. This comes at a premium of c£0.2m 
which the Group incurs annually but which allows us to 
report zero carbon emissions in relation to this consumption. 
For the remaining electricity which is landlord procured, 
we are engaging with each landlord to understand their net 
zero journey and plans to “greenify” their electricity supply. 
Approximately one-third of this landlord-procured electricity 
is also now backed by REGO contracts and for the rest we will 
continue to engage with the landlords to understand their 
future plans when the current contracts expire. 
›	 We are currently unable to purchase equivalent “green” gas 
contracts due to cost so our focus on this area will be to reduce 
consumption of gas. Three of our sites consume over half of our 
gas so we will immediately focus on these sites to understand 
levers we can use to reduce consumption. 
Value chain
We have already embedded several activities into our strategy in 
relation to our value chain:
›	 A significant portion of our customer base are either public 
sector bodies or “blue-chip” private organisations who build 
net zero considerations into their BAU procurement decisions 
and expect us to contribute to their own net zero targets. Our 
strategy is to continue to increase the proportion of these types 
of customers to ensure that we have a quality customer base 
who we can work with on our net zero journey. 
›	 We have developed and externally published a new supplier 
code of conduct and our strategy is to only work with those 
suppliers who are comfortable signing up to this code of 
conduct. This supplier code of conduct includes several 
environmental areas including environmental responsibility, 
resource efficiency and waste minimisation, pollution and 
emissions reduction, and environmental reporting. 
›	 One of our interim net zero targets is to ensure that by 2030, 
suppliers covering 70% of emissions from purchased goods and 
services have set net zero targets aligned with a 1.5c pathway. 
We anticipate starting the due diligence on this process in 2025 
with the aim of engaging with our top 100 suppliers by spend 
and emissions by the end of 2025 using a new 3rd-party risk 
management tool which the Group has invested in.
ESG Committee Report continued
38
Restore plc Annual Report 2024
Strategic Report

›	 We have recently quantified our full scope 3 baseline and key 
strategic considerations that have been highlighted from this 
include: 
	
›	
c66% of our overall footprint comes from “use of sold products” 
and this is entirely related to our Technology division who sell 
on laptops, hard drives and other computer equipment. Whilst 
this number will naturally reduce as the national grid of the 
countries we sell into becomes more renewable, we will also 
continue to assess the products we sell and the markets we sell 
into to drive a reduction in these emissions;
	
›	
c3% of our carbon emissions relate to employee commuting 
which is higher than many companies of our size, this is 
not unexpected as most of our sites are out of town and 
therefore there is limited public transport available to service 
these sites but we will look at potential initiatives we can 
implement to encourage lower car travel to site or a move 
towards employees having EV cars; 
	
›	
and finally c15% of our footprint relates to purchased goods 
and services, this will inform our strategy in terms of us 
assessing whether those suppliers with high emissions are 
vital for delivery of our strategy going forward or whether we 
can novate to lower emission generating suppliers/services.
Products and services
With the focus on sustainable development and mitigating climate 
change, the circular economy is expected to expand. We see 
specific opportunities in two divisions that can be pursued further 
to expand our revenue: Technology and Harrow Green, which both 
already offer circular economy services relating to the recycling of 
IT or office furniture.
We are also looking at how we deliver our services to our 
customers, particularly focusing on route optimisation and 
ensuring that our driving is efficient and safe. We are also engaging 
with our on-site shredding customers to encourage them to move 
to off-site shredding services where possible, which will generate 
significantly lower emissions.
Financial planning
The largest financial impacts from our climate strategy are as follows: 
›	 The incremental operating cost of our fleet decarbonisation 
strategies for the immediate and short term is on average 
between £0.4-£0.5m per annum. This relates primarily to the 
current bio-fuel premium over diesel plus higher EV lease costs. 
Capital expenditure for the key fleet policies is also between 
£0.2m-£0.4m and represents the cost of the bio-fuel tanks 
and additional EV infrastructure. Given the uncertainty in the 
optimum future technology for our heavy-duty fleet, it is not 
practicable to quantify the financial impact it may have on the 
Group in the medium or long-term although we will keep this 
on our radar as technology and infrastructure develops.
›	 The premium for purchasing REGO backed electricity contracts 
is c£0.2m per annum. There is a risk that if the cost of REGO 
contracts increase such that they become prohibitive to buy, 
they may not long be able to form part of our decarbonisation 
strategy. To mitigate this risk we have recently entered into a 
three year flex-electricity contract with our electricity supplier 
that is backed by a REGO contract, therefore there is no short 
term risk of us being priced out of the REGO market
›	 We also continue to invest in both internal and external climate-
related resource as required. We spend c£0.1m on third-party 
specialists each year to support our growing internal team and 
to ensure we are building our climate expertise.
These strategies will largely be funded through our working capital 
facility as the Group is cash generative and has good headroom in 
its current facilities. There are no material effects of climate-related 
matters reflected in judgements and estimates applied in our 2024 
financial statements. We will, however, continue to monitor our 
climate-related risks and opportunities through our internal risk 
management framework and apply financial consideration as our 
business evolves.
Annual budget process
We have significantly enhanced our annual budget process during 
2024, bringing into the main budget process a specific carbon 
budgeting exercise across the Group. The exercise included:
›	 a carbon roadmap for the Group and each division was 
developed, covering the period from 2024 to 2035. The 
roadmaps set out the anticipated trajectory of carbon emissions 
for each division based on their decarbonisation strategies and 
also included the short-term cost to achieve the reduction. The 
2025 cost implications of the roadmaps are factored into the 
2025 overall divisional budgets.
›	 through this exercise, our purpose was to:
	
›	
confirm that our published net zero commitments are 
achievable; 
	
›	
foster buy-in from the divisions and establish ownership for 
the execution of their individual roadmaps;
	
›	
understand the cost of our net zero journey and the trade-
offs involved;
	
›	
be able to set meaningful and accurate carbon reduction 
incentivisation targets; and
	
›	
prepare the foundations for our SBTi submission.
The roadmaps covered scope 1, scope 2 and the elements of scope 
3 that are annually verified (waste and business travel). They do not 
include the wider scope 3 emissions which have just been quantified. 
This process will be completed annually with the roadmaps reiterated 
as we move to the deployment and execution stage.
In time, we will build the remaining Scope 3 emissions into this 
process to ensure that we are driving reduction across our entire 
footprint, this will be once we have established a process to 
compile repeatable robust data and fully understand the strategic 
levers open to us to reduce these emissions.
39
Restore plc Annual Report 2024
Strategic Report

We have identified the following key climate-related risks and opportunities that could have a financial impact on the Group, we have 
highlighted the impacts most relevant to our sustainability strategy using the key below. 
Risks
  
Risk / opportunity rating
 
Time-period
(Term)
Financial impact
Measurement 
used to track 
risk/opportunity
Divisions  
(most impacted)
Negligible 
Low
Moderate
High
Directional impact of the scenarios 
identified on the risks/opportunities
TCFD category: Transition (Technology)
Decarbonisation of fleet
Medium-term
£0.4m-£0.5m incremental costs per annum
Scope 1 emissions
All divisions
High
Neutral likelihood of risk occurring/ 
neutral impact on risk in scenarios
The Group’s net zero pledge depends on the decarbonising of our vehicle fleet with emissions from vehicles making up 
c90% of our Scope 1 emissions. We believe that the long-term future technology for our fleet will be electric but the current 
state of EV technology and infrastructure in the UK is not sufficient for the Group to transfer to an all-electric fleet due 
to issues such as availability, battery range, charging infrastructure and cost. There is also an outside risk that the capital 
expenditure incurred could be written off in coming years if competing technology is developed, making EVs obsolete. 
Given the significance of our fleet emissions, if we are not able to reduce these as planned and as predicted in our net zero 
journey, we are likely to suffer reputational damage from missing targets. This is more acute for Restore as a significant 
portion of our customer base are either public sector bodies or “blue-chip” private organisations who build net zero 
considerations into their BAU procurement decisions and who expect us to contribute to their net zero targets. 
Our strategy to mitigate this risk is set out on page 38 to 39.
TCFD category: Transition (Emerging Regulation)
Carbon tax 
 
Medium-term
Higher costs associated with energy prices 
and inbound purchases
Costs
All divisions
Moderate
Increased likelihood of risk occurring/
increased impact of risk on scenarios
Carbon tax risk emanates both from our own operations and from a levy of a tax through our supply chain. The Group 
currently does not use carbon pricing but views the implementation of operational carbon pricing as a possibility. 
Our principal value chain emissions originate from our suppliers. As the Group’s suppliers come under carbon pricing 
mechanisms, or carbon border adjustments, this could result in the supplier passing on the added cost from the carbon 
tax. We think the introduction of carbon pricing either within our operations our value chain would have a moderate 
risk to the Group however this assumes that carbon prices rise gradually; the risk to the Group would come from the 
dislocation caused by sudden short-term carbon price shocks, potentially resulting from regulation or market dynamics. 
Through our annual emissions reduction targets and low-carbon strategy we feel we have mitigating activities in place 
to largely deal with a forecasted increase in carbon taxation. 
REGO premium sustainability 
 
Medium-term
£0.2m incremental costs per annum
% of sites with REGO back contracts
All divisions
Moderate
Neutral likelihood of risk occurring/ 
neutral impact of risk on scenarios
Restore directly procures 94% of their electricity with the remainder of their electricity being procured by landlords. All 
of the Group’s directly procured electricity is now backed by REGO contracts with roughly one-third of the landlord 
procured electricity also being backed by REGO contracts. This approach to decarbonisation is a fundamental part of 
our net zero journey as it allows c18MW of electricity to have zero carbon emissions attached to it.
If the cost of the REGO premium increased significantly then these contracts may become cost prohibitive which 
would challenge our ability to meet our net zero commitments and ambitions. Given the significance of our 
consumption, if we are not able to continue to buy REGO contracts as predicted in our net zero journey, we are likely 
to suffer reputational damage from missing targets. 
Our strategy to mitigate this risk is set out on page 38 to 39.
TCFD category: Physical (acute and chronic)
Flood and heat stress 
 
Long-term
Lost/disrupted revenue
% of sites in risk area
Information Management
Low
Neutral likelihood of risk occurring/ 
neutral impact of risk on scenarios
Whilst our primarily UK operations and supply chain means that we are at lower risk of many acute physical risks i.e. hurricanes, 
wildfires, droughts, we are at risk of some chronic physical risks such as increased flooding and heat stress. Rising global 
temperatures may cause issues at some of our sites as many of our storage sites in the Information Management division are 
tall to provide optimal storage utilisation of customers documents. During periods of high temperatures, working conditions can 
become uncomfortable at the higher levels of the buildings and there are currently no temperature regulating systems at these 
sites. Excessively high working temperatures would require more breaks for employees, reducing efficiency or, in the extreme, 
expose employees to heat stress. In addition, periods of hot dry weather raise external fire risks. From the Group’s perspective, 
the risk of fire itself is not significant however nearby fires can disrupt services and potentially impact revenue. 
Information Management’s storage units would be most at risk of the increasing flooding probabilities, due to increased rainfall. 
Certain operations may be at higher risk than others but through the WRI’s Aqueduct Water Risk Atlas analysis none of the sites 
assessed are currently considered above a low-medium risk of flooding. However, flooding at our sites could disrupt the services 
we provide due to the sites having to be evacuated for safety concerns or damage to records or equipment from water ingress.
As part of our mitigation each division contains a business continuity management team which assess the protection and 
support of colleagues, critical operations, and infrastructure during emergencies and disasters, including man-made and 
weather-driven natural disasters. Our business continuity and disaster recovery plans are regularly tested and continually 
updated. Appropriate insurance policies are also in place. To mitigate the risk in relation to flooding, we will also continue to 
assess the suitability of current key sites and if there are any medium to long term flooding risks posed at these locations. 
Our property acquisition strategy will also look to avoid areas that could be susceptible to an increased risk of flooding. To 
date, there have been no incidents of water ingress or flooding and with our business continuity plans we believe we are well 
placed to deal with any increase in probability of flooding.
ESG Committee Report continued
40
Restore plc Annual Report 2024
Strategic Report

Opportunities
  
Risk / opportunity rating
 
Time-period
(Term)
Financial impact
Measurement 
used to track 
risk/opportunity
Divisions  
(most impacted)
Negligible 
Low
Moderate
High
Directional impact of the scenarios 
identified on the risks/opportunities
TCFD category: Products and services
Expansion of circular economy services
Medium-term
Increased sales
Revenue
Technology and Harrow Green
Moderate
Increased likelihood of risk occurring/
increased impact of risk on 
With the focus on sustainable development and mitigating climate change, the circular economy is expected 
to expand. We see specific opportunities in two businesses that can be pursued further to expand our revenue: 
Technology and Harrow Green, which both already offer circular economy services relating to the recycling of IT or 
office furniture
TCFD category: Energy sources
Self-generation of electricity
Medium-term
Decreased costs
Renewable energy sources
All divisions
Moderate
Neutral likelihood of risk occurring/ 
neutral impact of risk on scenarios
The Group sees renewable energy contracts as a strong opportunity to reduce our emissions intensity with REGO 
backed contracts now in place against all directly procured electricity. Where electricity is landlord procured, we are 
engaging with each landlord to understand their net zero journey and how they can contribute to Restore’s net zero 
ambitions.
The Group also has the potential to generate its own renewable energy. With the significant space across the estate 
there is an opportunity to install solar panels and develop solar arrays, subject to landlord consent. This offers an 
opportunity to become less dependent on the national grid, decarbonise quicker, reduce the Group’s dependence 
on fossil fuels and in the medium-term lower its cost base and provide the opportunity to sell this energy back to 
the national grid.
TCFD category: Resource efficiency
Decarbonisation of fleet
Medium-term
Decreased costs
% of fleet which are not ICE
All divisions
High
Increased likelihood of risk occurring/
increased impact of risk on scenarios
The Group sees the chance to make its vehicle fleet more sustainable through electrification or other sustainable 
technologies also as an opportunity. The Group has already established a programme to rotate fleet towards new 
technology as noted on page 38. Transferring the fleet to low-carbon technology will provide the opportunity for 
the Group to reduce our emissions footprint, especially Scope 1 emissions from company owned vehicles and to 
ultimately reduce the cost of running the fleet.
EV chargers are currently installed at 22% of our sites, with plans to install a further network of electric charging points 
across the Group’s property estate so journeys between sites will be made fossil fuel free.
Whilst this opportunity is significant, the pace at which it can be realised is interlinked with the technological 
advancement risk noted on page 40.
TCFD category: Transition (market)
Group’s sustainability positioning
Medium-term
Increased revenue
Revenue
All divisions
Moderate
Increased likelihood of risk occurring/
increased impact of risk on scenarios
Stakeholders are increasingly incorporating climate change into key business decisions as the world transforms 
into a low carbon economy. Customers are also increasingly incorporating sustainability into their tenders (e.g. UK 
Government) and adding supplier carbon assessment as part of their everyday business.
Certain customers will have specific demands and criteria that are sustainability-linked which the Group can adhere 
to. Relative to our peers we believe we are very well placed in terms of sustainability governance, reporting and 
strategy. Our ESG strategy “Restoring our World” emphasises how even with more stringent sustainability regulation 
and standards we are in a good position to capitalise on sustainability initiatives, and our soon-to-be published TPT 
plan also sets out the tangible steps we will undertake to meet our goals and ambitions.
41
Restore plc Annual Report 2024
Strategic Report

ESG Committee Report continued
Metrics and targets
The metrics and targets that the Group monitors are closely linked 
to our climate-related risks and opportunities. Our reporting 
includes Scopes 1, 2 and some Scope 3 greenhouse gas (GHG) 
emissions as well as energy consumption. The calculation of 
our carbon footprint is in line with the Greenhouse Gas Protocol 
Corporate Accounting and Reporting Standard and is externally 
verified to a limited level of assurance using ISO 14064. 
Other metrics that we track include (refer to page 26):
›	 Emissions intensity
›	 % of hybrid/EV company cars and total fleet
›	 % of sites which have electricity which is REGO-backed
›	 % of waste diverted from landfill
We believe that by monitoring these metrics, it will allow the Group 
to drive emissions reductions in line with our net zero target.
We will continue to develop our metrics throughout 2025 and will 
look to capture a number of the measurement metrics set out on 
pages 40 to 41, to enable them, in time, to be climate KPIs.
Our overall target is to be a net zero organisation by 2050, in line 
with the UK Government’s commitment to be net zero by 2050. To 
meet this climate commitment, the Group has established interim 
targets for the near and medium-term – these are outlined in more 
detail on pages 30 to 34. By monitoring these metrics and targets, 
we can ensure that we are mitigating risk exposure.
We have completed several of the priorities we had in the place at 
the start of the year in relation to metrics and targets:
›	
We have increased the frequency of our carbon reporting, 
from annually to quarterly. This has allowed us track progress 
against our interim net zero targets.
›	
We have completed the quantification of our Scope 3 baseline 
including all emissions. Refer to page 32 for further details.
›	
We have invested in a 3rd-party risk management tool which 
will allow us to track the net zero commitments of our key 
suppliers and to work towards our net zero interim target of 
70% of suppliers having science-based targets in place.
Our climate related priorities for 2025 include further objectives to 
enhance our metrics and targets in the near-term, these include:
›	
Developing an engagement plan for our top suppliers, using 
the 3rd-party risk management tool referred to above and will 
aim to have our top 100 suppliers engaged and assessed by 
the end of 2025.
›	
Developing a process to simplify the measurement of our 
full scope 3 baseline in order to ensure that this becomes an 
annual repeatable process that is sustainable to maintain.
›	
Developing further commitments in relation to diversion of 
waste from landfill and biodiversity to align with the focus of 
“Our Planet” strategy.
42
Restore plc Annual Report 2024
Strategic Report

Recommendation
Recommended disclosures
Response 
Companies
Act
S414CB
Governance
Disclose the 
organisation’s 
governance around 
climate-related risks and 
opportunities
a) Describe the Board’s oversight 
of climate-related risks and 
opportunities
The Board has overall responsibility for climate- related 
risks and opportunities with a Board-level ESG Committee 
also in place to help drive strategic and operational focus.
Page  
36
a
b) Describe management’s role in 
assessing and managing climate- 
related risks and opportunities
The CEO oversees the operational delivery of climate- 
related activity in alignment with operational priorities. 
He is supported by the Risk Committee, the EOC and the 
divisional MD’s.
Page  
36
a
Strategy
Disclose the actual and 
potential impacts of 
climate-related risks and 
opportunities on the 
organisation’s businesses, 
strategy, and financial 
planning where such 
information is material
a) Describe the climate-related risks 
and opportunities the organisation 
has identified over the short, 
medium, and long term
The Board has identified environmental risk as a principal 
risk as detailed on page 49, which is underpinned by 
specific climate-related risks and opportunities outlined 
within the Group’s climate risk assessment.
Pages  
37 to 41
d
b) Describe the impact of climate- 
related risks and opportunities on the 
organisation’s businesses, strategy, 
and financial planning
The Group recognises the impact that climate change may 
have on its strategy, operations and financial planning and 
is taking action to address the implications of climate-
related risks across our business. The latest financial 
quantification of the key risks is on page 39. We have also 
identified the risk rating and directional impact of how the 
risks and opportunities respond to various scenarios.
Pages  
37 to 42
e
c) Describe the resilience of the 
organisation’s strategy, taking into 
consideration different climate- 
related scenarios, including a 2°C or 
lower scenario
Although a comprehensive resilience assessment has 
not been performed to fully quantify the impact of these 
scenarios on the Group’s strategy we have assessed the 
directional impact of the likelihood and impact of these 
scenarios on the identified risks and opportunities to ensure 
we understand how climate change may affect our business
Pages  
37 to 41
f
Risk management
Disclose how the 
organisation identifies, 
assesses, and manages 
climate-related risks
a) Describe the organisation’s processes 
for identifying and assessing climate-
related risks
The Group’s overall risk management approach captures 
Group-wide risks, including climate change. As risks are 
captured, an assessment in terms of the impact on the 
Group’s strategy is undertaken, in addition to a likelihood 
vs impact assessment, which determines the significance 
of all risks.
Page  
37
b
b) Describe the organisation’s processes 
for managing climate- related risks
Risk assessment, based on our agreed likelihood and 
impact criteria drives the prioritisation of mitigating action.
Page  
37
b
c) Describe how processes for 
identifying, assessing, and managing 
climate-related risks are integrated 
into the organisation’s overall risk 
management
Climate-related risks and opportunities are identified, 
assessed and managed on the existing Group risk 
management framework.
Page  
37
c
Metrics and targets
Disclose the metrics and 
targets used to assess 
and manage relevant 
climate- related risks 
and opportunities where 
such information is 
material
a) Disclose the metrics used by the 
organisation to assess climate- 
related risks and opportunities 
in line with its strategy and risk 
management process
Metrics used to assess climate-related risks and 
opportunities are outlined on page 42.
Page  
42
h
b) Disclose Scope 1, Scope 2, and, if 
appropriate, Scope 3 greenhouse 
gas (GHG) emissions, and the related 
risks
The Group reports Scope 1, 2 and some Scope 3 
greenhouse gas (GHG) emissions as set out on page 35. 
We have also quantified our full Scope 3 baseline for 2023 
as set out on page 32. We will repeat this exercise each 
year to track progress.
Page  
42
h
c) Describe the targets used by the 
organisation to manage climate- 
related risks and opportunities and 
performance against targets
The Group’s journey to net zero is set out on pages 30 to 
34 and includes near-term, medium-term and longer-term 
targets.
Page  
42
g
Climate-related framework compliance
43
Restore plc Annual Report 2024
Strategic Report

ESG principles
Below is a summary of the key policies held by the Group in 
relation to non-financial matters.
Code of conduct
High standards of ethical behaviour and compliance with laws 
and regulations are essential to protecting the reputation and 
long-term success of the Group. Our Code of conduct sets out 
the ethical standards that should govern the activities of Restore, 
its subsidiaries, its employees, and any business partners. It gives 
guidance on recognising when and where ethical problems exist, 
and how to avoid them or what to do if they cannot be avoided.
Our Code applies to all our employees, contractors and sub-
contractors working in all our businesses. We expect our 
customers, suppliers, distributors, agents, and all other stakeholders 
we interact with to abide by it or to operate to similar standards. 
Our Code applies across all our operations, wherever they are 
based, and it always applies.
We provide a dedicated independent whistleblowing support 
line, available always, through which concerns can be raised, 
anonymously if required. All concerns raised will be investigated in 
a timely, fair, and transparent manner.
A copy of our Code of Conduct and Speak Up policy are available 
to view on our website.
Anti-bribery and collusion policy
The Group has a zero-tolerance policy towards bribery and 
corruption and is committed to acting fairly and with integrity in all 
its business dealings.
No party may:
›	 give or promise any financial or other advantage to another 
party (or use a third party to do the same) on the Group’s behalf 
where that advantage is intended to induce the other party to 
perform a particular function improperly, to reward them for 
the same, or where the acceptance of that advantage will itself 
constitute improper conduct;
›	 request or agree to receive any financial or other advantage 
from another party where that advantage is intended to induce 
the improper performance of a particular function, where the 
acceptance of that advantage will in itself constitute improper 
conduct, or where the recipient intends to act improperly in 
anticipation of such advantage; or
›	 collude with other parties in order to achieve an improper 
purpose including influencing improperly the actions of another 
party specifically in relation to a bid or tendering process.
Parties must:
›	 be aware of and alert at all times of all bribery risks;
›	 exercise due diligence at all times when dealing with third 
parties on behalf of the Group; and
›	 report any and all concerns to the relevant person in 
accordance with the Group’s Speak Up Policy. In the case of 
non-employees, they should contact their normal point of 
contact in the Group or if that person may be implicated, they 
should contact a Director or the Company Secretary.
A copy of the Anti-bribery and collusion policy is available to view 
on our website.
Equality and diversity policy
The Group wants to ensure that employees can benefit from 
employment, training, and development regardless of sex, colour, 
race or ethnic or national origin, religion or belief, disability, age, 
marital status, sexual orientation, gender assignment or having part 
time or fixed term employment.
The Group are committed to becoming an inclusive place to work, 
where all employees can reach their true potential in the job that 
they choose to do. We are committed to eliminating discrimination 
amongst our workforce and our objective is to create a working 
environment in which there is no unlawful discrimination, and all 
decisions are based on merit. We value the contribution which 
all individuals can make to the success of the Group, and we 
will strive, therefore, to ensure equality of opportunity for all to 
compete fairly. We aim to employ a workforce which recognises 
and takes account of the diverse, multi-cultural society in which 
we live.
Modern slavery and human trafficking statement 
Through our people we deliver vital services to our customers. We 
therefore condemn slavery in all its forms and will never tolerate it 
both within our businesses and across our supply chains. We will 
not engage in any form of human trafficking and nor will we use 
forced, bonded, compulsory, illegal or child labour – or knowingly 
work with anyone who does. Working primarily within the UK, we 
believe our modern slavery risk is low, but we remain vigilant and 
continuously challenge ourselves to better understand the risk and 
its associated controls.
The Group has published its Modern Slavery and human trafficking 
statement in respect of the year ended 31 December 2024 on our 
website. The 2025 statement will be published on our website in 
compliance with the required deadline.
Human rights and ethical practices
The Code of Conduct serve as guidelines for all the Group’s 
business and ethical practices. The Group’s position on human 
rights reflects the core requirements of the Universal Declaration 
of Human Rights: freedom from torture, unjustified imprisonment, 
unfair trial and other oppression, freedom of expression, religion 
and political or other representation, respect for privacy and 
family life, freedom of thought and religion, and the right not to be 
subjected to modern slavery. Everyone has the right to be treated 
with respect and dignity and we want the places where we work to 
reflect this.
The Group will not provide support or work with businesses or 
organisations which fail to uphold basic human rights within their 
sphere of influence.
ESG Committee Report continued
44
Restore plc Annual Report 2024
Strategic Report

Our Information Management site in Thurrock welcomed the Group’s first HVO tank during the year. HVO is a 
sustainable, high-quality alternative to diesel fuel. It gets its name from how it’s made—by hydrotreating vegetable 
oils and can reduce carbon emissions by c90%, making it a fundamental cornerstone of our net zero journey, as set 
out on pages 30 to 34.
Right now, the vans at the site are running on HVO as part of a trial and we’re planning to roll out more HVO tanks 
across the business in 2025 with Datashred and Technology also exploring HVO for their larger vehicles where 
electric alternatives are not an option.
The transition will take time, with some of our older vehicles not yet able to use HVO, but we’re making the 
important first steps and look forward to seeing how this supports the Group in meeting their near-term and long-
term net zero ambitions.
Introduction of HVO
Environment policy
We understand that our activities affect the environment and the 
communities in which we operate. We have a responsibility to 
identify the resulting impacts and to manage them as effectively as 
possible. 
The aim of the environment policy is to set out the environmental 
actions that we expect to occur, and the strategies that will be 
implemented, in order to reduce our impact in this area. We are 
committed to improving our environmental performance and to 
implementing best practice to minimise the environmental impacts 
of our business operations. 
This policy keeps senior management and employees informed 
about their environmental roles and responsibilities within the 
Group and demonstrates our willingness to work sustainably with 
all our stakeholders, recognising that a sustainable environment 
is central to our organisation and the lives and work of our 
employees.
A copy of our Environment policy is available to view on our 
website.
45
Restore plc Annual Report 2024
Strategic Report

Introduction
I am pleased to provide the Risk Committee’s annual report for 
2024.
The Risk Committee’s focus is to provide oversight, ensure 
accountability, and appropriately challenge the Group’s 
identification, assessment, and control of principal and emerging 
risks. It does this by taking both a ”top-down” and ”bottom-up” 
approach, ensuring that the Board has sufficient oversight of risk 
management and decision-making, whilst supporting colleagues 
at all levels across the Group to identify, assess and mitigate risks as 
part of both a structured governance approach and as part of their 
day-to-day activities. 
The Risk Committee is chaired by me with the Executive Directors 
and the Managing Directors of the businesses as members of the 
Committee. The Company Secretary and Director of Group Finance 
are standing attendees with other subject matter experts including 
the Group IT Director, the Group Head of Health and Safety and 
the Group Property Director attending on a regular basis to provide 
expert input into enterprise risk management discussions as well as 
detailed insight on key topics. The Risk Committee meets quarterly 
and provides an update to the Board after each meeting. Where 
a risk is considered to be increasing, such as the information and 
cyber security risk noted on page 48, separate sub committees may 
be formed, with appropriate personnel appointed to discuss the 
risks and potential mitigation strategies in more detail. The output 
of these sub committees is presented as an agenda item in the 
quarterly Risk Committee meetings. 
Non-Executive Directors are invited to attend Risk Committee 
meetings and Jamie Hopkins, Non-Executive Chair, attended 3 
Committee meetings throughout the year. External advisers are 
engaged as and when required. The terms of reference for the 
Risk Committee are reviewed annually by the Board and a copy is 
available on the Group’s website.
The Group’s enterprise-wide risk register is maintained by the 
Company Secretary and Director of Group Finance and periodically 
reviewed by the Risk Committee (the “top down”). In addition, 
each business has its own risk register which is reviewed at the 
Risk Committee and feeds up into the enterprise risk register (the 
“bottom up”). Whilst the Board has taken steps during 2024 to 
empower the senior management of the businesses, they do so 
subject to the Group delegated authority levels approved by the 
Board. This ensures that the Board maintains appropriate oversight 
and control over key strategic and financial decisions including the 
appropriateness of material investment decisions. I am satisfied 
that the Group has the appropriate governance in place and the 
Risk Committee has the appropriate balance of skills, diversity, and 
relevant expertise to fulfil its remit effectively and for the Board to 
discharge its duties.
In its programme of work, the Risk Committee reviewed risk 
through three complementary perspectives:
	›
Risk within business-as-usual activity.
	›
Risk identified as barriers to strategic objectives and regulatory 
requirements.
	›
Emerging risks identified through horizon-scanning and 
scenario analysis.
Risk Committee 
Report
“The Group encourages and empowers 
employees, at all levels across the 
organisation, to identify, assess and mitigate 
risks, with the Risk Committee in place to 
improve the Group’s resilience to these 
potential risks and threats.”
Lisa Fretwell, Chair of the Risk Committee
46
Strategic Report

2024 activity
During the year the Committee met four times and undertook the following activities:
Topic
Activity
Enterprise risk
management
	› Completed detailed reviews of the enterprise risk management approach and risk classifications at the February and 
November Committee meetings, with updates provided and reviewed in June and September.
	› Discussed and reviewed emerging risks including the potential opportunities and risks to business strategy and performance 
from the emerging trends.
Divisional risk 
register reviews
	› Completed detailed reviews of the divisional risk registers including the progress of mitigation actions.
Health, safety, 
and wellbeing
	› Received regular reports from the Group Head of Health and Safety which provided detailed data on leading and lagging 
indicators covering accidents (both ‘lost time’ and ‘no lost time’), near misses and safety observations, as well as updates on 
e-learning completion rates.
	› Received an update on enhancements to the governance structure providing oversight of health, safety, and wellbeing, 
including the introduction of a new monthly ‘Business Unit Best Practice Committee’ (which reports into the quarterly ‘Restore 
plc Non-Exec Committee’) as well as changes to the monthly KPI reporting. 
	› Received a detailed update on the health, safety and wellbeing strategy and current status across all businesses.
	› Monitored the progress of the NatWest Mentor and BSI external audits undertaken during 2024 to assess health and safety 
standards within Restore. 
Information 
security/ cyber 
security
	› Received feedback from the quarterly cyber subcommittee meetings which were run by the Group IT Director and which were 
in place throughout the year.
	› Considered the Group’s insurance portfolio in the context of cyber risk and, having recommended the purchase of cyber 
insurance in the Digital and Technology businesses in 2023, has in 2024 recommended the purchase of a comprehensive 
cyber insurance policy Group-wide. 
	› Continued to monitor and review progress against the Group’s mitigation plan to refresh legacy IT infrastructure and ensure 
availability of support and maintenance. 
	› Received a report on and considered the outcome of the ongoing and extensive phishing attack simulation testing alongside 
feedback on the new firewall functionality implemented. 
	› Reviewed, discussed, and challenged the key mitigation strategies in place across the Group in relation to data security and 
data protection.
	› Discussed the structure of the IT team and the potential for additional resource in order to augment expertise. 
Financial 
	› Reviewed in detail the trajectory of the financial principal risk as well as the associated sub-risks and the on-going mitigations, 
including the changes made to the structure of the Group’s borrowing facilities.
Environment
	› Received a detailed update from the Director of Group Finance on the environment principal risk and underlying sub-risks, 
noting changes to the Group’s environmental strategy and the extensive work being done across the Group to mitigate risk, 
particularly in the areas of fleet and the procurement of REGO-backed electricity. 
Compliance  
and ethics
	› Received a detailed update from the Group General Counsel on compliance risks and the approach to attaining compliance assurance.
	› Received an update on the Group’s policy review project and noted the proposed approach to on-going policy review and maintenance. 
	› Received an update on the roll-out of the new e-learning platform.
	› Noted the improvements made to the contracting process.
	› Considered the approach to supply chain due diligence and noted the proposed engagement of a third-party managed 
platform to improve process in this area.
Property
	› Received a detailed update on the property risks and mitigating actions across the Group from the Group Property Director.
	› Noted the enhanced oversight provided by the revised governance structure with the introduction of a regular Property 
Committee, chaired by Jamie Hopkins (Chair of the Board) and consisting of the Executive Directors, the MD of the 
Information Management division and the Group Property Director.
	› Carried out a detailed review of capex spend on building maintenance and improvements to support planned preventative 
maintenance and mitigate potential dilapidations costs on lease exit.
People
	› Received a detailed update from the People Team on the Group’s people risks and mitigation plans, particularly in the context 
of impending legislation following the change in Government. 
	› Considered a presentation by Restore’s Security Manager on the topic of IPSA (Industrial Personnel Security Assurance) and 
Restore’s IPSA accreditation.
Market risk
	› Received a detailed update from the CEO on the Group’s market risks and mitigation plans. 
Business 
continuity
	› Received attestation from all businesses that they have Business Continuity Plans in place for every site and have successfully 
tested their execution.
	› Noted further improvements include a move towards on-site testing from the current desktop reviews.
47
Restore plc Annual Report 2024
Strategic Report

48
Restore plc Annual Report 2024
Strategic Report
Principal risk assessment
The Group considers the following risks to be their principal risks; each are aligned to its strategy. They are regularly reviewed and mitigated 
through targeted investment, proactive actions, and continuous improvement. The trend indicator depicts the direction of the residual risk 
rating during 2024 and, whilst subjective, we believe assists readers of the financial statements with a more dynamic assessment of risk 
across the Group.
Risk
Description of risk and potential impact
Mitigation
Organic growth
Failure of the business to grow in 
line with forecasts and investor 
expectations, particularly in 
the scanning and relocations 
businesses which have had a 
challenging 2024.
	› Integration of the former Records Management and Digital businesses into the Information 
Management division, improving the Group’s offering to its customers and adding 
enhanced focus to its scanning activities.
	› New management team in Technology with a revised operating model that is fit for 
purpose and a strategy that has markedly improved profitability.
	› Focus on driving growth and improving operational efficiency and profitability in Datashred, 
including expanding into adjacent service offerings and innovative strategies to mitigate 
the negative impact of a lower-than-expected paper price. 
	› Successful execution of margin enhancement strategies, including right sizing the 
Group’s cost base, implementing supportable price increases and the ongoing property 
consolidation programme. These strategies will also allow the Group to somewhat 
mitigate the significant impact of the National Insurance increases delivered in the Autumn 
Statement going forward.
	› Monthly re-forecasting of profit and cash across all businesses to ensure performance is 
regularly tracked against investor expectations and market consensus.
Systems, technology, 
data and cyber 
defence failure
Failure or loss of systems, 
operational technology or cyber 
defence results in business 
interruption for Restore, loss 
of service and potential data 
breaches, impacting customers 
as well as revenues and business 
reputation for Restore.
	› A Group IT strategy is in place with appropriate investment plans to mitigate material 
operational and cyber risk. This includes a focus on the protection of the Group’s systems 
against unauthorised access, viruses, malware, and spyware.
	› Enhancement of training across the Group to increase awareness of the key risks, this has 
also included using realistic phishing simulations to identify vulnerabilities in the Group.
	› The Group IT strategy is in line with the National Cyber Security Centre (“NCSC”) cyber 
security guidelines with Cyber Essential Plus certifications achieved across all businesses.
	› Disaster recovery and business continuity plans are in place and tested for each site and as 
required for the Group’s IT platforms.
	› There is now comprehensive cyber and professional indemnity insurance in place across 
the entire Group.
	› Detailed data protection policies and procedures are in place to mitigate the risk of 
significant data incidents in the Group alongside enhanced levels of training and awareness 
across the Group.
Workforce health, 
safety, and wellbeing
Any loss of life, injury, mental 
health issues, are all of serious 
concern to Restore and will 
impact Restore’s reputation, 
workforce morale and financial 
performance.
	› There are clear policies in place across the Group covering a wide range of key health, 
safety, and wellbeing risks: health and safety, fire prevention, wellbeing, stress, safe driving, 
drugs, and alcohol.
	› Governance of the risk has been strengthened with the appointment of a Group Head 
of Health and Safety during the year whose role is to drive consistency and best practice 
across the Group.
	› There continues to be a holistic approach to driver and vehicle risk management. There 
is a well-maintained fleet that is fit for purpose, with driving risk management systems 
conducting licence checks and driver assessments alongside extensive telematic data.
	› The Group has committed to a new health and safety system that will be fully implemented 
in 2025. This system will significantly improve incident reporting, allowing extensive root 
cause analysis and benchmarking of performance across the Group. 
Property – extent, 
complexity, and 
suitability of the 
Group’s property 
portfolio
Property is the Group’s second 
largest cost, and the property 
network is a key enabler of 
business efficiency. Damage to 
property or inefficient utilisation 
impacts customer service, 
whilst headwinds of unforeseen 
dilapidation, rents and rates 
increase costs.
	› There is an acute focus and strong governance surrounding the Group’s property risk with a 
regular Property Committee meeting in place with the Chair (who has real estate expertise), 
CEO, CFO, MD of the Information Management division, and the Group Property Director. 
	› There has been strategic consideration and progress with the execution of site 
consolidation opportunities to support the Group’s strategy of margin optimisation (to 
counter cost headwinds) and expansion strategies.
	› The management-led Property Working forum, chaired by the Group Property Director 
and sponsored by the CFO, also continues with representation from operations, facilities, 
finance and health and safety.
Risk Committee Report continued

49
Restore plc Annual Report 2024
Strategic Report
Risk
Description of risk and potential impact
Mitigation
Staff recruitment and 
retention resulting
in insufficient 
resources to meet 
objectives
Potential difficulties in 
expansion of resources or 
loss of operational staff and 
management makes it harder to 
deliver an effective and efficient 
business customer service 
experience.
	› A decentralisation of the people team has led to further empowerment and collaboration and 
has given the people leaders the ability to manage business specific issues more directly.
	› The “Your Say” survey has provided valuable data and insight into the views of the people 
within the Group. Each business is preparing a specific action plan to address the points 
raised and any improvements that are required.
	› The people leadership programme is on-going to further augment leadership talent and 
support succession planning.
	› The Group has improved access to support benefits following a benefits platform review, 
focusing on those benefits that people need and want.
Environment – 
impact of climate-
related matters
The Group’s climate-related 
commitments are challenging 
and will require the appropriate 
decarbonisation of its fleet and 
the ability to work with its value 
chain to reduce emissions both 
upstream and downstream. 
There is a reputational, and 
potentially commercial, risk to 
the Group from not meeting 
these commitments.
	› The net zero commitments made by the Group are subject to annual review by the ESG 
Committee. Changes will be made, if required, in line with the SBTi Corporate Net Zero 
standard, to ensure the Group’s journey to meet net zero is credible.
	› Each business has developed a comprehensive fleet decarbonisation roadmap, employing 
strategic levers including both the electrification of the fleet where possible and the use of 
alternative fuels where this is not yet possible.
	› Electricity at 93% of the Group’s sites is now backed by a REGO contract, with all directly 
procured electricity now renewable.
	› The Group now has a fully quantified carbon footprint which allows us to understand the 
full scope of its emissions and the levers in place with which to manage this.
Financial
Ongoing macro-economic 
instability could lead to pressure 
on the Group’s financial 
covenants through volatile 
interest rates, increasing level 
of inflationary costs, restricted 
access to future liquidity 
and enhanced credit risk as 
customers face their own 
challenges to the instability.
	› The Group’s RCF is provided by a broad and supportive banking syndicate with a credit 
facility of up to £125m in place until April 2027.
	› There is also a portion of fixed rate debt in the Group’s debt profile with £25m of US private 
placement debt in place until 2028 at a fixed term and rate. 
	› The Group operates well within borrowing covenants with monthly reviews of cashflow 
forecasts and forecast covenant compliance.
	› Credit risk is assessed by the businesses at the time of onboarding customers and then 
subsequently on a monthly basis.
Future plans for 2025
The Risk Committee’s role continues to evolve, and it has set a 
challenging agenda for 2025. Aside from the standing agenda items, 
specific areas to be covered include:
	›
Broader and more regular assessment and discussions of 
emerging risks which have the potential to threaten the 
execution of the Group’s strategy or operations over the 
medium to long term. This is likely to include supply chain 
and operational risks; economic and geopolitical volatility; 
and technological advances such as increased cyber and AI 
uncertainties. 
	›
Monitoring and reviewing the implementation of new risk-
focused systems, this includes both a new health and safety tool 
which is being introduced to enhance incident reporting and a 
3rd party risk management tool which is being implemented to 
be able to perform robust due diligence on the Group’s existing 
and new supplier base. The management of risks within the 
Group’s supply chain is a key challenge for the Risk Committee 
in 2025. Alongside the implementation of the new 3rd party 
risk management system, the Group is developing, at pace, its 
overall approach and understanding of how these risks permeate 
through the Group and how they can most effectively be 
managed.
	›
Deep-dives into the following: health, safety, and wellbeing 
(particularly the wellbeing element); property (with particular 
focus on the progress of the property consolidation programme); 
financial risk (with a focus on M&A readiness and execution); 
data and cyber (with a focus on crisis and incident management) 
and execution of the growth strategy (as the Group’s strategy 
for growth, both organically and through potential bolt-on 
acquisitions is further developed).

50
Restore plc Annual Report 2024
Strategic Report
Section 172(1) Statement
Directors’ duties
The Board has a duty to promote the long-term, sustainable 
success of the Company and of the wider Group. The general 
duty is set out in s172 of the Companies Act 2006 (“CA 2006”), 
under which a director must act in a way they consider (in good 
faith) would be most likely to promote the success of the Group 
for the benefit of its members and lists certain factors that the 
Board should have regard to in so doing.
The Board believes that good governance and strong ethics are 
essential to the success of Restore and for it to continue to be an 
attractive business for investors, customers, employees, and other 
stakeholders. The Board strives to maintain an open dialogue with 
key stakeholders and recognises that this is key to the Group’s 
success. Throughout 2024, the Chief Executive Officer and Chief 
Financial Officer in particular have held numerous meetings 
with shareholders. In addition, Restore held two investor days 
during the year at four different sites, with presentations by the 
Chief Executive Officer, Chief Financial Officer, the MD of the 
Information Management division and the MD of the Datashred 
division.
This statement sets out some of the main ways that the Board 
has engaged with stakeholders in 2024 and put in to practice the 
various factors underpinning s172 of the CA 2006. It should be 
read in conjunction with the following sections of the Annual 
Report:
Chair’s Introduction – pages 2 to 3
Chief Executive Officer’s Statement – pages 16 to 19
Chief Financial Officer’s Statement – pages 20 to 23
Risk Committee Report – pages 46 to 49
Governance Statement – pages 56 to 60
ESG Committee Report – pages 24 to 45
The likely consequences of any decision in the 
long term
The Directors recognise the need to take a long-term view in every 
decision they take. Following the change in executive leadership in 
2023, decisive action was taken across the Group to right-size and 
re-structure Restore which, alongside a number of other strategic 
actions, has delivered an improvement in margin during 2024. 
More information on the actions undertaken during 2024 is set out 
in the Strategic Report on pages 2 to 49. In taking the decisions it 
has during 2024, the Board has been focused on the priorities of 
Restore’s shareholders, namely to see further margin improvement 
and to put Restore in the best possible position to push for growth 
during 2025 and beyond. As always, the Board makes any decision 
with the interests of numerous other stakeholders in mind, not 
least to ensure that the Group’s service offering is the best it can be 
for our customers and that we continue to pursue our ESG strategy 
and the short, medium and long-term goals we have set ourselves. 
The interests and wellbeing of the Group’s 
employees
At Restore our people are at the heart of how we engage with 
each other, our clients, and the services that we provide. We know 
that to maintain and build upon the great service we offer our 
customers, we must continue to invest in a safe, inclusive, and 
rewarding environment for our employees to work in. We continue 
to pursue the “Our People” strategy and, whilst there is still more 
to do, we have made good progress in a number of key areas, 
enabling people to perform at their best and generating a positive 
culture for all employees. For our business to succeed we need 
to manage our people’s performance and development and bring 
through talent while ensuring we operate as efficiently as possible.
“Our People” strategy focuses on five key themes:
	›
Health, safety and wellbeing
	›
Culture
	›
Community impact
	›
Enriching careers
	›
Diversity and inclusion
The Directors believe that engagement with our employees is vital 
in helping to continuously drive our business culture. Employees 
are the Group’s most important asset and contribute to the 
successes achieved to date. The Board encourages an open, two-
way dialogue with all of Restore’s employees. 
The Board receives updates from the Executive Directors on 
people matters at Board meetings, with a focus on employee 
engagement and culture, ensuring that employee considerations 
are taken into account in the Board’s decision-making. In addition, 
the Nominations Committee reviews succession and retention of 
senior staff on an annual basis, supported by the Remuneration 
Committee which looks at mechanisms to best align remuneration 
of the senior employees and the wider workforce to the strategic 
priorities of the Group with the use of LTIPs and Restore’s all-
employee SAYE scheme. Furthermore, the Risk Committee regularly 
reviews the status of people-related risks and the mitigating actions 
that are in place and in-flight.
During 2024, the Group conducted an employee survey (Your 
Say 2024), the purpose of which was to measure employee 
engagement and happiness across topics including meaning 
and purpose, opportunities to grow, psychological safety and 
enablement to succeed. This has enabled Restore to gain an insight 
into how our employees thrive at work and are fulfilled and, in turn, 
to better understand what it is doing well and where we can make 
improvements. This was of particular importance given the period 
of significant change within Restore as a result of some of the 
management and structural changes made during late 2023 and 
2024. Whilst the results were positive and showed an improvement 
when compared with the Your Say 2022 survey, there is still work 
to do. The results have allowed us to better understand what is 
important to our employees and will be used to help guide us on 
where we can further improve.
2024 also saw the appointment of a new Group Head of Health 
and Safety and an improved governance structure around health, 
safety and wellbeing. This has ensured an even greater focus on 

51
Restore plc Annual Report 2024
Strategic Report
this critical topic at both Executive Committee and Board meetings, 
where a monthly Health, Safety and Wellbeing report is presented 
to the Board as the first item on the agenda every meeting.
The Group’s employee intranet “Circle” is a key medium for 
maintaining dialogue with the workforce and ensuring that 
employees are kept up to date with the latest news relating to 
the Group and the businesses, as well as Group-wide and local 
initiatives and compliance and policy updates. 
The Executive Directors continue to be very actively engaged with 
the businesses, carrying out regular site visits.
Read more:
Our people – pages 24 to 45
The need to foster the Group’s business 
relationships with suppliers, customers and others
Our strategy focuses on operational performance, margin 
improvement and maintaining high levels of cash generation. 
We need to develop and maintain strong customer and supplier 
relationships in order to deliver on our goals. 
Restore continues to focus on how it can best provide its 
critical outsourced services to our customers in order to 
ensure an efficient, cost effective and secure service across our 
complementary offerings. We believe we are responsive to the 
needs of our customers and continue to develop our ESG strategy 
in a way that we can support the ESG ambitions of our customers 
as well as other stakeholders.
The Group has a formal process in place for new suppliers, which 
includes new suppliers contracting with and agreeing to Restore’s 
terms of business wherever possible. In 2024, the decision was 
made to appoint a third-party supply chain risk management 
provider to help improve and standardise our approach to supplier 
on-boarding and the risk profile of existing suppliers. This will be 
fully rolled out in 2025 and will enable Restore to make better 
informed supplier management decisions. 
Read more:
Customers and suppliers – pages 24 to 45
The impact of the Group’s operations on the 
community and the environment
The Group’s approach is to use our position of strength to create 
positive change for the people and communities with which we 
interact, along with delivering a secure and sustainable business 
future, focusing on Our Planet, Our People and Our Business. 
We leverage our expertise to enable colleagues to support the 
communities around us and to ensure that we are focused on 
the impact we make on the environment we operate in. For more 
information, please refer to the Strategic Progress section of the 
ESG Committee Report on page 27 onwards. 
Read more:
Communities and the environment – pages 24 to 45
The importance of the Group maintaining a 
reputation for high standards of business conduct
The Board are aware of the responsibility of setting the appropriate 
tone from the top. This ensures that we maintain our reputation 
for providing the highest quality of service for our customers 
whilst operating with the highest level of integrity. Our governance 
framework enables effective decision-making and clear 
accountabilities, underpinned by regularly reviewed and clearly 
communicated policies and procedures and supported by on-line 
and in-person training.
Read more:
Governance Statement – pages 56 to 60
Risk Committee Report – pages 46 to 49
ESG Committee Report – pages 24 to 45
Audit Committee Report– pages 61 to 64
The need to act fairly as between the members of 
the Company
The Board is conscious of the need to balance the broad range of 
interests and perspectives of our shareholders and is committed 
to openly engaging with our shareholders. We recognise the 
importance of a continuing effective dialogue, whether with 
institutional investors, private, or employee shareholders. It is 
important to us that shareholders understand our strategy and 
objectives, so these are explained clearly, feedback heard, and any 
issues or questions raised are properly considered.
Read more:
Shareholders – pages 73 to 75
The Strategic Report on pages 2 to 49 was approved by the Board 
of Directors on 12 March 2025 and signed on their behalf by:
 
Charles Skinner,  
Chief Executive Officer
12 March 2025
Dan Baker, 
Chief Financial Officer
12 March 2025

Restore plc Annual Report 2024
52

Governance
In this section
Board of Directors	
54
Governance Statement	
56
Audit Committee Report	
61
Directors’ Remuneration Report	
65
Directors’ Report	
73
Statement of Directors’ Responsibilities	
76
Independent auditors’ report	
77
53
Restore plc Annual Report 2024

54
Restore plc Annual Report 2024
Governance
Our key principle is that power and responsibility go hand in hand. 
Our people know what is expected of them and we give them the 
power to make their own decisions.
Board of Directors
Jamie Hopkins
Chair (independent on appointment) 
Charles Skinner 
Chief Executive Officer 
Dan Baker
Chief Financial Officer
Appointed to the Board September 2023
Charles was Chief Executive Officer of 
Restore between 2009 and 2019 and 
has spent most of his working life in the 
business-to-business services sector with 
over thirty years of senior management 
experience in listed companies, over 
twenty years of which have been  as 
Chief Executive. Prior to his ten years as 
Chief Executive Officer of Restore, Charles 
was Chief Executive Officer of Brandon 
Hire plc and Chief Executive Officer of 
Johnson Service Group plc. Charles is 
an Honorary Fellow of Oriel College, 
University of Oxford.
Current external appointments
	›
Non-executive director of Alliance Tool 
Hire Limited
	›
Non-executive director of Edge Tool & 
Equipment Hire Limited
Committees
	›
Member of ESG Committee
Appointed to the Board November 2023
Dan joined Restore from EV Metals Group 
plc where he was CEO of its Battery 
Materials business following its acquisition 
from Johnson Matthey plc in 2022. 
Between 2018 and 2022 he held the role 
of Finance and Strategy Director, Battery 
Materials at Johnson Matthey plc. Prior 
to that, Dan had a number of senior roles 
at Smith & Nephew plc, including Group 
Financial Controller and CFO China.
Dan is a qualified chartered accountant 
and joined Smith & Nephew plc in 2013 
from Deloitte LLP where he was an Audit 
Director, having spent eleven years within 
their audit practice.
Current external appointments
	›
None
Committees
	›
Member of ESG Committee
Appointed to the Board January 2020
Jamie was previously Chief Executive 
Officer of Workspace Group plc from 
2012 until May 2019. Prior to that he 
served as Chief Executive and then as a 
non‑executive director of Mapeley plc 
from 2002 until 2010 and a director of 
Chester Properties from 2009 to 2012. 
Jamie also acted as Investment Director 
of Delancey Estates and Savills between 
1990 to 2002. Jamie is a member of the 
Royal Institution of Chartered Surveyors.
Jamie has significant experience of 
running a FTSE 250 company, bringing 
diversity of thought and an excellent 
understanding of business and the 
property sector, which is important due to 
Restore’s large property estate.
Current external appointments
	›
Non-executive director of Allsop LLP
Committees
	›
Chair of Nominations Committee and 
Property Committee
	›
Member of Audit, Remuneration and 
ESG Committees

55
Restore plc Annual Report 2024
Governance
Susan Davy
Senior Independent Director
Lisa Fretwell
Independent Non-Executive Director
Patrick Butcher
Independent Non-Executive Director 
Appointed to the Board January 2019
Susan is currently Chief Executive 
Officer at Pennon Group plc, a FTSE 250 
environmental infrastructure group, a 
position held since 31 July 2020, having 
previously been Chief Financial Officer 
since 2015 and non-executive director at 
Viridor. In her 28+ years’ experience in the 
listed utility sector, Susan has also held 
several other senior roles in the sector, 
including at Kelda Group plc.
Susan is a qualified chartered accountant.
Susan’s FTSE experience, alongside 
significant corporate and financing 
experience brings a diversity of experience 
to Restore.
Current external appointments
	›
Chief Executive Officer of Pennon 
Group plc
	›
Director and President of the Institute of 
Water
	›
Director of CREWW (Centre for Resilience 
in Environment, Water and Waste)
	›
Director of Water UK
Committees
	›
Chair of Audit Committee
	›
Member of Remuneration, ESG and 
Nominations Committees
Appointed to the Board April 2022
Lisa’s executive career has spanned over 
twenty-five years, covering business and 
consulting roles within financial services, 
technology, data, retail and manufacturing 
industries. She has held senior executive 
positions at Experian, Cisco and Capgemini, 
focusing on business growth and 
transformation through product innovation 
and leveraging technology transitions. She 
was awarded Business Leader of the Year by 
Women in Credit in 2020. 
Lisa is currently a portfolio non-executive 
and business advisor for a range of 
businesses.  
Current external appointments
	›
Non-executive director of Santander UK
	›
Member of Council at the University of 
Birmingham
	›
Strategic advisor to Tresmares Capital
	›
Director of Fleetwell Mgt Limited  
Committees
	›
Chair of Remuneration Committee, 
Chair of Risk Committee and Chair of 
ESG Committee
	›
Member of Audit and Nominations 
Committees
Appointed to the Board October 2024
Patrick has held numerous CFO roles, 
including at Capita plc, The Go-Ahead 
Group plc and Network Rail Limited, 
most recently serving as Interim CFO 
of Headlam Group plc. He is currently 
a non-executive director at Sheffield 
Forgemasters and Endava plc.
Patrick received his B. Compt. (Hons) 
in Accounting and Finance from the 
University of South Africa and is a 
qualified Chartered Accountant (South 
Africa).
With almost 30 years experience as 
a CFO in public sector, private equity 
and listed businesses, Patrick brings to 
Restore a broad range of leadership, 
operational change and governance 
experience across a variety of capital 
and operationally intensive businesses 
providing critical services to their clients.
Current external appointments
	›
Non-executive director of Endava plc
	›
Non-executive director of Sheffield 
Forgemasters 
Committees
	›
Member of Audit, Remuneration, 
Nominations and ESG Committees

Governance Statement
Jamie Hopkins, Chair
“On behalf of the Board of Restore plc, I am 
pleased to report on the Group’s corporate 
governance during the 2024 financial year.”
56
Governance
The role of the Board
The Board ensures that the Group is managed for the long-term 
benefit of all shareholders with corporate governance being an 
essential element of this. It takes an important role in setting 
and reflecting the Group’s culture and core values and the Non- 
Executive Directors work closely with the Executive Directors to 
ensure the success of the Group. The Board is responsible for the 
overall leadership, strategy, development and control of the Group 
in order to achieve its strategic objectives.
The Group is led and controlled by the Board which, following the 
appointment of Patrick Butcher as Non-Executive Director on 14 
October 2024, now consists of two Executive Directors and four 
Non-Executive Directors, including myself as chair. Board meetings 
are held on a regular basis and no significant decision is made 
other than by the Directors. All Directors participate in the key areas 
of decision making.
Our approach to governance
Governance in the Group underpins how we run our business 
and our commitment to transparency, fairness, sustainability and 
equality. The Group recognises who our key stakeholders are and 
values building strong relationships with them in order to gain a 
better understanding of what is important to them and how our 
decisions impact them.
The business is led by a highly qualified and experienced Board 
with industry and functional expertise drawn from working across 
FTSE 100 and FTSE 250 organisations. The Group had previously 
adopted the 2018 Quoted Companies Alliance Corporate 
Governance Code (the “2018 QCA Code”). When the revised version 
was published by the QCA on 13 November 2023 (the “2023 QCA 
Code”), the Board (supported by advisers) carried out a gap analysis 
to consider changes from the 2018 QCA Code and our ability to 
comply with the updated version. Following that review the Board 
has confirmed its commitment to adopt and comply with the 2023 
QCA Code in full with effect from 1 January 2025. Our application 
of the 2023 QCA Code to the Group can be found on our website. 
The Board of Directors is the principal decision-making body 
of the Group. The Group’s governance framework is structured 
to maintain good oversight and control over: financial and 
management reporting; compliance/regulatory matters; risk 
management; and approval of material decisions. Except for 
those matters reserved for the Board (as set out on the next page), 
it operates through delegating certain of its responsibilities to 
sub-committees of the Board (consisting of the Non-Executive 
Directors) and other executive committees (consisting of relevant 
senior Restore employees). More information on these executive 
and non-executive committees is provided below and in the 
reports of the Audit, Remuneration, ESG and Risk Committees.
The Senior Independent Director (“SID”) acts as a sounding board 
for the Chair and is available as a trusted intermediary for other 
Directors and external stakeholders as required. The Company 
Secretary’s responsibilities include providing clear and timely 
information to the Board and providing advice and support to the 
Board on legal matters as well as corporate governance and risk.
The strong governance structure extends into the day to day 
running of the business through the Executive Committee (the 
“ExCo”) comprising the CEO and CFO, the General Counsel and 
Company Secretary, and each of the four divisional Managing 
Directors. The ExCo meets monthly to review financial and 
operational performance and to discuss key financial, strategic, 
compliance and HR issues, including reviewing the monthly 
health, safety and wellbeing report. Each business has its own 
Senior Leadership Team (“SLT”) under the guidance of the relevant 
business unit Managing Directors. In addition, the CEO and CFO 
periodically attend these monthly SLT meetings, typically held at 
different Restore sites, in order to discuss performance first-hand 
and to support the development of business strategy across a 
balanced scorecard of management areas.
The Group maintains a panel of external professional advisers to 
ensure legal, tax and regulatory compliance. These include KPMG 
(tax), Fieldfisher (legal), Investec and Canaccord (joint brokers) and 
Ellason (remuneration). Investec acts as the Group’s nominated 
advisor (“Nomad”) and guides management in ensuring adherence 
to current, and preparing for future, market requirements and 
best practice. Reporting assurance is provided by PwC who acts 
as the Group’s independent auditor with rotation as required in 
accordance with good practice.
The Group is recognised as the sector leader in providing 
secure, highly accredited services to public and private sector 
organisations. Delivering consistently high-quality services is 
central to our customer-focused approach and assurance is 
provided to the Board and customers through the extensive 
quality, compliance and health, safety and wellbeing teams in the 
businesses who manage process quality to a high standard.
Processes are subject to both internal review and external audit 
and our continuous improvement culture ensures our operational 
leadership team are continually enhancing process effectiveness to 
improve quality and efficiency.

57
Restore plc Annual Report 2024
Governance
The Board engages directly with shareholders and employees and 
this helps our decision-making as well as delivering our strategy. The 
Group recognises the impact of its operations on the environment, 
its responsibility to the communities it operates within and its 
obligations to its people, its suppliers and other stakeholders.
Read more:
Our business model and strategy – page 5 
Principal risks and uncertainties – pages 48 to 49
Matters reserved for the Board
The matters reserved for the approval of the Board include the 
following:
	›
any changes to the range of services offered by the Group;
	›
significant acquisitions or entry into major supply or customer 
contracts;
	›
the release of all RNS announcements except for those relating 
to the share-based incentives or notifications of changes in 
holdings from investors;
	›
the release of all significant press announcements;
	›
the issue of equity;
	›
the issue of new grants under existing share-based incentive 
schemes;
	›
the creation of any new equity-based employee incentive 
schemes or bonus schemes for the executive members;
	›
the disposal of any Group company;
	›
the annual budget, business plan and Group strategy;
	›
any change in external auditors;
	›
Directors’ share dealing;
	›
market purchase of shares in the Group;
	›
approval of material capex outside of the Group budget;
	›
appointment of new Directors and approval of Directors’ 
remuneration;
	›
approval of the annual report and interim statement;
	›
approval of all dividends;
	›
approval of changes in accounting policies;
	›
approval of new, and material changes to existing, Group 
policies;
	›
approval of conduct of any major litigations; and
	›
approval of policies on political and charitable contributions.
Board Committees
The Audit Committee, chaired by Susan Davy, comprises the Chair 
and Non-Executive Directors and is responsible for monitoring 
the integrity of the financial statements of the Group. The Audit 
Committee report is set out on pages 61 to 64.
The Remuneration Committee, chaired by Lisa Fretwell, comprises 
the Chair and Non-Executive Directors and its report is set out on 
pages 65 to 72.
The ESG Committee is be chaired by Lisa Fretwell and comprises 
the Chair and the Executive and Non-Executive Directors with 
subject matter experts in attendance. The ESG Committee Report is 
set out on pages 24 to 45.
The Nominations Committee comprises all of the Non-Executive 
Directors. The Committee is chaired by myself unless the 
matter under discussion is my own succession. The Executive 
Directors and other senior Restore subject matter experts are 
invited to attend as appropriate. The Committee is also assisted 
by external executive search consultants as and when required. 
The Committee will typically meet once a year with additional 
ad hoc meetings where necessary. The Committee’s principal 
responsibility is to lead the process for Board appointments and to 
make recommendations for maintaining an appropriate balance 
of skills on the Board. The Committee also reviews succession 
planning for Board and key senior roles annually. The Board 
aims to maximise the development of internal talent and where 
appropriate involves external advisers. As a Board, we remain 
actively committed to encouraging all forms of diversity across 
the business.
In addition to the Board Committees referred to above, the Group 
has an established Risk Committee, chaired by Lisa Fretwell, 
comprising the Executive Directors and the Divisional Managing 
Directors as members. The Risk Committee Report is set out 
on pages 46 to 49 and provides detail on the governance and 
controls in place around risk management. There is also a Property 
Committee which meets regularly, chaired by Jamie Hopkins and 
attended by the CEO, CFO and Group Property Director, the focus 
of which is to establish, review and monitor the implementation of 
the Group’s property strategy.
The terms of reference of each Committee are available on our 
website and are reviewed annually by the Board, with the last 
review in December 2024.
 

58
Restore plc Annual Report 2024
Governance
Board and Leadership changes during  
the year
After a period of significant change at Board level during 2023, 2024 
has been quieter, allowing Charles, Dan and the Board to focus on 
steering the business. Following the departure of Sharon Baylay-
Bell in 2023 after her nine years as a Non-Executive Director and 
my appointment as Chair to replace her, this left a vacancy for the 
appointment of a new Non-Executive Director. As a Board, we were 
very keen to take our time over the appointment and to find the 
individual with the right balance of skills and experience to reflect 
the sector in which we operate and the nature and mix of clients 
that we service. On 14 October 2024 the Group announced the 
appointment of Patrick Butcher as Non-Executive Director. This 
followed an in-depth and measured search process managed by 
an external search firm (Teneo). Patrick stood out as a candidate 
given his executive experience (primarily as CFO) in large, listed 
organisations, providing business critical services to both blue-chip 
private sector companies and the public sector. It was felt that his 
functional, business and sector experience provided the perfect 
addition to enhance the skills matrix provided by the existing 
Executive and Non-Executive Directors. Patrick has provided a great 
deal of energy and insight in Board interactions to date. Patrick also 
sits on the Audit, Remuneration, Nominations and ESG Committees. 
With the exception of the appointment of Patrick Butcher to the 
various Board Committees, the membership of those Committees 
(and their respective Chairs) has remained the same.
Below Board level, following a restructuring of our business units 
and segmental reporting with the consolidation of our Records 
Management and Digital businesses into the combined Information 
Management division, Nigel Dews (previously the Managing 
Director of Records Management) was appointed as Managing 
Director of Information Management. Nigel’s appointment to 
this enlarged role recognises his length of service and depth of 
experience at Restore and the fantastic job he has done in driving 
improved performance year on year in the Records Management 
business.
In addition, Iain Hulmes was appointed as Managing Director of 
Restore’s Technology business on 18 March 2024, following an 
external search process through Odgers Berndston. Iain stood 
out as the preferred candidate given his relevant experience, 
particularly in operational excellence, as we look to drive improved 
performance and efficiencies in our Technology business. 
As previously mentioned, in 2024, the Nominations Committee 
received advice from independent search firms, Teneo and Odgers 
Berndston. There was no disclosable connection between Teneo or 
Odgers and any Board Directors or with the Group. 
Diversity and inclusion
As a Group, we continue to value our diversity at all levels 
throughout the organisation, both in terms of gender, ethnicity 
and experience. At Board level, whilst our gender diversity balance 
changed slightly with the departure of Sharon Baylay-Bell in 2023 
and appointment of Patrick Butcher, we continue to maintain 
strong gender diversity with two out of the six Board Directors 
being female, including a female SID in Susan Davy. Gender, 
ethnic and experiential diversity continues to be an important 
topic for consideration in all hiring processes and succession plan 
discussions, not least at Board level.
Skills, experience and independence
The Board is satisfied that there is a suitable balance between 
Group knowledge and independence in order to discharge its 
duties and responsibilities effectively. All Non-Executives (including 
myself as Chair) are considered independent and commit the 
required time necessary to fulfil their roles.  
During 2024 there were 11 Board meetings, 1 of which was a brief 
virtual meeting to discuss and approve the trading update issued 
on 18 January 2024. 
Director availability and time commitment is essential for a 
properly functioning Board. No issues in this regard have been 
experienced during the year. Whilst the Board has no formal 
policy on external appointments, other than to the extent that an 
appointment could be perceived to be a conflict of interest under 
Restore’s Declaration of Interest Policy, the Board monitors time 
commitments and availability on an on-going basis. 
As the Group continues to develop, the composition of the Board is 
regularly considered in order to ensure that it remains appropriate. 
All Directors retire annually and are required to be reappointed by 
the shareholders at the Annual General Meeting.
The Board takes decisions regarding the appointment of new 
Directors, and this is done following the appointment of an 
external independent recruiter as well as a thorough assessment of 
potential candidates’ skills and suitability for the role.
The Board considers and reviews the requirement for continued 
professional development of the Directors and undertakes to ensure 
that their awareness of developments in corporate governance 
and the regulatory framework is current, as well as remaining 
knowledgeable of any industry-specific updates. Our Nomad 
(Investec) and external advisers also support this development, by 
providing guidance and updates as required. During the year the 
Board received training or updates in the following areas:
	›
A presentation on developments and current practice in the 
remuneration landscape from our external remuneration 
adviser.
	›
A summary of the changes to the QCA Code from the Company 
Secretary and external remuneration adviser.
	›
An AIM Rules refresher provided by our Nomad, Investec.
	›
A talk from the cyber advisory team of our insurance broker and 
risk adviser (Marsh) on the risks and opportunities associated 
with the emergence of AI.
	›
An interactive discussion with PlanetMark, Restore’s 
environment consultants, on the ever-changing net zero 
landscape. 
The biographies of each of the Directors, including their experience 
and skills, are shown on pages 54 to 55. A skills matrix setting out 
the respective areas of expertise/experience for each Director is set 
out on the next page:
Governance Statement continued

59
Restore plc Annual Report 2024
Governance
The Directors are responsible for preparing the financial statements 
as set out in the Statement of Directors’ Responsibilities on page 76. 
Information on the remuneration arrangements for the Directors 
and senior management is set out in the Directors’ Remuneration 
Report on pages 65 to 72.
Board performance evaluation
The Board has, during the year, followed through on many of 
the recommendations arising out of the previous internal Board 
evaluation process, including:
	›
consideration of the Board’s composition and skills and a focussed 
search process (culminating in the hire of Patrick Butcher) to help 
address any perceived areas for improvement;
	›
a review of succession plans at both Board and senior 
management level, following a period of change at Board level 
and restructuring across the divisions;
	›
an improvement in the quality and clarity of CEO and CFO 
reporting, including a more standardised approach with KPIs 
wherever possible, particularly in financial and health, safety and 
wellbeing reporting;
	›
a review of our ESG strategy, in part driven by a change in those 
personnel with responsibility for the ESG pillars, resulting in a 
revised strategy and greater alignment to our business objectives; 
and
	›
a greater focus on training and development opportunities at Board 
level, noting in particular the training and updates referred to under 
“Skills, experience and independence” on the previous page. 
In January and February 2025, an internal questionnaire-based 
evaluation was carried out to assess the performance of the Board 
and the principal Committees during 2024. The responses were 
then collated into a report for review and discussion by the Board 
and the principal Committees. In addition, the Chair held one-
to-one confidential discussions with each Director, with the SID 
holding one-to-one confidential discussions with each Director on 
the performance of the Chair.
The key findings from this recent evaluation include the following:
	›
Training and development: Following the increased activity 
in this area during 2024, consider more focussed training and 
development for the Board Committees, including:
	›
Remuneration Committee – ensuring sufficient time with 
our third party advisor (Ellason) to discuss the remuneration 
landscape and emerging trends around remuneration 
	›
Nominations Committee - arranging training/development 
around diversity and inclusion 
Jamie 
Hopkins
Susan Davy
Lisa Fretwell
Patrick 
Butcher
Charles 
Skinner
Dan Baker
Strategy and M&A
Finance and accounting
Risk management & regulation
Digital, cyber and technology
Property
Sales (private sector)
Sales (public sector)
Sustainability
Talent and remuneration
Public market investor relations
Expertise
Experience
2024 Board and Committee meetings and attendance
The Directors of the Company who were in office during the year and up to the date of signing the financial statements were as follows:
Board meetings
Audit 
Committee 
meetings
Remuneration 
Committee 
meetings
ESG 
Committee 
meetings
Nomination 
Committee 
meetings
Executive Directors
Charles Skinner
11/11
N/A
N/A
2/2
N/A
Dan Baker
11/11
N/A
N/A
2/2
N/A
Non-Executive Directors
Jamie Hopkins
11/11
5/5
4/4
2/2
2/2
Susan Davy
11/11
5/5
4/4
2/2
2/2
Lisa Fretwell
11/11
5/5
4/4
2/2
2/2
Patrick Butcher1
3/3
1/1
1/1
1/1
1/1
1  Patrick Butcher was appointed to the Board on 14 October 2024.

60
Restore plc Annual Report 2024
Governance
	›
Risk:
	›
Aim to transition from a non-executive chaired to a senior 
management chaired Risk Committee during 2025, with risk 
updates channelled through the Audit Committee 
	›
Give more time to the discussion of emerging risks and 
consider engaging a third party expert to lead that discussion 
	›
Succession and diversity: 
	›
Continue to increase the focus on succession planning 
at Board and senior management level and the on-going 
development of key senior employees to aid progression
	›
Consider the frequency and timing of Nominations 
Committee meetings to ensure that sufficient time is given 
over to discussions around succession 
	›
Continue to give diversity sufficient prominence in 
discussions around succession planning 
	›
Strategy: After a thorough strategy discussion in October 2024, 
maintain the focus on strategy at Board meetings
The Board will follow-up on these findings and make 
recommendations to address them.
In line with Principle 8 of the 2023 QCA Code, the Board intends 
to carry out an externally-facilitated board evaluation in 2025. The 
last external evaluation was carried out in November 2022 and 
reported on in the 2022 Annual Report and Accounts.  
Relations with shareholders
The Chief Executive Officer and the Chief Financial Officer are 
the Group’s principal contact for investors, fund managers, the 
press and other interested parties. The Group meets regularly 
with its large investors and institutional shareholders who, along 
with analysts, are invited to meetings by the Group after the 
announcement of the Group’s results. 
During 2024, the Group held two investor days; the first took place 
on 24 October at South Kirkby (a Datashred site) and Markham Vale 
(an Information Management site), and the second, focussed on 
private investors, on 28 November at Optima Park (Datashred) and 
Rainham (Information Management). Both events were very well 
attended. 
At the Annual General Meeting, investors are given the opportunity 
to put questions to the Board.
Internal control
The Board acknowledges its responsibility for establishing and 
monitoring the Group’s systems of internal control.
Whilst no system of internal control can provide absolute 
assurance against material misstatement or loss, the Group’s 
systems are designed to provide the Directors with reasonable 
assurance that problems are identified on a timely basis and dealt 
with appropriately. As noted in the Audit Committee Report, 
the Committee reviews and discusses the control risks across 
the business including review of documentation, engagement 
of external audit and compliance assurance and process 
improvement plans as required.
The Board and Audit Committee continue to assess the 
effectiveness of the governance and internal controls environment 
through regular discussion with management and the external 
auditors.
No significant control deficiencies have been identified during the 
year and no weakness in internal financial control has resulted in 
any material losses, contingencies or uncertainties which would 
require disclosure. The Board considers that, given the control 
environment described above, there is no current requirement for 
a separate internal audit function. The Board will keep this under 
review during 2025.
Jamie Hopkins, Chair
12 March 2025
2018 QCA Code 
Throughout the year ended 31 December 2024, the Group 
has complied with the recommendations as set out in the 
2018 QCA Code. Following the introduction of the 2023 
QCA Code and the review referred to on page 65, the Board 
has confirmed its intention to comply with the 2023 QCA 
Code, with effect from 1 January 2025. An explanation of 
the Board’s view on this matter is set out on page 56 in the 
Governance Statement and also on our website.
Risk management and internal 
control
The Group’s approach to risk management and internal 
control is set out on pages 46 to 49.
Section 172(1) Companies Act 2006 
statement
Section 172(1) of the Companies Act 2006 imposes on 
directors a duty to act in the interests of a broad range 
of stakeholders including shareholders, employees, 
suppliers and local communities. A statement in respect of 
compliance with s172(1) is on pages 50 to 51.
Board certification
The Strategic Report, and this Annual Report generally, 
has been reviewed and approved by the Board. The Board 
confirms that it considers that the financial statements 
taken as a whole, are fair, balanced and understandable 
and provide the information necessary for shareholders to 
assess the Group’s position and performance.
Compliance statements
Governance Statement continued

The Audit Committee continues to focus on three key 
responsibilities:
	›
ensuring the quality and integrity of the Group’s financial 
reporting. This is done through an assessment of the 
appropriateness of the accounting policies applied and through 
challenging management regarding the key judgements and 
estimations which underlie the Group’s financial reporting;
	›
assessing the adequacy of the Group’s governance and 
internal controls environment through regular discussion with 
management and the external Auditors and consideration of the 
evolution of the Group’s financial systems strategy; and
	›
consideration of both near term and strategic financial risk.
These responsibilities are discharged throughout the year in 
accordance with a schedule of business that reflects the annual 
reporting cycle of the Group and provision of sufficient time for 
other Audit Committee matters.
For the 2024 Annual Report, we have considered whether the 
report when taken as a whole, is fair balanced and understandable. 
In doing so we have ensured management’s disclosures reflect 
the supporting detail, and we have carefully considered the key 
financial judgements of management.   
Audit Committee membership
Consistent with last year, the Audit Committee consisted of 
myself as Chair together with the other Non-Executive Directors. 
Only members of the Audit Committee have the right to attend 
meetings with other parties attending by invitation, this includes 
the Chief Executive Officer, Chief Financial Officer, Company 
Secretary and the external Auditors, PricewaterhouseCoopers 
LLP (“PwC”). The Audit Committee holds private discussions with 
the external Auditor without management present, and the Audit 
Committee Chair communicates with the Chief Financial Officer, 
PwC and the Audit Committee members outside of meetings to 
better understand any issues or areas for concern.
The Board considers that each member of the Audit Committee 
was independent throughout the year, and remains so, and that the 
knowledge and experience of the Audit Committee members means 
that the Audit Committee is competent in the sector in which the 
Group operates. Susan Davy, the Chair of the Audit Committee, is a 
chartered accountant, former Chief Financial Officer and has recent 
and relevant financial experience. We have further strengthened 
the competence of the Audit Committee through the recent 
appointment of Non-Executive Director Patrick Butcher, a former 
Chief Financial Officer and chartered accountant. 
Attendance by individual members of the Audit Committee is 
disclosed in the table on page 59.
Audit Committee structure
The Audit Committee operates under written terms of reference 
which can be found on the Group’s website. They are reviewed 
annually by the Audit Committee and are recommended to the 
Board for approval. The Audit Committee has in its terms of 
reference the power to engage outside advisors and to obtain its 
own independent external advice at the Group’s expense, should it 
be deemed necessary.
Significant matters considered by the 
Audit Committee
A schedule of ordinary business was agreed by the Audit 
Committee prior to the commencement of 2024 and a calendar 
was set in place to ensure that the Audit Committee was able to 
manage its affairs efficiently and was able to concentrate on the 
key Audit Committee matters that affect the Group.
During the year the Audit Committee met five times to consider 
these ordinary business matters. The ordinary matters that 
the Audit Committee considered during the year and, where 
appropriate, since the year end, are set out on the next page.
Audit Committee Report
Susan Davy, Chair of the Audit Committee
“On behalf of the Board, I am pleased to provide the Audit 
Committee’s Report for 2024. This report is intended to 
provide shareholders with an insight into the work of 
the Audit Committee together with details of how it has 
discharged its responsibilities throughout the year, including 
overseeing the process of assurance over the integrity of the 
2024 Annual Report and Accounts”
Governance
61

Ordinary matters considered by the Audit Committee since my last report include:
Audit and external 
assurance
	›
Assessment of the independence and effectiveness of PwC in performing their role
	›
Oversaw the statutory audit, including key audit risks and level of maturity applied by the external 
Auditors
	›
Recommendation to the Board on the reappointment of PwC as external Auditors at the Group’s AGM in 
May 2024 and agreement of their fees
	›
Approval of the PwC audit plan for the year to 31 December 2024 
	›
Consideration of the external Auditors’ report for the year to 31 December 2024
Financial reporting
	›
Reviewed and discussed reports from management on the financial statements, considered key 
accounting judgements and estimations, and assessed the findings of the statutory audit in respect of the 
integrity of the full and half year results
	›
Review of the 2024 Annual Report and results announcement
	›
Review of half-year results and half-year results announcement
	›
Review of management’s application of relevant reporting standards
	›
Reviewed the internal assessment of going concern on behalf of the Board
Governance
	›
Review of whistleblowing reports for 2024
	›
Review of management’s Senior Accounting Officer report, and continuation of KPMG as Group 
tax advisor
	›
Review of the financial statements of the Restore plc Employee Benefit Trust for the year ending 
31 December 2023 and consideration of shares held by the trust for satisfaction of share incentive 
schemes
Internal controls
	›
Held meetings with the external Auditor without members of the management being present
	›
Assessment of the requirement for an internal audit function and performance of external assurance 
provider
	›
Consideration of the Group’s financial systems strategy
	›
Review of the business’s compliance with the Group reporting manual
Accounting policies
	›
Review of the evolution of accounting policies adopted by the Group
	›
Consideration of Alternative Performance Measures (“APMs”)
	›
Consideration of the appropriateness of operating segments for reporting purposes
Financing risk
	›
Proposals to voluntarily cancel an element of the Group’s revolving credit facility in March 2024 and 
proposal to extend term to April 2027
	›
Detailed review of cashflows for the purposes of going concern, including tests for the potential impact of 
an economic downturn
62
Restore plc Annual Report 2024
Governance
Audit Committee Report continued

Areas of focus
Regarding the monitoring of the integrity of the financial 
statements, which is a key responsibility of the Audit Committee, 
the significant areas of judgement considered in relation to the 
financial statements for the year ended 31 December 2024 are set 
out below. At the Audit Committee’s meetings throughout the year, 
the Audit Committee and the external Auditor have discussed these 
key judgements, together with the areas of particular audit focus as 
reported in the independent auditor’s report on pages 77 to 82.
Adjusting items
The Group believes it is useful to provide readers of the financial 
statements with Adjusted Performance Measures (“APMs”) that 
describe the performance of the Group before the effects of 
significant costs or income that are considered to be distorting 
due to their nature and size, and non-cash amortisation primarily 
arising from acquired intangible assets. Adjustments made from 
statutory measures to adjusted measures are referred to as 
adjusting items within the financial statements. The transactions 
treated as adjusting items are governed by a Group policy which 
sets out the criteria for recording such transactions.
The Audit Committee has reviewed and challenged the items 
presented by Management and recorded as adjusting items and are 
satisfied that all transactions are in line with the APM Group policy 
and are appropriately reflected within the financial statements.
Carrying value of goodwill
Goodwill is tested for impairment annually and at other times 
when such indicators exist. The Audit Committee recognises that 
goodwill is a material balance and that its value can be sensitive to 
key assumptions in the relevant cash flow projections, including 
the discount rate applied, the long-term growth rate applied, and 
the underlying cash flows used.
Following a detailed review of the analysis undertaken, and 
consideration of management assumptions, the Audit Committee 
is satisfied that a robust and consistent approach has been 
followed. The carrying value of the assets are considered to be 
appropriate and the disclosures within the annual report, balanced 
and reasonable; therefore, the Audit Committee is able to approve 
the amounts recorded and disclosures presented in the financial 
statements.
Dilapidations provision
The Group is required to recognise a provision in respect of the 
reinstatement and dilapidation costs from exiting a property. 
The Audit Committee recognises that the value of the provision 
recorded is based on a number of key estimations and judgements 
including the cost per square foot required for dilapidations and the 
likelihood of the Group exiting the site. Management’s judgements 
were considered in the context of the Group’s property strategy. 
Following a review of the dilapidations provision at the year end, 
the Audit Committee is satisfied that the provision is appropriately 
recorded and that the judgements and estimations underlying it 
are balanced and reasonable.
Going concern basis for the preparation of the 
financial statements
A report from the Chief Financial Officer of the financial 
performance of the Group, including forward looking estimates, 
funding levels and covenant compliance was provided to the Audit 
Committee. Consideration of the report and constructive challenge 
of the scenario testing has enabled the Audit Committee to satisfy 
itself that it remains appropriate to adopt the going concern basis 
of accounting in preparation of the financial statements.
Valuation of leases
The Group has a significant property portfolio, much of which 
is leasehold. The valuation of the right-of-use assets and lease 
liabilities related to these properties is material and there are 
significant judgements inherent in their valuation, including 
the incremental borrowing rate applied, the application of any 
extension or termination options and the timing of modifications 
to the lease. 
Following a review of management’s assumptions, judgements and 
conclusions, the Audit Committee is satisfied that the valuation of 
the right-of use assets and lease liabilities is appropriately recorded 
and the disclosures included within the annual report, particularly 
around the prior year restatement of related balances, are clear and 
appropriate.
Oversight of risk management and 
internal controls
The Board is responsible for the effectiveness of the Group’s risk 
management and internal controls. In the May Audit Committee 
meeting, the Audit Committee received a report detailing each 
business’ compliance with the Group Reporting manual and key 
controls, along with the follow up actions needed to address any 
issues identified. Whilst several control observations were noted, 
none were deemed to be material and the Audit Committee 
was satisfied with the remediation approaches suggested. In 
subsequent meetings, the Audit Committee reviewed the progress 
of the actions to address the issues identified and were comfortable 
with the pace and outcome of the rectification work.
A confidential whistleblowing process is available to colleagues and 
stakeholders to facilitate reporting of any malpractice, illegal acts, 
or omissions. All reported incidents are followed up and the actions 
taken reviewed by the Board. A review of the 2024 whistleblowing 
matters has been conducted by the Audit Committee with no 
material matters to note.
Oversight of the external auditor and 
performance evaluation
Shareholders formally approved the re-appointment of PwC at 
the Annual General Meeting in May 2024. There is no intention to 
conduct a re-tendering exercise currently, but this will be reviewed 
annually, taking into account the performance and effectiveness of 
the external Auditor, as assessed by the Audit Committee.
During the year, the Audit Committee reviewed the external 
Auditor’s effectiveness and the quality of their audit.  In July, PwC 
provided the Audit Committee with their plan for the 2024 audit, 
63
Restore plc Annual Report 2024
Governance

including the scope of the audit, identified key audit risks and the 
audit approach to these risks. The Audit Committee reviewed and 
challenged this audit plan, including the quality, knowledge and 
service of the audit team and concluded that PwC were providing 
the relevant and required level of audit quality. 
In addition, for the year ended 31 December 2023, the Group 
assessed PwC’s performance using a questionnaire sent to 
key finance stakeholders across the Group. The questionnaire 
covered a range of topics including the integrity and professional 
scepticism of the audit team, their approach to key risks and their 
understanding of our business, systems, and internal control 
systems.  Results from the feedback process were satisfactory 
and have been shared with both the external Auditor and the 
Audit Committee, with the findings contributing to the Audit 
Committee’s assessment of the performance of PwC.
The Audit Committee has reviewed the independence of PwC  
for the year ended 31 December 2024 and concluded it to be 
satisfactory. During the year, PwC have formally confirmed its 
independence to the Audit Committee and has reported on its 
actions to comply with professional and regulatory requirements 
designed to ensure its independence.
The Audit Committee recommends, and the Board agrees, that 
a resolution for the reappointment of PwC as Auditor of the 
Company for a further year will be proposed at the 2025 Annual 
General Meeting.
Non-audit services
No non-audit services have been provided by PwC in the year. 
Fair, balanced and understandable
The Audit Committee consider that the annual report, taken as 
a whole, is fair, balanced, and understandable, and provides the 
information necessary for shareholders to assess the Group’s 
position, performance, business model and strategy. In preparing 
and finalising the 2024 Annual Report, the Audit Committee 
considered a report on the actions taken by management in 
respect of a fair, balanced and understandable assessment. This 
assisted the Committee in carrying out its own assessment and 
being able to advise the Board that it considered that the Annual 
Report taken as a whole is fair, balanced and understandable and 
provides the information necessary for shareholders to assess the 
Group’s position, performance, business model and strategy. 
Internal audit
The Group does not currently have an internal audit function with 
assurance principally being received through finance controls 
reviews completed by the Group Finance Team. The Audit 
Committee does however review on an annual basis the need for 
establishing an internal audit function and will continue to do so 
considering any trends or current factors relevant to the Group’s 
activities, markets or other aspects of its external environment that 
have increased, or are expected to increase, the risks faced by the 
company.  
Looking forward
During 2025, the Audit Committee will remain focused on the 
key areas of responsibility delegated to it by the Board ensuring 
that standards of good governance are maintained, and that 
appropriate assurance is obtained across all areas of the business.
Susan Davy, Audit Committee Chair
12 March 2025
64
Restore plc Annual Report 2024
Governance
Audit Committee Report continued

The Committee is responsible for determining the remuneration 
policy for the Executive Directors and senior management, as well 
as its implementation and development over time to ensure that 
it supports the delivery and attainment of the Group’s purpose, 
business model, strategy and culture. 
The Committee has agreed Terms of Reference which are available 
on our website. These are kept under regular review (most recently 
in December 2024) to ensure that they remain appropriate and 
reflect any changes which may be required to keep pace with 
changing regulation, legislation, or best practice.
During 2024 and early 2025, the Committee undertook a detailed 
review of the Company’s approach to executive remuneration 
to ensure its continued relevance and alignment to current 
market practice and in order to support Restore on attracting 
and retaining executive talent. This review was carried out in the 
context of, and with the desire to ensure compliance with, the 
revised 2023 QCA Code.  As part of the review, consideration was 
given to the appropriateness of the disclosures included within the 
Remuneration Report. As a result of this review, the Committee 
resolved the following:
	›
a non-binding resolution to approve the Directors’ 
Remuneration Report will be put to shareholders at the 2025 
AGM and annually thereafter; 
	›
a detailed review of the remuneration policy will be carried out 
during 2025, following which it is proposed that an additional 
non-binding resolution will be put to shareholders at the 2026 
AGM to approve the revised remuneration policy. Subsequent 
votes will be offered at such time as material changes are 
proposed to the policy; 
	›
to include additional disclosures in the 2024 Directors’ 
Remuneration Report, to articulate how the structure of 
Executive Director remuneration, specifically the 2024 bonus 
scheme, supports delivery and attainment of the purpose, 
business model, strategy and culture; and
	›
to formalise and disclose Restore’s shareholding guidelines for 
Executive Directors.
Remuneration Committee composition
The Committee consists of myself as Chair and the other 
Non-Executive Directors, including Patrick Butcher who we 
welcomed to the Committee with effect from 14 October 2024. 
The Committee meets at least three times a year and at other 
times as appropriate. During 2024, the Committee retained Ellason 
LLP as its appointed independent advisor, with other advisors 
engaged from time to time as required.
The Committee is committed to adhering to good practice for 
executive pay, ensuring that Restore’s remuneration philosophy and 
approach is fit-for-purpose, aligns executive interests with those 
of shareholders and other stakeholder groups, and is appropriately 
competitive in the context of market practice to enable Restore to 
attract, motivate and retain talented individuals to deliver success. 
The fixed salary and fees for Executive and Non-Executive Directors 
are set out within this report, as are the structures that govern 
variable or performance-based reward.
As Chair of the Committee, I continue to be satisfied that the 
Committee has an appropriate level of skill and experience to 
execute its duties and that it appropriately engages external 
advisors to support the work of the Committee.
Alignment of remuneration structure 
to Restore’s purpose, business model, 
strategy and culture
When making decisions on remuneration for Executive Directors 
and senior management, the Committee considers how best 
to achieve alignment to the Group’s purpose, business model, 
strategy  and culture. We also take into account the expectations 
of Restore’s shareholders and other stakeholders, as well as 
remuneration arrangements offered to the wider workforce, in our 
decision-making
As set out in more detail below, the Committee is satisfied that 
the remuneration outcomes for the Executive Directors in 2024 
are a fair reflection of performance over the period. The 2024 
remuneration structure for Executive Directors, in particular the 
performance conditions for the 2024 LTIP award and the targets 
for the 2024 bonus scheme, support the following key drivers for 
Restore:
	›
the continued focus on actions to improve performance and 
rebuild shareholder value; and
	›
the desire to progress our ESG Strategy, with a particular 
emphasis on health, safety and wellbeing, employee 
engagement and culture, and making tangible progress along 
our carbon roadmap.
Looking ahead, the performance conditions and targets attaching 
to the 2025 bonus and LTIP cycle, whilst not disclosed in this 
report, have been set by the Committee to continue to promote 
behaviours and decision-making that are aligned to Restore’s 
purpose, business model, strategy and culture.
Directors’ Remuneration Report
Lisa Fretwell, Chair of the Remuneration Committee
“On behalf of the Remuneration Committee, I am pleased to 
present our 2024 Remuneration Report. This report explains 
the role of the Committee, the policies it has implemented, 
and its activities during the year. As a committee, we strive to 
foster a strong performance culture through a well-balanced 
and aligned remuneration policy.”
Governance
65

Significant matters considered by the Committee
In 2024 the Committee met four times. Its main activities during the year were as follows:
Overarching remuneration policy and compliance
	›
review the approach to senior executive remuneration to ensure it continues to appropriately incentivise delivery of the Group’s strategy 
and reward performance;
	›
review and approve the structure and content of the 2024 Directors’ Remuneration Report;
	›
review and approve certain clarificatory changes to the remuneration policy as published in the 2023 Annual Report and Accounts;
	›
review and approve Restore’s gender pay gap report; 
	›
consider feedback from shareholders and proxy voting bodies ahead of the 2024 AGM and agree appropriate responses; 
	›
review and approve the continued engagement of the external remuneration advisor for 2024; and
	›
consider updates from Restore’s external advisor on developments in the remuneration landscape and best practice.
Remuneration policy implementation and outcomes
	›
review and approve the annual salary increases for Executive Directors;
	›
review and benchmark the Chair’s fee;
	›
review and note the outcome and performance achievement against the targets for the 2023 bonus scheme;
	›
review and note the vesting outcome of the 2021 LTIP scheme that vested during 2024;
	›
review and agree the structure, measures and targets for the 2024 annual bonus scheme, including the linkage to ESG and strategic 
metrics;
	›
agree the award opportunities, performance conditions and participants for the 2024 LTIP awards.
Ad hoc and wider remuneration matters
	›
review the annual salary increases for senior management and the wider workforce;
	›
consider whether to implement an all-employee SAYE scheme for 2024 and, if so, on what terms;
	›
review the Group’s life assurance offering for the wider workforce and recommend and approve certain enhancements to the coverage; 
	›
review dilution arising from equity-based incentive plans; and
	›
approve the strategy for satisfying share awards, including funding of the Restore employee benefit trust in order to purchase Company 
shares in the market in order to do so.
Directors’ contracts and letters of appointment
The Group’s policy on Executive Directors’ service contracts is that, in line with the best practice provisions of the UK Corporate Governance 
Code for notice periods to be one year or less, they are terminable by either party on six months’ notice.
Executive Directors
Date of contract
Notice period
Charles Skinner
4 September 2023
6 months
Dan Baker
27 October 2023
6 months
The current Non-Executive Directors do not have service contracts but have letters of appointment. The dates of the original letters of 
appointment are shown below.
Non-Executive Directors
Date of letter
Notice period
Jamie Hopkins1
11 January 2024
3 months
Susan Davy
12 December 2018
3 months
Lisa Fretwell
19 April 2022
3 months
Patrick Butcher
14 October 2024
3 months
1 Jamie Hopkins’ previous letter of Non-Executive Director appointment was terminated and replaced on his appointment as Chair.
Directors’ Remuneration Report continued
66
Restore plc Annual Report 2024
Governance

Annual report on remuneration
Directors’ emoluments
The aggregate emoluments of the Directors of the Company during 2024 and 2023 were:
£’000
Salary and fees
Bonus
Benefits
Pension costs
Total 
2024
Executive Directors
Charles Skinner
482
349
2
24
857
Dan Baker
354
256
13
18
641
Non-Executive Directors
Jamie Hopkins
126
–
–
–
126
Susan Davy
68
–
–
–
68
Lisa Fretwell
72
–
–
–
72
Patrick Butcher1
11
–
–
–
11
1,113
605
 15
42
1,775
1 Patrick Butcher was appointed to the Board on 14 October 2024.
Charles Bligh received the final payment under his employment contract (being £48,117) in early 2024. He ceased to be a director of Restore 
on 6 July 2023 and his employment ended on 4 January 2024.
£’000
Salary and fees
Bonus
Benefits
Pension costs
Total 
2023
Executive Directors
Charles Skinner1
155
–
–
8
163
Dan Baker2
48
–
2
1
51
Charles Bligh3
236
–
9
23
268
Neil Ritchie4
242
–
10
11
263
Mike Killick5
151
–
–
–
151
Jamie Hopkins6
139
–
–
–
139
Sharon Baylay-Bell7
219
–
–
–
219
Non-Executive Directors
Jamie Hopkins6
79
–
–
–
79
Sharon Baylay-Bell7
59
–
–
–
59
Susan Davy8
63
–
–
–
63
Lisa Fretwell9
67
–
–
–
67
1,458
–
21
43
1,522
1 Charles Skinner was appointed to the Board on 5 September 2023.
2 Dan Baker was appointed to the Board on 13 November 2023.
3 Charles Bligh stepped down from the Board on 4 July 2023 and his employment ceased on 4 January 2024.
4 Neil Ritchie stepped down from the Board on 1 September 2023 and his employment ceased on 13 December 2023.
5 Mike Killick was appointed to the Board on 1 September 2023 and stepped down on 13 November 2023.
6 Jamie Hopkins served as Interim CEO between 4 July and 5 September 2023. He remained an Executive Director until 30 October 2023, at which time he was appointed 
as Non-Executive Chair.
7 Sharon Baylay-Bell served as Executive Chair between 4 July and 5 September 2023 after which she continued as Chair in a non-executive capacity until stepping down 
from the Board on 30 October 2023.
8 Susan Davy was appointed SID on 4 July 2023.
9 Lisa Fretwell was appointed Chair of the Remuneration Committee on 4 July 2023.
2024 Salary increases
The Executive Directors were awarded inflationary salary increases in April 2024 at the bottom end of the range of percentage pay rises 
awarded to the wider workforce, pro-rated to reflect the proportion of the 12-month period to 1 April 2024 (the date from which the pay 
rises for all employees were effective) for which they were employees of Restore. For Charles Skinner this resulted in a pay increase of 2% 
(reflecting his September 2023 employment start date), with Dan Baker receiving a pay increase of 1.5% (reflecting his November 2023 
start date).
67
Restore plc Annual Report 2024
Governance

2024 Bonus outcome
The 2024 annual bonus for Executive Directors was subject to certain stretching financial and strategic objectives approved by the 
Committee as follows:
	›
Group adjusted profit before tax (“adjusted PBT”) (60% weighting); 
	›
cash conversion (20% weighting); and 
	›
shared strategic objectives focused on ESG (20% weighting). 
The financial and strategic objectives, and the performance against those, are set out in more detail in the tables below. The Committee 
assessed performance against these objectives in early 2025 using a combination of quantitative and qualitative information. The maximum 
annual bonus opportunity for the CEO and CFO is 100% of salary. 
Financial objectives:
Objective
Weighting 
Performance target and actual result
Achievement
(% of max.)
Financial
Adjusted PBT
60%
Threshold: £31.9m
Maximum: £35.9m
Actual: £34.4m
63%
Cash conversion
20%
Threshold: 75%
Maximum: 80%
Actual: 107%
100%
Financial total
72%
Strategic objectives:
Objective
Weighting 
Overview
Performance target and assessment by the 
Committee
Achievement
(% of max.)
Strategic objectives
Environmental
7%
Reduce absolute market-
based Scope 1 & 2 carbon 
emissions from FY23 
baseline
Target: Reduction of 5%
Performance: Reduction of 6%
100%
Social
7%
Improve Divisional and 
overall Group participation 
in YourSay relative to the 
previous survey
Improve overall Group 
outcome of YourSay relative 
to previous survey 
Threshold: An improvement in participation 
and outcome from the previous survey
Maximum: 5% improvement
Performance: Between threshold and max.
61%
Governance 
6%
Improve safety as 
evidenced by third party 
audits
Improve safety through 
completion of training
Improve safety through 
reporting of observations
Target: No major non-conformances found 
in external audits; minimum levels of training 
in each Division and at least the same level of 
safety observations in each 
Maximum: Each Division exceeds required 
training completion and each Division 
reporting increased numbers of safety 
observations.
Performance: Between threshold and max.  
50%
Strategic objectives total
71%
The above reflects a full summary of the targets set and the achievements delivered within the bounds of commercial confidentiality. 
Directors’ Remuneration Report continued
68
Restore plc Annual Report 2024
Governance

Based on performance to 31 December 2024, the outcome for Executive Directors during the year is shown below.
% of maximum
% of salary 
Bonus outcome £’000
Charles Skinner
72%
72%
349
Dan Baker
72%
72%
256
Long Term Incentive Plan (“LTIP”)
During 2024 awards have been made under the LTIP to senior employees of the Group, including Executive Directors. The awards are 
calibrated as a percentage of the participants’ salaries and scaled according to seniority. The details of all inflight awards held by the 
Executive Directors are set out in the table below.
Award Date
Number 
of options 
awarded
Percentage 
of salary 
awarded
Number of 
options as 
at 1 January 
2024
Number of options 
vested in year 
(after application 
of performance 
conditions)
Number of options 
lapsed or forfeited 
in year 
Number 
of options 
exercised in 
year
Number of 
options as at 
31 December 
2024
Date from which 
exercisable
Expiry date
Charles Skinner
5 April 2024
385,397
175%
0
N/A
N/A
N/A
385,397
4 April 2027
5 April 2034
17 November 2023
549,132
200%
549,132
N/A
N/A
N/A
549,132
30 April 2026
17 November 2033
Dan Baker
5 April 2024
242,693
150%
0
N/A
N/A
N/A
242,693
4 April 2027
5 April 2034
17 November 2023
258,620
150%
258,620
N/A
N/A
N/A
258,620
30 April 2026
17 November 2033
2024 LTIP awards
Charles Skinner and Dan Baker were both awarded LTIP options during the year, with award face values of 175% and  150% of salary, 
respectively, and within the maximum LTIP opportunity limit stated in the remuneration policy. 
The 2024 LTIP awards are subject to stretching 3-year performance conditions based on total shareholder return (“TSR”) and earnings per 
share (“EPS”), weighted as follows: 75% on absolute TSR and 25% on EPS growth. The Committee considered the structure and targets of the 
performance conditions carefully and concluded that, given the continued focus on actions within Restore to rebuild shareholder value, the 
majority of the 2024 LTIP should again be linked to TSR. The remaining 25% is based on EPS.
The 2024 LTIP awards to the Executive Directors are also subject to a post-vesting holding period, with 50% of any vested award subject to 
a holding period of six months after the vesting date, with the remaining 50% subject to a holding period of 12 months. 
2021 LTIP vesting outcome
As a result of the performance thresholds not being met, the 4 July 2021 LTIP awards lapsed in full during the year. 
SAYE scheme
Following the decision of the Committee, an SAYE scheme was launched during 2024 with options being awarded on 16 May 2024 to those 
employees who elected to participate. The Executive Directors both elected to participate in the scheme, resulting in an award of an option 
over 5,300 shares to each of Charles Skinner and Dan Baker at an exercise price of 175p per share, representing a discount of 20% to the 
share price at the time of award. 
Share price
The closing price for Restore plc shares at 31 December 2024 was 241p. During the year, the market price of the Company’s ordinary shares 
ranged between 213p and 290p.
69
Restore plc Annual Report 2024
Governance

Directors’ Remuneration Report continued
Directors’ interests in shares
The table below shows the holdings of ordinary shares in the Company for each of the Directors (including family interests) who were in 
office as at 31 December 2024:
Number of 
ordinary shares 
of 5p each 
20241
Number of 
ordinary shares 
of 5p each 
20231
Charles Skinner
1,646,022
1,546,022
Dan Baker
100,000
50,000
Jamie Hopkins
54,756
54,756
Susan Davy
4,000
4,000
Lisa Fretwell
4,999
–
Patrick Butcher
–
–
1 Some of these may be held through nominees.
As at 12 March 2025 there has been no change in any of the above holdings.
Executive Directors’ shareholding guidelines
In line with Principle 9 of the 2023 QCA Code which encourages senior management to build and hold a meaningful shareholding to foster 
alignment with shareholders, we have introduced a minimum shareholding requirement for Executive Directors. Executive Directors are 
expected to build over time a holding in the Company’s shares equivalent in value to 200% of base salary. It is expected that this should 
be achieved within five years of the relevant Executive Director’s appointment to the Board. All Restore shares, whether purchased on the 
open market or received through share scheme exercises, are included in the assessment of the extent to which the minimum shareholding 
requirement has been met. 
This requirement will be reflected in the updated remuneration policy proposed to be published in Restore’s 2025 Annual Report and 
Accounts and put to a non-binding shareholder vote at the 2026 AGM.
Charles Skinner currently meets the shareholding guideline. Dan Baker is building his shareholding towards the required level. Dan has 
acquired 100,000 Restore shares in the open market since commencing employment in November 2023 and, until such time as the 
shareholding requirement is met, he will be required to retain no less than 50% of the net of tax value of any share awards vesting to him 
through the LTIP.  
Future matters
The Committee will continue to focus on its core areas of responsibility in determining and implementing the remuneration policy for the 
Executive Directors and senior management, ensuring that these remain appropriate and reflect changes that may be needed to ensure 
alignment to Restore’s strategy (including its ESG Strategy) and market best practice. 
Specifically, in 2025 the Committee will be undertaking a market assessment, supported by its appointed independent advisor, Ellason LLP, of 
Board remuneration against pay trends within AIM 100 and similar indices to ensure that remuneration at Restore continues to be competitive, 
fit-for-purpose and supports our strategic ambitions. 
Lisa Fretwell, 
Chair of the Remuneration Committee
12 March 2025
70
Restore plc Annual Report 2024
Governance

Appendix: Directors’ remuneration policy
This section sets out the Directors’ Remuneration Policy (the “Remuneration Policy”). The Remuneration Policy was developed taking into 
account the regulations applicable to main market listed companies, the principles of the QCA Code and relevant UK institutional investor 
guidance. The recommendations set out in the 2023 QCA Code apply for accounting periods beginning on or after 1 April 2024. As noted 
in the Directors’ Remuneration Report, the Committee intends to carry out a detailed review of the Remuneration Policy against the 2023 
QCA Code during 2025, as well as a market assessment of our remuneration practices, with a view to putting a non-binding resolution 
on the Remuneration Policy to shareholders at the 2026 AGM (and subsequent votes offered at such time as changes are proposed to the 
Remuneration Policy).
The Remuneration Policy is aimed at aligning the interests of the Executive Directors with the growth strategy of the Group and creation of 
shareholder value over the longer-term. The Committee reviews the Remuneration Policy from time to time to ensure that it:
	›
reinforces the achievement of Restore’s long-term goals and supports its culture and purpose;
	›
reflects market practice;
	›
is competitive for companies of similar scale and complexity; and
	›
is simple.
Executive Directors’ remuneration policy
Element of 
package
Objective
Operation
Opportunity
Base salary
To provide a competitive base 
salary for the market in which the 
Group operates, to help attract, 
motivate and retain Directors with 
the experience and capabilities 
required to achieve the Group’s 
strategic aims.
There is no maximum.
Salaries are reviewed annually taking 
into account Group performance, 
role, experience, and market 
positioning.
Salary increases are reviewed in 
the context of, and typically set in 
line with, the increases awarded 
to the wider workforce, taking into 
account Group performance, and 
an individual’s role, experience and 
market positioning.
Benefits
To provide a market competitive 
benefits package as part of a 
competitive total package.
Executive Directors receive benefits in 
line with market practice, principally 
private medical insurance, life 
assurance and a car allowance.
Set at a level which the Committee 
deems appropriate.
Pension
To provide an appropriate level of 
retirement benefit.
Executive Directors are eligible to 
participate in the Group’s defined 
contribution pension plan or receive 
a cash allowance in lieu thereof.
Pension contributions are paid at an 
agreed rate.
Incentive plan
Objective
Operation
Opportunity
Performance linkage
Annual bonus
Rewards achievement 
of short-term financial 
and strategic goals 
that are closely aligned 
with the Group’s 
strategy and underpin 
creation of value for 
shareholders.
The outcome of the annual 
bonus is based on the 
achievement of annual 
performance targets set at 
the start of the year. The 
Committee has discretion to 
adjust the outcome up or down 
within the Policy limits, where 
the formulaic outcome does 
not reflect the Committee’s 
assessment of underlying 
business performance. Any 
bonus earned is paid in cash.
Bonus payments may also 
be subject to clawback for 
a period of up to three years 
in the event of material 
financial misstatement or gross 
misconduct, at the discretion 
of the Committee.
The maximum 
annual bonus 
opportunity is 125% 
of base salary.
The performance measures, 
weighting and targets are set 
annually by the Committee. The 
bonus opportunity will be linked 
to the achievement of challenging 
financial and, when appropriate, 
non-financial performance targets.
71
Restore plc Annual Report 2024
Governance

Incentive plan
Objective
Operation
Opportunity
Performance linkage
LTIP
To drive and reward 
the achievement 
of longer-term 
objectives, 
maximise returns to 
shareholders, support 
retention and promote 
share ownership by 
Executive Directors.
Awards of nil-cost share 
options may be made annually. 
Vesting will be subject to the 
achievement of specified 
performance conditions, typically 
over a period of three years. To 
the extent that an award vests, 
it may be subject to a further 
holding period of up to two years 
such that shares may not be sold 
by the Director during this period 
other than to settle tax liabilities 
in relation to those shares.
Awards may also be subject to 
malus over the vesting period, 
and clawback for a period of up 
to two years after vesting, at the 
discretion of the Committee.
Dividend equivalents may also 
accrue over the vesting period 
and be paid on any awards 
that vest.
The normal 
maximum LTIP 
opportunity is 175% 
of salary in respect of 
a financial year.
Under the LTIP 
rules, an award of 
up to 200% of salary 
may be granted in 
respect of a financial 
year in exceptional 
circumstances.
The vesting of LTIP awards will 
be subject to the achievement of 
defined performance targets. 
The measures, their weightings 
and the targets set will be reviewed 
by the Committee prior to making 
an award and the targets may be 
reviewed over the vesting period in 
exceptional circumstances.
Non-Executive Directors’ remuneration policy
The remuneration policy for the Non-Executive Directors is to pay fees necessary to attract an individual of the calibre required, taking into 
consideration the scale and complexity of the business and the time commitment of the role.
Details are set out in the table below:
Approach to setting fees
Basis of fee
Other items
The Chair’s fee is determined by the 
Committee. The fees of the Non-Executive 
Directors are agreed by the Chair and 
Executive Directors. Fees are reviewed 
annually. Fees are set taking into account 
the level of responsibility, relevant 
experience and specialist knowledge of 
each Non-Executive Director.
Fees may include a basic fee and additional 
fees for further responsibilities (for example, 
chairing the Remuneration and Audit 
Committee). Additional fees may also be 
paid to the Chair and/or Non-Executive 
Directors on a per diem (or other) basis 
to reflect increased time commitment in 
certain limited circumstances.
Overall fees will not exceed the maximum 
stated in the Company's Articles of 
Association.
Fees are paid in cash.
Non-Executive Directors do not receive any 
benefits or pension contributions. Travel 
and other reasonable expenses incurred in 
the course of performing their duties are 
reimbursed.
Directors’ Remuneration Report continued
72
Restore plc Annual Report 2024
Governance

Detail
Section
Location
Information as permitted 
by the Companies Act 
2006, the disclosures
to the right, which are 
included in the Strategic 
Report, are incorporated 
into the Directors’ Report 
by reference
An indication of the activities of the Company and its subsidiary 
undertakings.
Strategic Report
An indication of likely future developments in the business of the Company 
and its subsidiary undertakings.
Strategic Report
Engagement with suppliers, customers and others.
ESG Committee 
Report
Page 29
Section 172(1) 
statement
Page 51
Employee engagement.
ESG Committee 
Report
Page 28
Section 172(1) 
statement
Pages 50 
to 51
Directors
The names and biographical details of the Directors who were in office in 
year and up to the date of signing the financial statements are given on 
pages 54 to 55.
Governance
Pages 54 
to 55
Directors’ remuneration, long-term executive plans, pension contributions, 
benefits and interests.
Directors’ 
Remuneration 
Report
Pages 65 
to 72
Appointment and 
retirement of Directors
The Company’s Articles of Association, the Companies Act 2006 and related 
legislation govern the appointment and retirement of Directors.
In accordance with the Company’s Articles of Association, all Directors 
are subject to election by shareholders at the first AGM following their 
appointment, and subject to annual re-election thereafter.
Directors’ insurance
The Company maintains liability insurance for its Directors and Officers, the 
Company’s Articles of Association allow the indemnification of Directors out 
of the assets of the Company to the extent permitted by law. Indemnities in 
favour of the Directors have not been entered into during the year.
Directors’ interests
The interests of the Directors and their connected persons in the Company’s 
shares are set out in the Directors’ Remuneration Report.
Directors’ 
Remuneration 
Report
Pages 65 
to 72
Related party transactions
Any related party transactions required to be disclosed under the AIM rules 
are disclosed in note 34 to the consolidated financial statements.
Corporate Governance 
Statement
The Corporate Governance Statement is incorporated by reference into this 
Directors’ Report and includes details of our compliance with the QCA Code 
and how the Company has applied the main principles.
Governance 
Statement
Pages 56 
to 60
Internal control
A description of the main features of the Group’s internal control and risk 
management systems in relation to the financial reporting process can be 
found in the Governance Statement, the Risk Committee Report and the 
Audit Committee Report.
Governance 
Statement 
Risk Committee 
Report 
Audit Committee 
Report
Page 60 
 
Pages 46 
to 49 
Pages 61 
to 64
Directors’ Report
Chris Fussell, Company Secretary
“The Directors present their report together with 
the consolidated financial statements for the 
year ended 31 December 2024.”
Governance
73

Detail
Section
Location
Emissions reporting
Our disclosures in respect of emissions and energy consumption are set out 
on pages 34 to 35.
ESG Committee 
Report
Pages 34 
to 35
Share capital
At 31 December 2024, the Company’s issued share capital consisted of 
136,924,067 ordinary shares of 5p each. Further details on the issued share 
capital, including any changes during the year, can be found in note 24 to 
the financial statements.
Substantial shareholders
As at 28 February 2025, the Company had been notified of the following 
interests amounting to 3% or more of the voting rights attaching to the 
Company’s issued share capital:
Substantial shareholder
Number of 
ordinary shares 
of 5p each
Percentage of 
issued share 
capital
Octopus Investments (London)
16,883,989
12.33%
Harwood Capital (London)
14,296,000
10.44%
Canaccord Genuity Wealth Mgt (London)
10,117,109
7.39%
Slater Investments (London)
8,210,809
6.00%
Invesco (Oppenheimer Funds) (New York)
7,039,037
5.14%
Investec Wealth & Investment (London)
5,466,300
3.99%
Charles Stanley (London)
4,918,076
3.59%
Authority to allot shares
The Company requests authority from shareholders for the Directors to 
allot shares on an annual basis, and a similar resolution will be proposed 
at the 2025 AGM. At the 2024 AGM, the Directors were authorised to allot 
shares up to an aggregate nominal amount of £2,282,067.75, representing 
approximately one third of the Company’s then issued share capital. 
In addition, authority was sought and approved at the 2024 AGM to give 
the Directors authority to allot shares on a non-pre-emptive basis for 
cash (i) up to an aggregate nominal amount of £684,620.30 (representing 
approximately 10% of the issued ordinary share capital of the Company), 
and (ii) up to an additional aggregate nominal amount of £684,620.30 
(representing approximately 10% of the issued ordinary share capital of the 
Company) solely in connection with the financing of an acquisition or other 
capital investment of a kind contemplated by the Statement of Principles on 
Disapplying Pre-Emption Rights most recently published by the Pre-Emption 
Group. The Directors intend to seek similar additional authorities from 
shareholders at the 2025 AGM. 
Purchase of own shares
At the 2024 AGM, the Company obtained shareholder approval to purchase 
up to 13,692,406 of its own ordinary shares of £0.05 each (representing 10% 
of its issued share capital). No shares were purchased under this authority 
during the year. At the 2025 AGM, the Directors will again seek authority to 
purchase the Company’s own shares.
Articles of association
The Company’s Articles of Association were adopted at the 2019 AGM. Any 
amendments to the Articles of Association can only be made by a special 
resolution at a general meeting of shareholders.
Annual General Meeting
The notice of the Annual General Meeting to be held on 13 May 2025 is set 
out on pages 147 to 151.
Dividends
Details of the dividends are shown in the note 11 to the financial statements.
Employee involvement 
process 
The Directors believe that the involvement of employees is an important 
part of the business culture. Employees are its most important asset and are 
vital to the successes achieved to date.
ESG Committee 
Report
Section 172(1) 
Statement
Page 28 
Pages 50 
to 51
Directors’ Report continued
74
Restore plc Annual Report 2024
Governance

Detail
Section
Location
Equal opportunities
The Group is committed to eliminating discrimination and encouraging 
diversity. Its aim is that each employee is able to perform to the best of 
their ability. The Group will not make assumptions about a person’s ability 
to carry out their work, for example, based on their ethnic origin, gender, 
sexual orientation, marital status, religion or beliefs, age or disability. Full and 
fair consideration is given to applications made to the Group by individuals 
with recognised disabilities to ensure they have equal opportunity for 
employment and development.
In the event of an employee becoming disabled, every effort is made to 
retain them in order that their employment with the Group may continue. It 
is the policy of the Group that training, career development and promotion 
opportunities should be available to all employees.
Employee Benefit Trust
The Company has established an Employee Benefit Trust (“EBT”) for the 
purpose of facilitating the operation of the Company’s share schemes. The 
EBT waives any voting rights and dividends that may be declared in respect 
of such shares which have not been allocated for the settlement of awards 
made under the Company’s share plans.
Research and 
development
During 2024, the Group spent £0.6m on research and development, 
primarily related to the development of in-house software.
Donations
Donations of £8,488 were made by the Group for charitable purposes during 
the year (2023: £12,213). The Group does not make political donations.
Property values
The Directors are aware that a significant difference may exist between 
market and book values, as shown in the Consolidated statement of 
financial position at 31 December 2024, for the Group’s freehold properties, 
some of which have a market value in excess of the book value recorded.
Financial instruments
Our risk management objectives and policies in relation to the use of 
financial instruments can be found in note 21 to the financial statements.
Going concern
The Directors are satisfied that the Group has adequate resources to 
continue in operation for the foreseeable future and that it is appropriate to 
prepare financial statements on the going concern basis. Further details are 
given in note 2 to the financial statements on page 88.
Events since the balance 
sheet date
Details of post balance sheet events after 31 December 2024 are given in 
note 35.
Disclosure of information 
to the auditor
The Directors in office at the date of these financial statements have 
confirmed that, as far as they are aware, there is no relevant audit information 
of which the auditors are unaware. Each of the Directors have confirmed that 
they have taken all steps that they ought to have taken as Directors in order to 
make themselves aware of any relevant audit information and to establish that 
it has been communicated to the auditor. 
Statutory details for 
Restore plc
The Company is a public company limited by shares, incorporated in 
the United Kingdom and registered in England and Wales with registered 
number 05169780.
Its registered office is 8 Beam Reach, Coldharbour Lane, Rainham, Essex, 
RM13 9YB.
The Company’s shares are listed on the AIM market under the ticker RST.
This Directors’ report was approved and signed on behalf of the Board on 12 March 2025.
Chris Fussell, Company Secretary
75
Restore plc Annual Report 2024
Governance

Statement of Directors’ Responsibilities 
in respect of the Financial Statements
The Directors are responsible for preparing the Annual Report and 
the financial statements in accordance with applicable law and 
regulation.
Company law requires the Directors to prepare financial statements 
for each financial year. Under that law the Directors have prepared 
the Group and the Parent Company financial statements in 
accordance with UK-adopted international accounting standards.
Under company law, Directors must not approve the financial 
statements unless they are satisfied that they give a true and fair 
view of the state of affairs of the Group and Parent Company and 
of the profit or loss of the Group for that period. In preparing the 
financial statements, the Directors are required to:
	›
select suitable accounting policies and then apply them 
consistently;
	›
state whether applicable UK-adopted international accounting 
standards have been followed, subject to any material 
departures disclosed and explained in the financial statements;
	›
make judgements and accounting estimates that are reasonable 
and prudent; and
	›
prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the Group and Parent 
Company will continue in business.
The Directors are responsible for safeguarding the assets of the 
Group and Parent Company and hence for taking reasonable steps 
for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate accounting 
records that are sufficient to show and explain the Group’s and 
Parent Company’s transactions and disclose with reasonable 
accuracy at any time the financial position of the Group and Parent 
Company and enable them to ensure that the financial statements 
comply with the Companies Act 2006.
The Directors are responsible for the maintenance and integrity 
of the Parent Company’s website. Legislation in the United 
Kingdom governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
Jamie Hopkins, Chair
12 March 2025
76
Restore plc Annual Report 2024
Governance

77
Restore plc Annual Report 2024
Governance
Report on the audit of the financial statements
Opinion
In our opinion, Restore plc’s group financial statements and parent company financial statements (the “financial statements”):
	›
give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2024 and of the group’s profit 
and the group’s and parent company’s cash flows for the year then ended;
	›
have been properly prepared in accordance with UK-adopted international accounting standards as applied in accordance with the 
provisions of the Companies Act 2006; and
	›
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the Consolidated and the Parent Company 
statements of financial position as at 31 December 2024; the Consolidated statement of comprehensive income, the Consolidated and 
Parent Company statements of changes in equity, and the Consolidated and Parent Company statements of cash flows for the year then 
ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities 
under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We 
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial 
statements in the UK, which includes the FRC’s Ethical Standard, as applicable to other listed entities of public interest, and we have fulfilled 
our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not provided.
We have provided no non-audit services to the parent company or its controlled undertakings in the period under audit.
Our audit approach
Overview
Audit scope
	›
We performed full scope audits at the Parent Company (comprising Records Management and Head Office), Harrow Green and Digital
	›
We performed specified audit procedures over one or more account balances or classes of transactions for Technology and Datashred
	›
We performed full scope audit procedures in respect of 74% of the Group’s revenues and obtained coverage of a further 24% of revenues 
through specified audit procedures.
Key audit matters
	›
Impairment of intangible assets and goodwill (group and parent)
	›
Accounting for dilapidation provisions (group and parent)
Materiality
	›
Overall group materiality: £1,700,000 (2023: £1,500,000) based on approximately 5% of adjusted profit before tax.
	›
Overall parent company materiality: £1,440,000 (2023: £1,350,000) based on 1% of total assets (capped at 90% of group overall 
materiality).
	›
Performance materiality: £1,275,000 (2023: £1,125,000) (group) and £1,080,000 (2023: £1,012,000) (parent company).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial 
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) 
identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the 
audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures 
Independent auditors’ report 
to the members of Restore plc

78
Restore plc Annual Report 2024
Governance
Independent auditors’ report continued
thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do 
not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
The key audit matters below are consistent with last year.
Key audit matter
How our audit addressed the key audit matter
Impairment of intangible assets and goodwill (group and parent)
As at 31 December 2024, the net book value of goodwill and 
other intangible assets held by the Group was £274.4m and by the 
Parent Company in relation to Records Management was £169.4m. 
Goodwill is subject to an annual impairment test and impairment 
tests for intangible assets are also required if there are any 
indications of an impairment trigger.
Management prepared a discounted cash flow model at a cash 
generating unit (‘CGU’) level in order to assess the recoverable 
amount of goodwill and other intangible assets. The assessments 
contain a number of key assumptions including short and long 
term revenue growth rates, operating / EBITDA margins, and 
CGU-specific discount rates. The assessments include downside 
scenarios sensitising these assumptions. Where a reasonable 
possible change in these assumptions could result in a material 
change in the recoverable amount of the assets, there is a risk that 
goodwill and other intangible assets are no longer deemed to be 
recoverable and hence should be impaired.
Management’s model demonstrated there is significant headroom 
over the carrying amount of the CGUs for Records Management, 
Harrow Green and Datashred. The Technology and Digital CGUs 
have limited headroom and related sensitivity disclosures are 
included within the relevant note.
We determined impairment in respect of the Technology and 
Digital CGUs to be a key audit matter because of the magnitude of 
the balance and estimation uncertainty involved in management’s 
assessment. Refer to Note 13 and Note 36 of the financial 
statements (‘Intangible assets’).
We obtained management’s impairment assessments and in 
evaluating the impairment models for Technology and Digital at 
31 December 2024, we performed the following procedures: 
	›
We tested the mathematical integrity of the impairment 
calculations; 
	›
We assessed the allocation of goodwill and acquired intangibles 
to CGUs; 
	›
We evaluated the allocation of central costs to the CGUs and 
assessed whether this was a reasonable basis for allocation; 
	›
We obtained the Board-approved 2025 budget and 2026-
2029 forecasts which formed the basis of the model used in 
management’s impairment calculation to check that these were 
consistent with the forecasts in the impairment models; 
	›
We challenged management forecasts and compared 
future cashflow expectations to historic levels as part of our 
assessment as to whether the planned performance was 
considered achievable; 
	›
We reviewed key assumptions used by management (short and 
long term revenue growth rates, operating / EBITDA margin, 
CGU-specific discount rates) and sensitised these to determine 
whether there were any reasonably possible changes in these 
assumptions that would lead to an impairment; 
	›
Where relevant, we corroborated key assumptions through 
to contracts and third party data sources such as external 
market data; 
	›
We assessed the appropriateness of the discount rate and long 
term growth rate applied using the support of our internal 
valuation experts; and 
	›
We assessed the disclosures associated with impairment in 
the financial statements, including the sensitivity disclosures 
in respect of key assumptions highlighting that a reasonably 
possible change to these assumption could result in 
an impairment. 
Based on our work, we have concluded that management’s 
assessment is supportable and related disclosures are appropriately 
included in accordance with IAS 36 ‘Impairment of assets’.

79
Restore plc Annual Report 2024
Governance
Key audit matter
How our audit addressed the key audit matter
Accounting for dilapidation provisions (group and parent) 
At 31 December 2024, the Group and the Parent Company held 
dilapidation provisions of £13.5m (2023: £18.6m) and £11.2m (2023: 
£15.6m) respectively, relating to the future anticipated costs to 
restore leased properties to their original state at the end of the 
lease term. During 2024, management continued the strategic 
review of the Group’s property portfolio. The review led to a 
reassessment of sites, determining which properties are considered 
to be strategically important and would be unlikely to be exited until 
the end of their useful life, and those expected to be exited before 
the end of their useful life.
Management has estimated the amounts of future costs the Group 
will incur to restore properties to their original condition based on 
the average actual costs in the previous years. The categorisation 
of the sites and estimation of cost of exit together have a material 
impact on the provision.
We determined the valuation of dilapidation provisions represents 
a key audit matter due to the estimation uncertainty involved 
in calculating the expected future costs of restoring the leased 
premises, as well as the judgements over the timing of expected 
settlement of these amounts. We also considered there to be 
judgement in determining whether the associated costs are capital 
or expense in nature. Refer to Note 6, Note 23 and Note 47 of the 
financial statements (‘Provisions’).
We obtained management’s dilapidation workings and performed 
the following procedures:
	›
We tested the mathematical accuracy of the calculations;
	›
We assessed the categorisation of the properties and specifically 
the judgements over the strategic importance of the properties 
to the Group and Parent Company. This included holding 
discussions with the Group’s executive team, and obtaining 
specific representations from the Group’s directors on the 
intended future use of the properties;
	›
We evaluated the dilapidation costs crystallised during the year 
and previous year and compared these to the estimate of costs 
included in the provision calculation;
	›
We assessed whether the forecast costs are capital or expense 
in nature, including comparing management’s assessment to its 
recent experience of costs incurred;
	›
We sensitised management assumptions and considered to 
what extent reasonably possible changes in its estimate of costs 
per property could result in a material change to the overall 
provision; and
	›
Where relevant, we corroborated key assumptions through to 
contracts and third party data sources.
Based on our work, we have concluded that the carrying value 
of provisions at 31 December 2024, and associated movement in 
the year is supportable and related disclosures are appropriately 
included in the financial statements.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a 
whole, taking into account the structure of the group and the parent company, the accounting processes and controls, and the industry in 
which they operate.
The Group operates in the United Kingdom through four divisions: Information Management (Records Management and Digital), Datashred, 
Technology and Harrow Green. There is also a central head office function. There were considered to be three financially significant 
operating units which required a full scope audit being the Parent Company (comprising Records Management and Head Office), Digital 
and Harrow Green. We performed specified audit procedures over one or more account balances or classes of transactions for Technology 
and Datashred.
The Parent Company comprises Records Management and Head Office, both of which were subject to full scope audit and consolidated 
results are presented in the Parent Company financial statements.
The impact of climate risk on our audit
As part of our audit, we made enquiries of management to understand the Group’s progress on its ESG Strategy “Restoring Our World” 
and the extent of the potential impact of climate risk on the Group’s and Parent Company’s financial statements. We considered when 
performing our audit procedures any indicators of the impact of climate risk on the financial statements, including in particular the Group’s 
accounting estimates in relation to impairment assessment.

80
Restore plc Annual Report 2024
Governance
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, 
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit 
procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually 
and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – group
Financial statements – parent company
Overall materiality
£1,700,000 (2023: £1,500,000)
£1,440,000 (2023: £1,350,000)
How we 
determined it
approximately 5% of adjusted profit before tax
1% of total assets (capped at 90% of group overall 
materiality)
Rationale for 
benchmark applied
Based on the key measures reported on in the Group’s 
Annual Report, adjusted profit before tax is the primary 
metric used by the shareholders in assessing the 
performance of the Group. We therefore concluded that 
this is the most appropriate benchmark on which to 
calculate materiality. This is consistent with prior year.
Based on the benchmarks used in the annual report 1% 
of total assets (capped at 90% of group materiality) is 
the primary measure used by shareholders in assessing 
the financial position of the company. This is consistent 
with prior year.
For each component in the scope of our group audit, we allocated a materiality that is less than our overall group materiality. The range 
of materiality allocated across components was £400,000 to £1,440,000. Certain components were audited to a local statutory audit 
materiality that was also less than our overall group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected 
misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the 
nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our 
performance materiality was 75% (2023: 75%) of overall materiality, amounting to £1,275,000 (2023: £1,125,000) for the group financial 
statements and £1,080,000 (2023: £1,012,000) for the parent company financial statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment and 
aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range was appropriate.
We agreed with those charged with governance that we would report to them misstatements identified during our audit above £85,000 
(group audit) (2023: 75,000) and £72,000 (parent company audit) (2023: 67,500) as well as misstatements below those amounts that, in our 
view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group’s and the parent company’s ability to continue to adopt the going concern basis of 
accounting included:
	›
Management has prepared a going concern paper, alongside detailed calculations supporting their assessment of future cash flows, 
available funding sources and covenant compliance. Management has highlighted why it is comfortable that the Group remains a going 
concern for the period of at least one year from the signing of the financial statements. We have understood, evaluated and challenged 
the key assumptions made by management in its paper and are satisfied with the rationale used in these forecasts having performed the 
following procedures:
	›
We have tested the mathematical accuracy of the forecast models;
	›
We have agreed the underlying cash flow projections to Board-approved forecasts;
	›
We have considered the basis for the forecasts by reference to historical performance of the Group as well as the appropriateness of the 
downside scenarios;
	›
We have reviewed the terms of the financing agreements and forecasts used in the compliance testing of the covenants for the period 
up to 30 June 2026 and tested the calculation of the covenant ratios based on the forecast results and cash flows; and
	›
We have assessed the appropriateness of the related disclosures in the financial statements.
Independent auditors’ report continued

81
Restore plc Annual Report 2024
Governance
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually 
or collectively, may cast significant doubt on the group’s and the parent company’s ability to continue as a going concern for a period of at 
least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation 
of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s and the parent 
company’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this 
report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report 
thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other 
information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form 
of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider 
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise 
appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform 
procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other 
information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic report and Directors’ report, we also considered whether the disclosures required by the UK Companies Act 
2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters 
as described below.
Strategic report and Directors’ report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors’ report 
for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal 
requirements.
In light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, 
we did not identify any material misstatements in the Strategic report and Directors’ report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors’ responsibility in respect of the financials statements, the directors are responsible for 
the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and 
fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial 
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company’s ability to continue 
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the 
directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 
whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our 
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our 
procedures are capable of detecting irregularities, including fraud, is detailed below.

82
Restore plc Annual Report 2024
Governance
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations 
related to General Data Protection Regulation (GDPR) and UK Employment Regulations, and we considered the extent to which non-
compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct 
impact on the financial statements such as the Companies Act 2006 and UK taxation legislation. We evaluated management’s incentives 
and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that 
the principal risks were related to posting inappropriate journal entries to manipulate financial results and potential management bias in 
accounting estimates. Audit procedures performed by the engagement team included:
	›
Discussions of compliance with the Group Head of Risk, Divisional management teams, the Group management team and the external 
tax advisors including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
	›
Inspection of external press releases, legal correspondence and whistle-blowing reports;
	›
Challenging the assumptions and judgements made by management in determining their significant accounting estimates, in particular 
in relation to impairment of intangible assets and goodwill (see related key audit matter);
	›
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations including unusual or 
unexpected journal postings to revenue; and
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance 
with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of 
not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve 
deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. 
However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to 
target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a 
conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditors’ report. In our engagement letter, we also agreed to describe our audit 
approach, including communicating key audit matters.
Use of this report
This report, including the opinions, has been prepared for and only for the parent company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where 
expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
	›
we have not obtained all the information and explanations we require for our audit; or
	›
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from 
branches not visited by us; or
	›
certain disclosures of directors’ remuneration specified by law are not made; or
	›
the parent company financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Alex Lazarus (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
12 March 2025
Independent auditors’ report continued

83
Restore plc Annual Report 2024
Financial 
Statements
In this section
Consolidated statement of comprehensive income	
84
Consolidated statement of financial position	
85
Consolidated statement of changes in equity	
86
Consolidated statement of cash flows	
87
Notes to the Group financial statements	
88
Parent Company statement of financial position	
125
Parent Company statement of changes in equity	
126
Parent Company statement of cash flows	
127
Parent Company material accounting policies	
128
Notes to the Parent Company financial statements	
129

Consolidated statement of comprehensive income
For the year ended 31 December 2024
Note
Year ended
 31 December 
2024
£’m
Year ended
31 December
2023
£’m
Revenue – continuing operations
5
275.3
277.1
Cost of sales
5
(152.8)
(160.7)
Gross profit
5
122.5
116.4
Administrative expenses
(89.8)
(94.4)
Movement in trade receivables loss allowance
17
(0.1)
(0.7)
Impairment of non-current assets
13, 15
   –
(36.3)
Operating profit/(loss)
7
32.6
(15.0)
Finance costs
8
(14.7)
(14.0)
Profit/(loss) before tax
17.9
(29.0)
Taxation
9
(5.5)
(1.7)
Profit/(loss) after tax
 12.4
(30.7)
Other comprehensive income/(loss)
0.1
(0.1)
Total comprehensive income/(loss) for the year from continuing operations and profit/
(loss) attributable to owners of the parent
12.5
(30.8)
Earnings/(loss) per share attributable to owners of the parent (pence)
10
Total – basic
9.1p
(22.5)p
Total – diluted
9.0p
(22.5)p
The reconciliation between the statutory results shown above and the non-GAAP adjusted measures are shown below:
Note
Year ended
 31 December 
2024
£’m
Year ended
31 December
2023
£’m
Operating profit/(loss)
32.6
(15.0)
Adjusting items – administrative expenses
6
4.1
10.8
Adjusting items – amortisation of intangible assets
6
12.1
12.2
Adjusting items – impairment
6
–
36.3
Total adjusting items
16.2
59.3
Adjusted operating profit 
48.8
44.3
Adjusted operating profit
48.8
44.3
Tax at 25% (2023: 23.5%)
(12.2)
(10.4)
NOPAT (Net operating profit after tax)
36.6
33.9
Profit/(loss) before tax
17.9
(29.0)
Adjusting items – operating costs (as stated above)
  16.2
59.3
Adjusting items – finance costs
6
0.3
–
Adjusted profit before tax
34.4
30.3
84
Restore plc Annual Report 2024
Financial Statements

Note
 31 December 
2024
 £’m
31 December
2023
Restated* 
£’m
31 December
2022
Restated* 
£’m
ASSETS
Non-current assets
Intangible assets
13
274.4
284.7
331.9
Property, plant and equipment
14
83.1
79.4
79.7
Right of use assets
15
125.6
112.2
113.7
Other receivables
17
4.6
5.2
5.1
487.7
481.5
530.4
Current assets
Inventories
16
1.3
1.5
2.0
Trade and other receivables
17
56.5
63.1
64.9
Cash and cash equivalents
19
8.0
22.7
30.2
Current tax assets
0.2
1.2
–
66.0
88.5
97.1
Total assets
553.7
570.0
627.5
LIABILITIES
Current liabilities
Trade and other payables
18
(40.5)
(44.9)
(49.1)
Financial liabilities – borrowings
19
(3.2)
–
–
Financial liabilities – lease liabilities
20
(19.3)
(20.6)
(18.9)
Current tax liabilities
–
–
(1.6)
Derivative liability
–
(0.1)
–
Provisions 
23
(3.9)
(4.4)
(1.7)
(66.9)
(70.0)
(71.3)
Non-current liabilities
Financial liabilities – borrowings
19
(93.8)
(120.5)
(133.7)
Financial liabilities – lease liabilities 
20 
(120.7)
(105.7)
(105.1)
Deferred tax liability
22
(28.7)
(29.3)
(30.9)
Provisions 
23
(9.6)
(14.2)
(15.4)
Other payables
18
(0.2)
(0.4)
(0.1)
(253.0)
(270.1)
(285.2)
Total liabilities
(319.9)
(340.1)
(356.5)
Net assets
233.8
229.9
271.0
EQUITY
Share capital
24
6.8
6.8
6.8
Share premium
25
187.9
187.9
187.9
Other reserves
26
(0.5)
3.7
6.9
Retained earnings
27
39.6
31.5
69.4
Total equity
233.8
229.9
271.0
*Refer to note 2 for details of the restatement.
These financial statements on pages 84 to 145 were approved by the Board of Directors and authorised for issue on 12 March 2025 and 
were signed on its behalf by:
	
Charles Skinner	
Dan Baker
Chief Executive Officer	
Chief Financial Officer
Consolidated statement of financial position
At 31 December 2024
Company registered no. 05169780
85
Restore plc Annual Report 2024
Financial Statements

Consolidated statement of changes in equity 
For the year ended 31 December 2024
Attributable to owners of the parent
Note
Share
 capital
£’m
Share
premium
£’m
Other
reserves
£’m
Retained
 earnings
£’m
Total
equity
£’m
Balance at 1 January 2023 (as previously stated)
6.8
187.9
6.9
71.6
273.2
Restatement (refer to note 2)
–
–
–
(2.2)
(2.2)
Balance at 1 January 2023 (restated)
6.8
187.9
6.9
69.4
271.0
Loss for the year
27
–
–
–
(30.7)
(30.7)
Other comprehensive loss for the year
–
–
(0.1)
–
(0.1)
Total comprehensive loss for the year
–
–
(0.1)
(30.7)
(30.8)
Transactions with owners:
Dividends
27
–
–
–
(9.1)
(9.1)
Share-based payments
26
–
–
(0.5)
–
(0.5)
Deferred tax on share-based payments
26
–
–
(0.2)
–
(0.2)
Transfer*
26
–
–
(3.3)
3.3
–
Purchase of treasury shares
26
–
–
(0.6)
–
(0.6)
Disposal of treasury shares
–
–
1.5
(1.4)
0.1
Balance at 31 December 2023 (restated)
6.8
187.9
3.7
31.5
229.9
Balance at 1 January 2024
6.8
187.9
3.7
31.5
229.9
Profit for the year
27
–
–
–
12.4
12.4
Other comprehensive income for the year
–
–
0.1
–
0.1
Total comprehensive income for the year
–
–
0.1
12.4
12.5
Transactions with owners:
Dividends
27
–
–
–
(7.3)
(7.3)
Share-based payments
26
–
–
1.3
–
1.3
Transfer*
26
–
–
(3.2)
3.2
–
Purchase of treasury shares
26
–
–
(2.6)
–
(2.6)
Disposal of treasury shares
–
–
0.2
(0.2)
–
Balance at 31 December 2024
6.8
187.9
(0.5)
39.6
233.8
*	
In 2024 a net amount of £3.2m (2023: £3.3m) was reclassified from the share-based payments reserve to retained earnings in respect of lapsed and exercised options.
86
Restore plc Annual Report 2024
Financial Statements

Consolidated statement of cash flows 
For the year ended 31 December 2024
Note
Year ended
31 December
2024 
£’m
Year ended
31 December
2023 
£’m
Cash generated from operating activities
28
78.1
66.9
Net finance costs
(14.5)
(12.8)
Income taxes paid
(5.1)
(6.3)
Net cash generated from operating activities
58.5
47.8
Cash flows used in investing activities
Purchase of property, plant and equipment and applications software IT
13, 14
(15.2)
(10.3)
Proceeds from sale of property, plant and equipment
0.1
–
Purchase of subsidiary undertakings, net of cash acquired
12
–
(1.3)
Purchase of trade and assets
13
(0.5)
(0.4)
Net cash used in investing activities
(15.6)
(12.0)
Cash flows used in financing activities
Dividends paid
(7.3)
(9.1)
Purchase of treasury shares
(2.6)
(0.6)
Proceeds from disposal of treasury shares
 –
0.1
Repayment of revolving credit facility
(27.0)
(48.0)
Drawdown of revolving credit facility
–
10.0
Drawdown of US Private Placement notes facility
–
25.0
Lease principal repayments
(23.9)
(20.7)
Net cash used in financing activities
(60.8)
(43.3)
Net decrease in cash and cash equivalents
(17.9)
(7.5)
Cash and cash equivalents at start of year
22.7
30.2
Cash and cash equivalents at end of year1
21
4.8
22.7
1 Cash and cash equivalents at end of year include overdraft of £3.2m (2023: nil) (refer to note 19).
A reconciliation between the statutory results above and the non-GAAP cashflow measures is shown below:
Note
Year ended
31 December
2024 
£’m
Year ended
31 December
2023 
£’m
Cash generated from operating activities
78.1
66.9
Income taxes paid
(5.1)
(6.3)
Purchase of property, plant and equipment and applications software IT
13, 14
(15.2)
(10.3)
Lease principal repayments
(23.9)
(20.7)
Add back: Cash impact of adjusting items – administrative expenses
6
5.2
7.7
Free cashflow
39.1
37.3
NOPAT (Net operating profit after tax)
36.6
33.9
Cash conversion
107%
110%
87
Restore plc Annual Report 2024
Financial Statements

1.	General information
Restore plc (“Restore” or the “Group” or the “Company”) and its 
subsidiary undertakings provide secure and sustainable business 
services for data, information, communications and assets 
and has four divisions: Information Management. Datashred, 
Harrow Green and Technology. The Group primarily operates 
in the UK. The Company is a public company limited by shares 
incorporated and domiciled in England, the United Kingdom. 
The address of its registered office is 8 Beam Reach, Coldharbour 
Lane, Rainham, Essex, RM13 9YB, England.
The Company is listed on the AIM.
These Group consolidated financial statements were authorised 
for issue by the Board of Directors on 12 March 2025.
2.	Material accounting policies
Basis of preparation
The consolidated financial statements of Restore plc have been 
prepared in accordance with UK-adopted International Accounting 
Standards and with the requirements of the Companies Act 2006.
The financial statements have been prepared on a historical cost 
basis, except for certain financial assets and liabilities and share 
options which are held at fair value. The accounting policies 
have been consistently applied, other than where new policies 
have been adopted. The preparation of financial statements 
in conformity with IFRS requires the use of certain accounting 
estimates. It also requires management to exercise its judgement 
in the process of applying the Group’s accounting policies. The 
areas involving a higher degree of judgement or complexity, 
or areas where assumptions and estimates are significant to the 
consolidated financial statements are disclosed in note 3.
The consolidated financial statements are presented in pounds 
sterling and, unless stated otherwise, shown in pounds million to 
one decimal place.
Going concern
The Group’s business activities, together with the factors likely 
to affect its future development, performance, financial position, 
cash flows, liquidity position and principal risks and uncertainties 
affecting the business are set out in the Strategic report on 
pages 2 to 49.
The Group meets its day-to-day working capital requirements 
through its financing facilities and the cash generated through its 
earnings. Details of the Group’s borrowing facilities are given in 
note 19 of the financial statements.
The Directors have a reasonable expectation that the Group has 
adequate resources to continue in operational existence for a 
period of at least 12 months from the approval date of these 
financial statements. Thus, they continue to adopt the going 
concern basis of accounting in preparing the annual financial 
statements.
In making this assessment, the Directors have considered the 
financing arrangements available to the Group and the Group’s 
cashflow forecasts through to 30 June 2026, taking into account 
severe but plausible downside trading scenarios involving a 
reduction to non-recurring income streams. The Directors’ 
assessment includes reviewing the level of liquidity headroom 
and financial covenant compliance headroom over the period 
in review, including in the downside scenarios modelled. The 
Group’s budget for 2025 and forecasts for 2026 show that the 
Group is expected to operate within the level of its current 
facilities under the base case and severe but plausible downside 
trading scenarios during the going concern period.
Basis of consolidation
The Consolidated financial statements incorporate the financial 
statements of the Company and entities controlled by the 
Company (its subsidiaries) made up to 31 December each year. 
Control is achieved where the Company has the power to govern 
the financial and operating policies of an investee entity so as to 
obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year 
are included in the Consolidated statement of comprehensive 
income from the effective date of acquisition or up to the effective 
date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements 
of subsidiaries to bring the accounting policies used into line with 
those used by the Group.
All intra-group transactions, balances, income and expenses are 
eliminated on consolidation.
Business combinations are accounted for in line with IFRS 3. The 
cost of an acquisition is measured as the fair value of the assets 
given, equity instruments issued, contingent consideration and 
liabilities incurred or assumed at the date of exchange. Costs 
directly attributable to the acquisition are expensed as incurred. 
Identifiable assets acquired and liabilities and contingent liabilities 
assumed in a business combination are initially measured at fair 
value at the acquisition date. Provisional fair values are adjusted 
against goodwill if additional information is obtained within one 
year of the acquisition date about facts or circumstances existing 
at the acquisition date. Other changes in provisional fair values are 
recognised through profit or loss.
The Group holds a small number of ”Other investments” as set out 
in note 39 in the Parent Company financial statements. There is no 
value ascribed to these investments on the grounds of materiality.
Notes to the Group financial statements
For the year ended 31 December 2024
88
Restore plc Annual Report 2024
Financial Statements

Contingent consideration
Contingent consideration is recognised at fair value at the 
acquisition date. Changes in the fair value of liability-classified 
contingent consideration that are not measurement period 
adjustments are reflected in the income statement. Contingent 
consideration that is classified as an equity instrument is not 
remeasured and is subsequently settled and accounted for 
within equity.
Changes in contingent consideration arising from additional 
information, obtained within one year of the acquisition date, 
about facts or circumstances that existed at the acquisition date are 
recognised as an adjustment to goodwill.
Segmental reporting
Management has identified that the Board is the Chief Operating 
Decision Maker (‘CODM’) in accordance with the requirements of 
IFRS 8 ‘Operating Segments’ and has based their assessment of the 
relevant operating segments on the information the Board uses 
to assess both the performance of the business and allocation of 
resources within the Group.
The financial information reviewed by the Board has evolved over 
the past year. Following the integration of the Digital and Records 
Management businesses into the Information Management 
division, the Group has the following four Divisions: Information 
Management; Datashred; Harrow Green and Technology. The 
Board reviews financial information at divisional level. To enhance 
the understanding of those items that are considered material 
Prior year restatement
IFRS 16 leases
In 2024 it was noted that a small number of leases had not been appropriately recorded in prior periods. The right of use assets and lease 
liabilities have therefore been restated as at 31 December 2023 to appropriately record these transactions. There is no profit impact to the 
reported 2023 numbers as the adjustments relate to preceding periods. The opening balance in note 15 has also therefore been restated.
Consolidated statement of financial position
As reported
31 December
 2023
£’m
Impact of
restatement
31 December
2023
£’m
Restated
31 December
2023
£’m
Non-current assets
Right of use assets
91.6
20.6
112.2
Current liabilities
Lease liabilities
(18.6)
(2.0)
(20.6)
Non-current liabilities
Lease liabilities
(84.9)
(20.8)
(105.7)
Equity
Retained earnings
33.7
(2.2)
31.5
The restatement did not result in any change to reported profit, earnings per share or cash flows reported in 2023.
The impact on the opening Consolidated statement of financial position as at 1 January 2023 has been restated as follows:
Consolidated statement of financial position
As reported
31 December
 2022
£’m
Impact of
restatement
31 December
2022
£’m
Restated
31 December
2022
£’m
Non-current assets
Right of use assets
106.8
6.9
113.7
Current liabilities
Lease liabilities
(19.2)
0.3
(18.9)
Non-current liabilities
Lease liabilities
(95.7)
(9.4)
(105.1)
Equity
Retained earnings
71.6
(2.2)
69.4
Restore plc Annual Report 2024
Financial Statements
89

in the context of the financial statements as a whole, the Group 
have aligned the segmental disclosures with the presentation of 
the consolidated statement of comprehensive income.  Segment 
revenue comprises sales to external customers most of whom are 
located in the UK. Services are provided primarily from the UK.
Revenue recognition
Revenue is measured based on the consideration specified in a 
contract with a customer and excludes amounts collected on 
behalf of third parties. The Group recognises revenue when it 
transfers control over a good or service to a customer.
a)	 Sale of services
The most significant service revenue streams in the Group are as 
follows:
i.	
document storage and retrieval services;
ii.	
document scanning and IT services;
iii.	 relocation services; and
iv.	 document collection and destruction.
Document storage revenue is recognised based on the time 
apportioned period for which the documents and assets are stored. 
Retrieval services revenue is recognised at a point in time upon 
delivery of the customer’s stored assets at the customer’s premises 
or storage location. The Group allocates the sales transaction price 
to the relevant performance obligation based on the stand-alone 
selling price of services, which is typically based on contracted 
fixed unit prices and volumes delivered and stored.
Service revenue from the Group’s scanning and IT services is 
typically recognised based upon the value of work completed, or on 
a contractual basis, either as a fixed proportion of managed costs 
or other fee mechanism, in which case revenue is recognised once 
those contractual conditions have been satisfied. The transaction 
price is typically allocated either based on managed costs incurred, 
on a time basis, or other appropriate contractual measurement.
The Group’s relocations business provides services in respect 
of relocation, furniture storage, asset disposal and recycling. 
Revenue is recognised over the service period and is based upon 
the value of the work completed for removals. Storage revenue is 
recognised on a per day basis for the furniture stored on behalf of 
its customers and when a disposal is complete.
Service revenue from the document collection and destruction 
business relates to secure document destruction and recycling 
processes, including the rental and servicing of office recycling 
units as well as larger secure waste containers providing a 
confidential waste destruction process. Revenue is recognised on 
a time-apportioned basis in respect of rental and when destruction 
is complete.
An assessment of any constraints in variability in revenue 
recognised is made at the start of the entering into contracts with 
customers. The Group reviews the allocation of the transaction 
price to performance obligations in accordance with IFRS 15.
b)	Sale of goods
The Group’s sale of goods revenue represents the sale of shredded 
paper products and the sale of recycled IT assets to commercial 
trade partners. Most contracts with customers have a single 
performance obligation. Revenue is recognised at a point in time 
that control of the goods passes to the customer, usually on 
delivery to the customer. The stand-alone selling price for paper 
sold and IT assets is based on market prices.
Contract assets and liabilities
The Group recognises contract liabilities for consideration received 
in respect of unsatisfied performance obligations and reports these 
amounts within trade and other payables in the Consolidated 
statement of financial position. Similarly, if the Group satisfies a 
performance obligation before it receives the consideration, the Group 
recognises either a contract asset or a receivable within trade and 
other receivables in its Consolidated statement of financial position 
depending on whether something other than the passage of time is 
required before the consideration is due.
Dividend income
Dividend income is recognised when the right to receive payment 
is established.
Goodwill
Goodwill arising on consolidation represents the excess of the 
cost of acquisition over the Group’s interest in the fair value of 
identifiable assets and liabilities of a subsidiary, at the date of 
acquisition. Goodwill is initially recognised as an asset at cost and is 
subsequently measured at cost less any accumulated impairment 
losses. Goodwill which is recognised as an asset is reviewed 
for impairment at least annually. Any impairment is recognised 
immediately in profit or loss and is not subsequently reversed.
For the purposes of impairment testing, goodwill is allocated to 
each of the Group’s cash-generating units expected to benefit from 
the synergies of the combination. Cash-generating units to which 
goodwill has been allocated are tested for impairment annually, 
or more frequently when there is an indication that the unit may 
be impaired. If the recoverable amount of the cash-generating unit 
is less than the carrying amount of the unit, the impairment loss 
is allocated first to reduce the carrying amount of any goodwill 
allocated to the unit and then to the other assets of the unit pro-rata 
on the basis of the carrying amount of each asset in the unit.
On disposal of a subsidiary, the attributable amount of goodwill is 
included in the determination of the profit or loss on disposal.
Other intangible assets
Other intangible assets are recognised when they are controlled 
through contractual or other legal rights, or are separable from the 
rest of the business, and their fair value can be reliably measured.
Customer relationships
Acquired customer relationships are identified as a separate 
intangible asset as they are separable and can be reliably measured 
by valuation of future cash flows. This valuation also assesses 
the life of the particular relationship. The life of the relationship 
is assessed annually, and management believes that a useful life 
of between 10-20 years is appropriate for customer relationship 
related intangible assets, depending upon the nature of the 
customer contract. All customer relationships are being amortised 
on a straight-line basis. The customer lists are considered annually 
to ensure that this classification is still appropriate.
Notes to the Group financial statements continued
90
Restore plc Annual Report 2024
Financial Statements

Trade names
Acquired trade names are identified as a separate intangible asset. 
Trade names are being amortised on a straight-line basis over ten 
years. The life of the trade name is assessed annually.
Application software
Acquired computer software licences are capitalised on the basis of 
the costs incurred to acquire and bring to use the specific software. 
These costs are amortised on a straight-line basis over their 
estimated useful lives (three to five years).
Costs associated with developing or maintaining computer 
software programmes are recognised as an expense as incurred. 
Costs that are directly associated with the development of 
identifiable and unique software products controlled by the Group, 
and that will probably generate economic benefits exceeding costs 
beyond one year, are recognised as intangible assets.
Computer software development costs recognised as assets are 
amortised on a straight-line basis over their estimated useful lives 
(expected to be up to five years). Residual values and useful lives 
are reviewed each year.
Property, plant and equipment
Property, plant and equipment is stated at historical cost, less 
accumulated depreciation and accumulated impairment losses. 
Depreciation is provided on a straight-line basis on all property, 
plant and equipment, except freehold land. The useful economic 
lives of the Group’s different asset classes are set out below:
Basis
Freehold land and buildings
2–5% per annum
Leasehold improvements
over the life of the lease
Plant and machinery
5–50% per annum
Racking
5-10% per annum
Office equipment, fixtures and fittings
10–40% per annum 
Motor vehicles
20–25% per annum
Right-of-use assets and lease liabilities
Leases are accounted for in accordance with IFRS16, with a 
right-of-use asset and a corresponding lease liability recognised at 
the date at which the leased asset is available for use by the Group. 
Each lease payment is allocated between the liability and finance 
cost. The finance cost is charged to the Consolidated statement 
of comprehensive income over the lease period so as to produce 
a constant periodic rate of interest on the remaining balance of 
the liability for each period. The right-of-use asset is depreciated 
over the shorter of the asset’s useful life and the lease term on a 
straight-line basis.
Assets and liabilities arising from a lease are initially measured on 
a present value basis. Lease liabilities include the net present value 
of fixed lease payments (less any lease incentives receivable) and 
variable lease payment that are based on an index or a rate. The 
Group is exposed to potential future increases in variable lease 
payments based on an index or rate, which are not included in 
the lease liability until they take effect. When adjustments to lease 
payments based on an index or rate take effect, the lease liability is 
reassessed and adjusted against the right-of-use asset.
The carrying amount of lease liabilities is re-measured if there is a 
modification, a change in the lease term or a change in the fixed 
lease payments.
The lease payments are discounted using the interest rate implicit 
in the lease. If that rate cannot be determined, interest rate 
structures based on the lessee’s incremental borrowing rate have 
been used to reflect the rate that the lessee would have to pay to 
borrow the funds necessary to obtain an asset of similar value in a 
similar economic environment with similar terms and conditions. 
The Group have applied the practical expedient as permitted by 
IFRS16 to apply a single discount rate to a portfolio of leases with 
reasonably similar characteristics. To determine the incremental 
borrowing rate, the Group starts with a UK gilt rate of the relevant 
tenor and makes adjustment specific to the Group’s credit risk. 
The Group classifies part of the lease payment that represents the 
interest portion as finance costs within the operating activities 
section of the statement of cash flows which is consistent with the 
classification of interest paid on other forms of financing activities.
Right-of-use assets are measured at cost comprising the amount of 
the initial measurement of the lease liability, lease payments made 
at or before the commencement date less any lease incentives 
received, initial direct costs and restoration costs.
Payments associated with short-term leases and leases of 
low-value assets are recognised on a straight-line basis as an 
expense in profit or loss. Short-term leases are leases with a 
lease term of 12 months or less and low-value assets comprise 
IT-equipment and small items of office furniture.
Extension and termination options are included in a number of 
property and equipment leases across the Group. These terms 
are used to maximise operational flexibility in terms of managing 
contracts. The majority of extension and termination options held 
are exercisable only by the Group and not by the respective lessor. 
Extension options (or periods after termination options) are only 
included in the lease term if the lease is reasonably certain to be 
extended (or not terminated).
Cloud based arrangements
Most cloud-based arrangements are accounted for as service 
contracts with the cost recognised over the service period, and with 
the associated implementation costs generally expensed as incurred.
In some circumstances, cloud-based arrangements can be 
accounted for as intangible assets under IAS 38 or as a lease under 
IFRS 16, with the full cost recognised as an asset and subsequently 
amortised or depreciated over the contract period. In such cases 
the directly attributable implementation costs would be initially 
recognised and subsequently charged to the income statement.
Given however that in these arrangements customers do not 
typically take possession of software or obtain a software licence, 
but rather just receive access to the supplier’s application software 
via an internet connection, this does not provide the customer with 
an asset, and the relevant recognition criteria are not met.
Investments
Investments in subsidiaries of the Group’s Parent Company are 
carried at cost. An impairment test is performed on the carrying 
Restore plc Annual Report 2024
Financial Statements
91

value of the investment when there is an impairment trigger. An 
impairment loss is recognised for the amount by which the asset’s 
carrying value exceeds its recoverable amount, when there is 
objective evidence for impairment.
Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost is determined on a first in first out basis. Net realisable value 
is the price at which inventories can be sold in the normal course 
of business. Provision is made where necessary for obsolete, slow 
moving and defective inventories.
Trade and other receivables
Trade receivables are recognised initially at the amount of 
consideration that is unconditional, unless they contain significant 
financing components when they are recognised at fair value. They are 
subsequently measured at amortised cost using the effective interest 
method, less loss allowance.
The Group recognises an allowance for expected credit losses (“ECL”) 
for all receivables held at amortised cost. The Group applies the 
simplified approach to measuring expected credit losses. To measure 
the expected credit losses, trade receivables have been grouped 
according to the shared credit risk characteristics and the days past 
due. The expected loss rates are based on historical payment profiles, 
credit losses experienced and forward-looking estimates. A specific 
provision for credit loss of contract assets is established when there 
is evidence that the Group will not be able to collect all amounts due 
according to the original terms.
A provision for credit loss is established when the Group considers that 
there is a significant increase in credit risk, in line with the ECL model. 
The movement in the provision is recognised in profit or loss.
Customer incentives
Incentives provided to new customers are in the form of either 
costs borne on behalf of customers or the provision of services free 
of charge. Such incentives are recognised as an asset at amortised 
cost at the point when the contract is signed and the costs are 
incurred, or when the service is provided and are amortised in the 
income statement over five years.
Cash and cash equivalents
Cash and cash equivalents as defined for the Consolidated 
statement of cash flows comprise cash in hand, cash held at bank 
with immediate access, overdrafts, other short-term investments 
and bank deposits with maturities of three months or less from the 
date of inception.
Trade payables
Trade payables, classified as other liabilities in accordance with 
IFRS 9, are recognised initially at fair value and subsequently 
measured at amortised cost using the effective interest method. 
Other payables are stated at amortised cost.
Borrowings
Borrowings are initially recognised at fair value, net of transaction 
costs incurred. Borrowings are subsequently measured at amortised 
cost. Finance charges are accounted for in profit or loss over the 
term of the instrument using the effective interest rate method.
Taxation
The tax expense represents the sum of the tax currently payable 
and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 
Taxable profit differs from accounting profit as reported in the 
Consolidated statement of comprehensive income because it 
excludes items of income or expense that are taxable or deductible 
in other years and it further excludes items that are never taxable 
or deductible. The Group’s liability for current tax is calculated 
using tax rates that have been enacted or substantively enacted at 
the reporting date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on 
differences between the carrying amount of assets and liabilities 
in the financial statements and the corresponding tax bases used 
in the computation of taxable profit and accounted for using the 
balance sheet liability method. Deferred tax liabilities are generally 
recognised for all taxable temporary differences and deferred tax 
assets are recognised to the extent it is probable that taxable profits 
will be available against which deductible temporary differences 
can be utilised.
Such assets and liabilities are not recognised if the temporary 
difference arises from the initial recognition of goodwill or from the 
initial recognition (other than in a business combination) of other 
assets and liabilities in a transaction that affects neither the tax 
profits nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply 
in the period when the liability is settled or the asset is realised, 
based upon tax rates that have been enacted or substantively 
enacted at the reporting date. Deferred tax is charged or credited 
in profit or loss, except when it relates to items charged or credited 
directly to other comprehensive income and equity, in which case 
the deferred tax is also dealt with in other comprehensive income 
and equity.
Provisions
Provisions are recognised when the Group has a present legal or 
constructive obligation as a result of past events, it is probable that 
an outflow of resources will be required to settle the obligation 
and a reliable estimate of the amount can be made. If the effect is 
material, provisions are determined by discounting the expected 
future cash flows at an appropriate pre-tax discount rate.
The Group is required to restore its leased premises to their original 
condition at the end of the respective lease term. A dilapidation 
provision has been recognised for the value of the estimated 
expenditure required to remove any leasehold improvements or 
repair any wear or tear on the property. Where relevant, these costs 
have been capitalised as part of the leased asset and amortised 
over the useful life or charged to the income statement.
Notes to the Group financial statements continued
92
Restore plc Annual Report 2024
Financial Statements

Equity instruments
Equity instruments issued by the Company are recorded at fair 
value net of transaction costs.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based 
payments.
The Group issues equity settled share-based payments to certain 
employees. Equity settled share-based payments are measured 
at fair value at the date of grant. The fair value determined at the 
grant date of equity settled share-based payments is expensed on 
a straight-line basis over the vesting period, based on the Group’s 
estimate of shares that will eventually vest.
The Group has the ability to net-settle share options such that only 
shares equating to the gain over the option price are issued directly 
to the option holder. This has the benefit of reducing the number 
of shares that must be issued in connection with an option exercise 
thereby reducing shareholder dilution.
The Group recognises an accrual in respect of national insurance 
payable on the exercise of all share options. The liability recognised 
depends on the number of options that are expected to be 
exercised, and the liability is adjusted by reference to the fair value 
of the options at the end of each reporting year.
Pensions
The Group operates a number of defined contribution pension 
schemes. Contributions are charged to profit or loss as incurred.
Financial instruments
Financial assets and financial liabilities are recognised on the 
Group’s Consolidated statement of financial position when the 
Group has become party to the contractual provisions of the 
instrument. The Group uses derivative financial instruments when 
considered appropriate such as interest rate swaps to hedge 
its risks associated with interest rates. Such derivative financial 
instruments are initially recognised at fair value on the date on 
which a derivative contract is entered into and are subsequently 
re-measured at fair value. Derivatives are carried as assets when the 
fair value is positive and as liabilities when the fair value is negative. 
Any gains or losses arising from changes in fair value on derivatives 
during the year that do not qualify for hedge accounting are taken 
directly to profit or loss.
Adoption of new and revised standards
The following new standards and amendments to standards were 
effective for the first time during the financial year: Classification 
of Liabilities as Current or Non-Current (Amendments to IAS 1), 
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), 
Non-Current Liabilities with Covenants (Amendments to IAS 1), 
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). 
These new standards and amendments to standards did not have a 
material effect on the financial statements.
New standards and interpretations not yet adopted 
Certain new accounting standards, amendments to accounting 
standards and interpretations have been published that are not 
mandatory for 31 December 2024 reporting periods and have not 
been early adopted by the Group. These standards, amendments or 
interpretations are not expected to have a material impact on the 
entity in the current or future reporting periods an on foreseeable 
future transactions.
3.	Critical accounting estimates and 
judgements
The preparation of the Group’s financial statements requires 
management to make judgements, estimates and assumptions 
that affect the reported amounts of revenues, expenses, assets 
and liabilities, and the disclosure of contingent liabilities, at the 
reporting date. However, uncertainty about these assumptions and 
estimates could result in outcomes that could require a material 
adjustment to the carrying amount of the asset or liability affected 
in the future.
Judgements
In the process of applying the Group’s accounting policies, 
management has made the following judgements. These are 
considered to have the most significant effect on the amounts 
recognised in the financial statements.
Adjusting items
The Group’s strategy is to grow through margin enhancement 
and organic growth with bolt-on acquisitions made when they 
are a good fit for the Group. To assess progress in delivery of this 
strategy, management believe it is useful to provide readers of 
the financial statements with alternative performance measures 
(“APMs”) that describe the performance of the Group before the 
effects of significant costs or income that are considered to be 
distorting due to their nature or size, and non-cash amortisation 
primarily arising from acquired intangible assets. Adjustments 
made from statutory measures to adjusted measures are referred 
to as adjusting items within the financial statements and include 
impairments, amortisation, expenses associated with acquisitions 
and subsequent integration costs, costs associated with major 
restructuring programmes, and other significant costs or credits, 
that are considered to be distorting due to their nature or size 
when assessing the performance of the business. The transactions 
treated as adjusting items are governed by a Group policy which 
sets out the criteria for recording transactions as adjusting items. 
The Group’s APMs should be considered as supplementary 
to statutory measures and readers of the financial statements 
should note the limitations of the measures and that they are not 
comparable across companies. Refer to note 6 for further details.
Determination of lease term
In determining the lease term used to calculate the present value 
of future lease payments, management exercise judgement in 
considering whether to exercise an extension option, or not 
exercise a termination option. Extension options (or periods after 
termination options) are only included in the lease term if the lease 
is reasonably certain to be extended (or not terminated).
Estimates and assumptions
The key assumptions and other key sources of estimation 
uncertainty at the reporting date that have a significant risk of 
causing a material adjustment to the carrying amounts of assets 
and liabilities within the next financial year are discussed below.
Restore plc Annual Report 2024
Financial Statements
93

Impairment of non-financial assets
The Group assesses whether there are any indicators of 
impairment for all non-financial assets at each reporting date. 
Goodwill is tested for impairment annually and at other times 
when such indicators exist. Other non-financial assets are tested 
for impairment when there are indicators that the carrying 
amounts may not be recoverable. When value-in-use calculations 
are undertaken, management must estimate the expected future 
cash flows from the asset or cash generating unit and choose 
a suitable discount rate and long-term growth rate in order to 
calculate the present value of those cash flows. Sensitivity details 
are included in note 13.
The Directors are satisfied that climate change does not have a 
material impact on either individual assets or cash-generating units 
in the financial statements.
Dilapidations provision
The Group is required to recognise a provision in respect of the 
reinstatement and dilapidation costs from exiting a property. The 
dilapidation cost per square foot of property can vary significantly 
based on the condition of the property, the nature of the landlord 
in question, as well as a number of other property specific factors. 
The key estimations in the calculation of the provision are 
as follows:
	›
The cost per square foot of property to be used – where a 
specific assessment has not been made, this has been estimated 
with reference to the average cost per square foot we have seen 
in third-party assessments and settlements made previously on 
our estate.
	›
The likelihood of exiting the site – where we expect to exit a site 
before the end of its useful life, we have recognised a provision. 
The judgement as to whether we will leave a site or not has 
been made by the divisions and the Director of Property and 
the assumptions made for the dilapidations provision are in line 
with the assumptions made in the wider property strategy for 
the Group.
	›
Accounting treatment of changes in the provision – when 
there are changes to the provision, it must be assessed whether 
the changes are due to rectification of enhancements to 
the property or general wear or tear as this drives where the 
provision is recorded i.e. as a right of use asset or in the income 
statement. Where there have been changes to our portfolio in 
the year due to the ongoing property consolidation programme 
we have used the experience of the property specialists in the 
Group alongside external specialists to estimate what these 
changes are likely to be rectifying and therefore what the 
appropriate accounting treatment is.
Sensitivity details are included in note 23.
4.	Financial risk management
The Group’s activities expose it to a variety of financial risks: market 
risk, foreign exchange risk, cash flow and fair value interest rate 
risk, credit risk, liquidity risk and capital risk. The Group’s overall risk 
management programme focuses on the unpredictability of financial 
markets and seeks to minimise potential adverse effects on the 
Group’s financial performance.
The Group may use derivative financial instruments to hedge certain 
risk exposures.
Risk management is carried out centrally under policies approved by 
the Board of Directors. The Group evaluates and hedges financial risks 
where appropriate. The Board provides written principles for overall 
risk management.
Market risk
Market risks relate to the failure of the Group to grow in line with 
forecasts and investor expectations, particularly in the scanning 
and relocations businesses which have had a challenging 2024. To 
mitigate this we have:
i.	
integrated the former Records Management and Digital 
businesses into the Information Management division, 
improving the Group’s offering to its customers and adding 
enhanced focus to its scanning activities;
ii.	
brought in a new management team in Technology with a 
revised operating model that is fit for purpose and a strategy 
that has markedly improved profitability;
iii.	
focused on driving growth and improving operational efficiency 
and profitability in Datashred, including expanding into adjacent 
service offerings and innovative strategies to mitigate the 
negative impact of a lower-than-expected paper price;
iv.	 successfully executed margin enhancement strategies, 
including right sizing the Group’s cost base, implementing 
supportable price increases and the ongoing property 
consolidation programme. These strategies will also allow 
the Group to somewhat mitigate the significant impact of 
the National Insurance increases delivered in the Autumn 
Statement going forward; and
v.	
re-forecasted profit and cash monthly across all businesses 
to ensure performance is regularly tracked against investor 
expectations and market consensus.
Foreign exchange risk
The Group operates primarily in the UK and has limited exposure to 
foreign exchange risk.
Notes to the Group financial statements continued
94
Restore plc Annual Report 2024
Financial Statements

Cash flow and fair value interest rate risk
The Group’s cash flow and fair value interest rate risk arises from long-term borrowings issued at variable rates. During the year, the 
Group’s borrowings at variable rates were denominated in pounds sterling. The Group analyses its interest rate exposure using financial 
modelling. Based on the various scenarios, the Group manages its cash flow interest rate risk by using interest rate swaps when considered 
appropriate. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates at a certain level. 
Interest rate swaps are an agreement with other parties at quarterly intervals, to exchange the difference between fixed and floating rate 
calculated by reference to the notional principal amount. Refer to note 21 for further detail.
Credit risk
Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each business is responsible for 
managing and analysing the credit risk for each of their new customers before standard payment, delivery terms and conditions are offered. 
Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as 
well as credit exposures to retail customers, including outstanding receivables and committed transactions. The maximum exposure is the 
carrying amount. With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, 
the Group’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these 
instruments.
Liquidity risk
The Group monitors its risk to a shortage of funds using a forecasting model. This model considers the maturity of both its financial assets 
and financial liabilities and projected cash flows from operations. The Group’s objective is to maintain a balance between continuity of 
funding and flexibility through the use of bank overdrafts, bank loans and other secured loans in order to ensure that there is sufficient 
cash or working capital facilities to meet the requirements of the Group for its current business plan. A detailed analysis of the Group’s debt 
facilities is given in note 19.
Capital risk
The Group’s main objective when managing capital is to protect returns to shareholders by ensuring the Group will trade profitably in the 
foreseeable future. The Group also aims to maximise its capital structure of debt and equity so as to minimise its cost of capital.
The Group manages its capital with regard to the risks inherent in the business and the sector within which it operates by monitoring 
its gearing ratio on a regular basis. The Group considers its capital to include share capital, share premium, other reserves and retained 
earnings as noted (below). Net debt includes borrowings (including overdrafts) net of cash and cash equivalents, but excludes the effects of 
lease obligations under IFRS 16.
The Group’s strategy is to strengthen its capital base in order to sustain the future development of the business.
Debt to capital ratio
2024
£’m
2023
restated
£’m
Total debt (excluding IFRS 16)
97.0
120.5
Less: cash and cash equivalents
(8.0)
(22.7)
Net debt
89.0
97.8
Total equity
233.8
229.9
Debt to capital ratio
0.4
0.4
Refer to note 2 for details of the restatement.
The Group does not have any externally imposed capital requirements.
Fair value estimation
External borrowings fair values are not materially different from their carrying amounts, since the interest payable is either close to market 
rates or the borrowings are of a short-term nature.
Restore plc Annual Report 2024
Financial Statements
95

5.	Segmental analysis
Following the integration of the Digital and Records Management businesses into the Information Management division, the Group has the 
following four segments: Information Management; Datashred; Harrow Green and Technology. Services per segment operate as described 
in the Strategic report. The vast majority of the trading of the Group is undertaken within the United Kingdom. Segment assets include 
intangible assets, property, plant and equipment, right of use assets, inventories, receivables and operating cash. Central assets include 
deferred tax and head office assets. Segment liabilities comprise operating liabilities. Central liabilities include income tax and deferred 
tax, corporate borrowings and head office liabilities. Capital expenditure comprises additions to computer software, property, plant and 
equipment and includes additions resulting from acquisitions through business combinations. Segment assets and liabilities are allocated 
between segments on an actual basis.
Revenue and segmental information
The revenue from external customers was derived from the Group’s principal activities primarily in the UK (where the Company is 
domiciled) as follows:
Revenue - continuing operations
2024
£’m
2023
£’m
Information Management
167.9
170.1
Datashred
36.0
35.9
Harrow Green
35.3
40.0
Technology
36.1
31.1
Total revenue
275.3
277.1
For the year ended 31 December 2024 no customers individually accounted for more than 3% (2023: 3%) of the Group’s total revenue.
The Group had sales of goods of £31.6m (£27.4m) relating to the sale of recycled paper and recycled IT assets. The remainder of revenue 
relates to the sales of services.
Revenue recognised in relation to contract liabilities
The following table shows how much of the revenue recognised in the current reporting year relates to brought forward contract liabilities:
Revenue recognised that was included in the contract liability  
balance at the beginning of the year
2024
£’m
2023
£’m
Information Management
2.8
4.1
Datashred
0.1
0.1
Harrow Green 
–
–
Technology
0.1
–
Total
3.0
4.2
Notes to the Group financial statements continued
96
Restore plc Annual Report 2024
Financial Statements

Segmental information
2024
Information
Management
£’m
Datashred
£’m
Harrow Green
£’m
Technology
£’m
Central
£’m
31 December
2024
Total
£’m
Revenue
167.9
36.0
35.3
36.1
–
275.3
Cost of sales
(84.0)
(21.1)
(24.5)
(23.2)
–
(152.8)
Gross profit
83.9
14.9
10.8
12.9
–
122.5
Adjusted operating profit/(loss)
45.8
3.7
1.9
1.8
(4.4)
48.8
Adjusted operating margin
27.3%
10.3%
5.4%
5.0%
–
17.7%
Adjusting items
(4.2)
(0.3)
(0.1)
(0.3)
(11.3)
(16.2)
Operating profit/(loss)
41.6
3.4
1.8
1.5
(15.7)
32.6
Finance costs
(14.7)
Profit before tax
17.9
2023 (restated)
Information 
Management
£’m
Datashred
£’m
Harrow Green
£’m
Technology
£’m
Central
£’m
31 December
2023
Total
£’m
Revenue
170.1
35.9
40.0
31.1
–
277.1
Cost of sales
(91.1)
(21.8)
(26.6)
(21.2)
–
(160.7)
Gross profit
79.0
14.1
13.4
9.9
–
116.4
Adjusted operating profit/(loss)
40.9
3.1
4.5
(1.4)
(2.8)
44.3
Adjusted operating margin
24.0%
8.6%
11.3%
(4.5%)
–
16.0%
Adjusting items
(5.7)
(0.6)
(0.2)
(0.4)
(52.4)
(59.3)
Operating profit/(loss)
35.2
2.5
4.3
(1.8)
(55.2)
(15.0)
Finance costs
(14.0)
Loss before tax
(29.0)
The prior year balances in the segmental information table above have been restated to ensure consistent presentation with the disclosures 
in 2024.
Restore plc Annual Report 2024
Financial Statements
97

2024
Information
Management
£’m
Datashred
£’m
Harrow Green
£’m
Technology
£’m
Central
£’m
31 December
2024
Total
£’m
Segment assets
429.1
37.9
31.8
43.5
11.4
553.7
Segment liabilities
135.9
23.7
19.0
11.2
130.1
319.9
Capital expenditure
12.6
0.7
0.7
1.2
–
15.2
Depreciation and amortisation
25.4
4.6
3.0
1.7
11.0
45.7
Impairment
–
–
–
–
–
–
2023 (restated)
Information 
Management
£’m
Datashred
£’m
Harrow Green
£’m
Technology
£’m
Central
£’m
31 December
2023
Total
£’m
Segment assets
433.1
34.1
36.9
46.2
19.7
570.0
Segment liabilities
126.0
19.5
22.8
11.7
160.1
340.1
Capital expenditure
8.4
0.8
0.6
0.4
0.1
10.3
Depreciation and amortisation
24.8
4.2
2.7
1.9
11.4
45.0
Impairment
0.1
–
–
0.1
36.1
36.3
The prior year balances in the segmental information table above have been restated to ensure consistent presentation with the disclosures 
in 2024 and to take into account the relevant adjustments in note 2.
The impairment of goodwill and customer relationships and the amortisation of acquired intangible assets have been recorded centrally.
Notes to the Group financial statements continued
98
Restore plc Annual Report 2024
Financial Statements

6. Adjusting items
Management believe it is useful to provide readers of the financial statements with alternative performance measures (“APMs”) that describe 
the performance of the Group before the effects of significant costs or income that are considered to be distorting due to their nature or 
size, and non-cash amortisation primarily arising from acquired intangible assets.
Adjustments made from statutory measures to adjusted measures are referred to as adjusting items within the financial statements and 
include impairments, amortisation, expenses associated with acquisitions and subsequent integration costs, costs associated with major 
restructuring programmes, and other significant costs and credits that are considered to be distorting due to their nature when assessing 
the performance of the business. The Group’s adjusting items are set out below:
2024
£’m
2023
£’m
Amortisation
 12.1
12.2
Restructuring and redundancy
2.1
5.9
Property related costs1
1.5
3.1
Strategic IT reorganisation
0.8
1.6
Impairments
–
36.3
Acquisition transaction costs
–
0.2
Total adjusting items
16.5
59.3
1 	 ‘Adjusting items – finance costs ‘ of £0.3m related to dual running lease liability interest costs are included in property related costs.
Total adjusting items include £4.1m of “adjusting items – administrative expenses” (2023: £10.8m), £0.3m of “adjusting items – finance costs” 
(2023: nil), £12.1m of “adjusting items – amortisation of intangible assets” (2023: £12.2m) and nil of “adjusting items – impairment” (2023: 
£36.3m). Cash adjusting items are £5.2m (2023: £7.7m) and consist of all costs above apart from the non-cash amortisation charge. In 
addition, there is a £1.1m non-cash dilapidation provision movement which has also been excluded from these costs.
Amortisation
The amortisation charge primarily relates to acquired intangible assets arising from business combinations in prior years alongside a charge 
relating to the amortisation of software. Given the overall quantum of the amortisation charge and its non-cash nature, this cost is adjusted 
for in deriving the Group’s alternative performance measures. For transparency, we note that the Group does not similarly adjust for the 
related revenue and profits generated from its business combinations in its alternative profit measures.
Restructuring and redundancy
The restructuring and redundancy costs relate primarily to the actions implemented to improve the operational efficiency and profitability 
of the Digital business, including the restructure of two sites and the integration of Digital and Records Management into the Information 
Management division (£1.4m), and the finalisation of the Group-wide organisational restructuring and “right-sizing” programme, which was 
ongoing across the Group throughout 2023 and continued into 2024 (£0.7m) (2023: £4.7m). The restructuring of the Digital business will 
continue into 2025. In 2023, £1.2m also related to the incremental costs that were incurred from the senior management changes during 
the year. Future cost savings are expected from some of the restructuring activity during the year, however, for transparency we note that 
these cost savings will not be adjusted for in deriving the Group’s alternative performance measures.
Property related costs
A strategic consolidation of the Group’s property estate is ongoing. During 2024, £2.6m has been incurred in relation to the cost of 
relocating boxes as part of this property consolidation programme, as well as the dual running costs incurred whilst we move the boxes. 
These costs are partially offset by a £1.1m release of dilapidation provisions following a change in the nature of some of the sites assessed 
under the strategic review conducted in 2023. In 2023, incremental dilapidation costs of £3.1m were recognised reflecting costs that were 
expected to crystallise in the future following the strategic review of the Group’s property portfolio.
Restore plc Annual Report 2024
Financial Statements
99

Notes to the Group financial statements continued
Strategic IT reorganisation
In 2024 the Group completed it multi-year programme to deliver cloud-based strategic IT programmes, particularly in relation to its 
financial systems. The implementation costs associated with these system transformations were expensed to the income statement as 
incurred, with the in-year cost of these programmes being £0.8m for 2024 (2023: £1.6m). Future cost savings are expected from these 
systems implementations, however, for transparency we note that these cost savings will not be adjusted for in deriving the Group’s 
alternative performance measures.
Impairment
There are no impairment charges recorded in 2024. The non-cash impairment charge in 2023 related primarily to an impairment of 
goodwill in the Datashred CGU (£32.5m) resulting from reduced expectations on service activity, paper volumes and recycled paper pricing. 
In addition to this, there was a £3.6m million impairment in the Technology CGU following a business exit, this comprised the impairment 
of customer relationship related intangible assets (£3.4m) and right-of-use assets (£0.2m). 
APMs
Description
Adjusted operating profit 
Calculated as statutory operating profit before adjusting items.
Net operating profit after tax (“NOPAT”)
Calculated as adjusted operating profit with a standard tax charge applied. APM used for 
calculation of cash conversion.
Adjusted EBITDA
Calculated as EBITDA before IFRS 16 and share-based payments. APM used for calculation of 
leverage, in line with the calculation of financial debt covenants.
Adjusted profit before tax
Calculated as statutory profit before tax and adjusting items.
Adjusted basic earnings per share
Calculated as adjusted profit before tax with a standard tax charge applied, divided by the 
weighted average number of shares in issue.
Adjusted fully diluted earnings per share
Calculated as adjusted profit before tax with a standard tax charge applied, divided by the 
weighted average fully diluted number of shares in issue.
Net debt
Calculated as external borrowings less cash, excluding the effects of lease obligations 
under IFRS 16.
Leverage
Calculated as adjusted EBITDA divided by net debt, including a pro-forma adjustment to 
EBITDA for acquisitions in line with financial debt covenants.
Free cashflow
Calculated as cash generated from operations less income taxes paid, capital expenditure 
and lease payments, but before the cash impact of adjusting items
Cash conversion
Calculated as free cashflow divided by NOPAT
The Group’s APMs should be considered as supplementary to statutory measures and readers of the financial statements should note the 
limitations of the measures and that they are not comparable across companies.
100
Restore plc Annual Report 2024
Financial Statements

7. Operating profit/(loss)
2024
£’m
2023
£’m
The following items have been included in arriving at operating profit/(loss):
Amortisation and impairment of intangible assets and right-of-use assets (note 13 and note 15)
12.1
48.5
Share-based payments charge (including related NI)
1.7
–
Fees payable to the company’s auditors:
– Audit of the Parent Company and consolidated financial statements
0.7
0.7
– Audit of the Parent Company’s subsidiaries pursuant to legislation
0.1
0.1
Expenses by function:
Staff costs (note 31)
106.7
111.3
Depreciation of property, plant and equipment and right-of-use assets (notes 14 and 15)
33.6
32.8
Property related costs (excluding rent)
18.4
23.5
Materials costs
15.7
13.8
Subcontractor costs
9.8
10.5
Selling and distribution expenses
9.9
12.8
Transport costs
14.0
16.0
IT and related costs
11.5
10.8
Professional services costs 
4.5
6.8
Telecommunication and network costs
0.9
1.2
Loss/(profit) on sale of fixed assets
0.1
(0.2)
Other expenses
5.4
4.3
Total cost of sales and administrative expenses
230.5
243.6
Adjusting items – amortisation and impairment of intangible assets (note 6)
12.1
48.5
Total operating costs
242.6
292.1
8. Finance costs
2024
£’m
2023
£’m
Interest on borrowings
7.9
8.9
Interest on finance lease liabilities
6.2
4.4
Other finance costs
–
0.1
Amortisation of deferred finance costs
0.6
0.6
Total finance costs
14.7
14.0
Restore plc Annual Report 2024
Financial Statements
101

9. Taxation
2024
£’m
2023
£’m
Current tax:
UK corporation tax on profit/(loss) for the year
6.4
3.7
Adjustment in respect of previous years
(0.3)
(0.2)
Total current tax
6.1
3.5
Deferred tax: (note 22)
Current year decrease in deferred tax
–
(1.7)
Adjustment in respect of previous years
(0.6)
(0.1)
Total deferred tax
(0.6)
(1.8)
Total tax charge
5.5
1.7
The charge for the year can be reconciled to the profit/(loss) in the Consolidated statement of comprehensive income as follows:
2024
£’m
2023
£’m
Profit/(loss) before tax
17.9
(29.0)
Profit/(loss) before tax multiplied by the rate of corporation tax of 25% (2023: 23.5%)
4.5
(6.8)
Effects of:
Expenses not deductible
1.4
0.4
Adjustment in respect of previous years
(0.9)
(0.3)
Goodwill impairment
–
7.7
Share-based payments
0.2
0.7
Other differences
0.3
–
Tax charge
5.5
1.7
The tax charge for the year is higher than the profit/(loss) before tax multiplied by the rate of corporation tax (2023: higher).
10. Earnings/(loss) per share attributable to owners of the parent
Basic earnings/(loss) per share have been calculated on the profit/(loss) for the year after taxation and the weighted average number of 
ordinary shares in issue during the year.
2024
2023
Total profit/(loss) for the year (£m)
12.4
(30.7)
Total basic earnings/(loss) per share (pence)
9.1
(22.5)
Weighted average number of shares in issue
136,129,425
136,580,425
Dilutive options (number)
1,569,548
722,328
Weighted average fully diluted number of shares in issue
137,698,973
137,302,753
Total fully diluted earnings/(loss) per share (pence)
9.0
(22.5)
Notes to the Group financial statements continued
102
Restore plc Annual Report 2024
Financial Statements

Adjusted earnings per share
The Directors believe that adjusted earnings per share provides a more appropriate representation of the underlying earnings derived from 
the Group’s business. The adjusting items are shown in the table below:
2024
£’m
2023
£’m
Profit/(loss) before tax
17.9
(29.0)
Adjusting items – amortisation of intangible assets 
12.1
12.2
Adjusting items –  administrative expenses
4.1
10.8
Adjusting items - impairment
–
36.3
Adjusting items – finance costs
0.3
–
Adjusted profit before tax
34.4
30.3
The adjusted earnings per share and adjusted fully diluted earnings per share, based on the weighted average number of shares in issue 
during the year of 136.1m (2023: 136.6m) and weighted average fully diluted number of shares in issue during the year of 137.7m (2023: 
137.3m) respectively, are calculated below using a standard tax charge:
2024
£’m
2023
£’m
Adjusted profit before tax (£’m) 
34.4
30.3
Tax at 25% (2023: 23.5%) (£’m)
(8.6)
(7.1)
Adjusted profit after tax (£’m)
25.8
23.2
Adjusted basic earnings per share (pence)
19.0
17.0
Adjusted fully diluted earnings per share (pence)
18.7
16.9
11. Dividends
The Directors recommend a final dividend of 3.8p per share for the year ended 31 December 2024 (2023: 3.35p per share) to give a full 
year dividend of 5.8p per share (2023: 5.2p). The aggregate amount of the proposed dividend expected to be paid on 18 July 2025 out of 
retained earnings at 31 December 2024, but not recognised as a liability at year end is £5.2m. An interim dividend of 2.0p was paid during 
the year (2023: 1.85p).
12. Acquisitions
No business combinations have occurred in 2024. On 31 July 2023, Datashred acquired the trade and assets of WEEE Recycling Ltd for a 
cash consideration of £0.4m and contingent consideration of £0.1m that was paid in 2024.
Restore plc Annual Report 2024
Financial Statements
103

13. Intangible assets
Goodwill
£’m
Customer
relationships
£’m
Trade names
£’m
Applications
software IT
£’m
Total
£’m
Cost
1 January 2023
219.1
177.9
4.3
10.7
412.0
Additions
–
0.4
–
0.6
1.0
Disposals
–
–
–
(0.2)
(0.2)
31 December 2023
219.1
178.3
4.3
11.1
412.8
Additions
–
0.5
–
1.3
1.8
31 December 2024
219.1
178.8
4.3
12.4
414.6
Accumulation amortisation and impairment
1 January 2023
17.6
53.0
3.0
6.5
80.1
Charge for the year
–
10.8
0.2
1.2
12.2
Disposals
–
–
–
(0.2)
(0.2)
Impairment
32.5
3.5
–
–
36.0
31 December 2023
50.1
67.3
3.2
7.5
128.1
Charge for the year
–
10.2
0.1
1.8
12.1
31 December 2024
50.1
77.5
3.3
9.3
140.2
Carrying amount
31 December 2024
169.0
101.3
1.0
3.1
274.4
31 December 2023
169.0
111.0
1.1
3.6
284.7
Amortisation is charged to profit or loss as an administrative expense. 
The changes to goodwill during the year were as follows:
£’m
Cost
 
1 January 2024
219.1
31 December 2024
219.1
Accumulated impairment
 
1 January 2024 
50.1
31 December 2024
50.1
Carrying amount
 
31 December 2024
169.0
31 December 2023
169.0
Notes to the Group financial statements continued
104
Restore plc Annual Report 2024
Financial Statements

Goodwill has been allocated to the Group’s operating segments as follows:
2024
£’m
2023
£’m
Information Management
143.6
143.6
Datashred
–
–
Harrow Green
4.5
4.5
Technology
20.9
20.9
Total goodwill
169.0
169.0
2023 has been represented to ensure consistent presentation with 2024 disclosures following the change in the Group’s reportable 
segments.
Material intangible assets
2024
£’m
2023
£’m
Information Management
82.8
89.8
Datashred
7.1
8.0
Harrow Green
1.6
1.9
Technology
9.8
11.3
Total material intangible assets
101.3
111.0
Remaining useful economic lives (average years)
6.1
8.6
2023 has been represented to ensure consistent presentation with 2024 disclosures following the change in the Group’s reportable 
segments.
These intangible assets relate to customer relationships. There are no individually material assets relating to applications software IT and 
trade names.
Annual test for impairment
Goodwill is tested annually for impairment, or more frequently if there are indicators that an impairment may be required. For the 
purposes of impairment testing, goodwill, other intangible assets,  property, plant and equipment and right of use assets are allocated to 
cash-generating units (“CGUs”) which represent the smallest identifiable group of assets that generates cash inflows from continuing use. 
Despite the integration of the Digital and Records Management businesses into the Information Management division in 2024, they remain 
separate CGUs at 31 December 2024 since they still represent the smallest identifiable groups of assets that generate largely independent 
cash inflows. The recoverable amount of each CGU is determined from value-in-use calculations. The calculations use pre-tax cash flow 
projections based on financial budgets and forecasts approved by the Directors.
As at 31 December 2024, an impairment review was conducted over the carrying values of each the CGUs including downside scenario 
modelling, which indicated that no impairment was required. The model utilised forecasts based upon the Group’s FY25 budget and 
5 year-plan through to FY29. Terminal cash flows are based on the Group’s FY29 projections assumed to grow perpetually at 2%. In 
accordance with IAS 36, the growth rates for beyond the initially forecast years do not exceed the long-term average growth rate 
for the industry. The forecasts have been discounted using a pre-tax discount rate specific to each CGU ranging from 11.9%-12.5% 
(2023: 11.9%-12.5%).
Restore plc Annual Report 2024
Financial Statements
105

A summary of the management’s base case value-in-use calculation, including key assumptions, is set out below:
Base case value-in-use calculation summary
FY24 to FY29
revenue
compound
annual
growth rate
(%)
FY24 to FY29
EBIT
compound
annual
growth
rate
(%)
FY24 to FY29
EBIT margin
growth (bps)
Discount
rate (%)
Carrying
value of
assets
(£’m)
Headroom
(£’m)
Headroom
as %
of asset
carrying
value (%)
NPV of
terminal
year
cashflows into
perpetuity
as % of
value-in-use
calculation
(%)
Records Management
2.8%
3.3%
80
11.9%
340.9
204.5
60.0%
57.0%
Digital
2.0%
20.4%
860
12.1%
53.9
6.0
11.1%
67.2%
Datashred
4.0%
8.8%
230
12.4%
30.0
22.5
75.0%
48.7%
Harrow Green
4.6%
25.2%
590
12.1%
22.2
22.7
102.3%
53.0%
Technology
6.8%
34.2%
890
12.5%
36.1
15.0
41.4%
66.6%
Climate related matters
The Group monitors climate-related risks and opportunities and has considered the potential impact of climate change on the impairment 
review conducted. Based on our assessment of climate-related risks likely to emerge, we do not expect these risks to drive a significant 
downturn in cashflows across the Group. Therefore, there are no overriding changes to key assumptions built into the forecasts and no 
specific sensitivities relating to climate change are considered necessary over and above the sensitivities performed below.
Sensitivity
A number of sensitivities have been modelled to highlight the way in which changes in trading and/or market conditions affect the value-in-use 
calculations. The table below highlights the sensitivity of the value-in-use calculations to changes in forecast cashflows and the discount rate.
In the Records Management, Harrow Green and Datashred CGUs, the Group have not identified any reasonably possible changes that would 
result in an impairment. Across the remaining CGUs, there are considered to be some reasonably possible scenarios which could result in an 
impairment. A summary of the sensitivity analysis performed covering Digital and Technology is summarised below:
Revenue
reduction
assuming
gross margin
in line with
plan (%)
FY24 to FY29
revenue
compound
annual growth
rate (%)
Headroom/
(impairment)
(£’m)
Headroom/
(impairment)
as % of
carrying
value
(%)
Digital
(2%)
1.6%
2.1
4.0%
(3%)
1.4%
0.2
0.3%
(4%)
1.2%
(1.8)
(3.3%)
Technology
(9%)
4.8%
0.4
1.0%
(10%)
4.5%
(1.3)
(3.5%)
(11%)
4.3%
(2.9)
(8.0%)
EBIT
reduction
(%)
FY24 to FY29
EBIT margin
growth (bps)
Headroom/
(impairment)
(£’m)
Headroom/
(impairment)
as % of
carrying value
(%)
Digital
(9%)
720
0.4
0.8%
(10%)
710
(0.2)
(0.4%)
(11%)
690
(0.8)
(1.6%)
Technology
(25%)
570
2.0
5.6%
(30%)
500
(0.5)
(1.5%)
(35%)
430
(3.1)
(8.7%)
Notes to the Group financial statements continued
106
Restore plc Annual Report 2024
Financial Statements

Discount rate
Headroom/
(impairment)
Headroom/
(impairment)
as % of carrying
value
Digital
1%
0.3
0.5%
2%
(4.5)
(8.4%)
3%
(8.6)
(15.9%)
Technology 
3%
2.8
7.7%
4%
(0.2)
(0.4%)
5%
(2.7)
(7.5%)
Digital
The drop in Digital’s revenue and profitability in FY24 was driven by a slower period of public sector activity linked to the change in 
Government and subsequent uncertainty around the Autumn Statement. Given that c30% of Digital’s revenue is non-recurring, there is a 
reasonably possible scenario in which non-delivery of revenue and profit in line with the base plan could result in a potential impairment. 
A revenue reduction of 4% in each of the forecast years dropping down to profit with gross margin in line with the plan would trigger an 
impairment of £1.8m. A 10% reduction to EBIT in each of the forecast years would drive an impairment of £0.2m. A 2% increase in a pre-tax 
discount rate would drive an impairment of £4.5m.
As discussed on page 22, the Group will incur c£3m of costs as part of this integration, a significant proportion of which have been incurred 
in 2024, with the integration resulting in annualised cost savings of approximately c£3m for the Group. Those cost savings which were 
committed to before the end of 2024 have been included in our impairment assessment.  Further cost savings are expected from additional 
restructuring activity that was not committed at 31 December 2024, however in line with IAS 36, these cost savings have not been included 
in the assessment. 
Technology
Given that Technology’s revenue is subject to cyclical market dynamics, there is a reasonably possible scenario in which non-delivery of 
revenue and profit in line with the base plan could result in a potential impairment. A revenue reduction of 10% in each of the forecast years 
dropping down to profit with gross margin in line with the plan would trigger an impairment of £1.3m. A 30% reduction to EBIT in each of 
the forecast years would drive an impairment of £0.5m. A 4% increase in a pre-tax discount rate would drive an impairment of £0.2m.
In 2023, the following impairments were recorded:
	›
an impairment to goodwill of £32.5m was recognised in Datashred. This impairment resulted principally from reduced expectations on 
service activity, paper volumes and recycled paper pricing, as well as an increase in the discount rate partly driven by the change in the 
interest rate. 
	›
an impairment of customer relationship related intangible assets and right-of-use assets amounting to £3.6m was recognised in the 
Technology CGU in relation to a business exit.
Restore plc Annual Report 2024
Financial Statements
107

14. Property, plant and equipment
Freehold
land &
buildings
£’m
Leasehold
improvements
£’m
Racking
plant &
machinery
£’m
Office
equipment
fixtures &
fittings
£’m
Motor
vehicles
£’m
Total
£’m
Cost
1 January 2023
36.6
27.8
48.5
12.3
2.3
127.5
Additions
2.7
1.3
2.8
2.8
0.1
9.7
Reclassification 
0.9
(0.1)
(0.8)
–
–
–
Disposals
–
(0.4)
(0.2)
(0.5)
(0.1)
(1.2)
31 December 2023
40.2
28.6
50.3
14.6
2.3
136.0
Additions
3.6
1.4
4.1
4.5
0.3
13.9
Disposals
–
(0.8)
(0.3)
(0.3)
(0.3)
(1.7)
31 December 2024
43.8
29.2
54.1
18.8
2.3
148.2
Accumulated depreciation
1 January 2023
4.2
10.9
26.1
5.3
1.3
47.8
Charge for the year
0.6
3.0
3.6
2.5
0.3
10.0
Disposals
–
(0.4)
(0.2)
(0.5)
(0.1)
(1.2)
31 December 2023
4.8
13.5
29.5
7.3
1.5
56.6
Charge for the year
0.7
3.1
3.5
2.3
0.2
9.8
Disposals
–
(0.6)
(0.1)
(0.3)
(0.3)
(1.3)
31 December 2024
5.5
16.0
32.9
9.3
1.4
65.1
Net book value
31 December 2024
38.3
13.2
21.2
9.5
0.9
83.1
31 December 2023
35.4
15.1
20.8
7.3
0.8
79.4
Capital expenditure contracted for but not provided in the financial statements is shown in note 32. 
Depreciation is charged to profit or loss as an administrative expense.
Notes to the Group financial statements continued
108
Restore plc Annual Report 2024
Financial Statements

15. Right of use assets
Leasehold
Property
£’m
Motor
Vehicles
£’m
Total 
£’m
Cost
1 January 2023 (restated)
155.8
15.1
170.9
Additions (restated)
20.0
4.7
24.7
Disposals
(7.7)
(3.4)
(11.1)
31 December 2023 (restated)
168.1
16.4
184.5
Additions
31.0
8.1
39.1
Disposals
(16.2)
(2.2)
(18.4)
31 December 2024
182.9
22.3
205.2
Accumulated depreciation
1 January 2023
48.4
8.8
57.2
Charge for the year
19.8
3.0
22.8
Disposals
(4.6)
(3.4)
(8.0)
Impairment
0.3
–
0.3
31 December 2023
63.9
8.4
72.3
Charge for the year 
19.7
4.1
23.8
Disposals
(14.4)
(2.1)
(16.5)
31 December 2024
69.2
10.4
79.6
Net book value
31 December 2024
113.7
11.9
125.6
31 December 2023 (restated)
104.2
        8.0        
112.2
Refer to note 2 for details of the restatement.
The following are the amounts recognised in profit or loss:
2024
£’m
2023
£’m
Depreciation expense of right-of-use assets
23.8
22.8
Interest expense on lease liabilities
6.2
4.4
Expense relating to short-term leases (included in operating expenses)
2.0
2.3
Impairment of right-of-use assets
–
0.3
Total amount recognised in profit or loss
32.0
29.8
The Group had total cash outflows for leases of £30.1m in 2024 (2023: £25.1m). The Group also had non-cash additions to right-of-use 
assets and lease liabilities of £39.1m in 2024 (2023 restated: £24.7m). The Group has several lease contracts that include extension and 
termination options. These options are negotiated by management to provide flexibility in managing the lease-asset portfolio and align 
with the Group’s business needs.
See note 20 for corresponding lease liability.
Restore plc Annual Report 2024
Financial Statements
109

16. Inventories
2024
£’m
2023
£’m
Finished goods and goods for resale
1.3
1.5
£11.2m (2023: £7.4m) of inventories were recognised as an expense in cost of sales in the year.
17. Trade and other receivables
2024
£’m
2023 
£’m
Trade receivables 
41.3
43.8
Less: Loss allowance
(1.2)
(1.1)
Trade receivables – net
40.1
42.7
Other receivables
0.5
1.8
Prepayments
7.7
10.9
Contract assets
8.2
7.7
56.5
63.1
The average credit period is 53 days (2023: 58 days). No interest is charged on the trade receivables for the first 30 days from the date of the 
invoice. Thereafter, interest may be charged on the outstanding balance.
Trade receivables are stated net of allowance for expected credit losses and provisions for sales credit notes and customer rebates. 
An allowance has been made for estimated credit losses from trade receivables of £1.2m at 31 December 2024 (2023: £1.1m).
Movement in the allowance for expected credit losses
An expected credit loss (“ECL”) model in accordance with IFRS 9 has been applied to the Group’s trade receivables. The Group have utilised 
a simplified approach which is permitted by the standard, which applies a credit risk percentage based upon historical risk of default against 
receivables that are grouped into age brackets. The Group has a low credit risk on its trade receivables and historic defaults.
2024
£’m
2023
£’m
At 1 January
1.1
0.4
Charged to the Consolidated income statement
0.1
0.7
At 31 December
1.2
1.1
The expected loss rates have been assessed by each business and are based on the payment profiles of sales over the period to 
31 December 2024, the availability of credit insurance and the historical credit losses experienced within this period. The historical loss rates 
are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle 
the receivables and any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting 
date and makes a provision for impairment accordingly. In calculating ECLs, a loss is either a debt written off or overdue by more than 
12 to 24 months depending on the business and/or expected likelihood of recovery. Debts are generally written off following official notice 
of insolvency, conclusion of legal proceedings or when there is no reasonable expectation of recovery. ECL provisions have been adjusted 
where relevant to take account of experience during the year and forward looking information. 
Notes to the Group financial statements continued
110
Restore plc Annual Report 2024
Financial Statements

31 December 2024
< 30 days
£’m
30-60 days
£’m
61-90 days
£’m
> 91 days
£’m
Total
£’m
ECL rate
0.6%
3.9%
7.8%
13.1%
2.9%
Total gross carrying amount
26.4
8.4
3.0
3.5
41.3
ECL
(0.2)
(0.3)
(0.2)
(0.5)
(1.2)
31 December 2023
< 30 days
£’m
30-60 days
£’m
61-90 days
£’m
> 91 days
£’m
Total
£’m
ECL rate
0.4%
1.6%
7.3%
22.8%
2.4%
Total gross carrying amount
28.9
10.1
1.9
2.9
43.8
ECL
(0.1)
(0.2)
(0.1)
(0.7)
(1.1)
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Contract assets
The Group has recognised the following assets related to contracts with customers:
2024
£’m
2023
£’m
Contract assets
12.8
12.9
£8.2m (2023: £7.7m) of the balance is due within one year with £4.6m (2023: £5.2m) due after one year. The balance due after one year has 
been presented as a non-current asset on the face of the Consolidated statement of financial position.
Contract assets
2024
£’m
2023
£’m
Information Management
10.1
10.5
Datashred
0.4
0.3
Harrow Green
1.8
1.6
Technology
0.5
0.5
Total contract assets
12.8
12.9
18. Trade and other payables
2024
£’m
2023 
£’m
Trade payables
11.7
14.1
Other taxation and social security
5.8
8.4
Accruals
18.2
18.2
Contract liabilities
4.8
4.2
40.5
44.9
The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame. Trade and other 
payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period for trade purchases is 
36 days (2023: 38 days).
Restore plc Annual Report 2024
Financial Statements
111

Contract liabilities
2024
£’m
2023
£’m
Contract liabilities
5.0
4.6
£4.8m (2023: £4.2m) of the balance is due within one year with £0.2m (2023: £0.4m) due after one year. The balance due after one year has 
been presented as a non-current liability on the face of the consolidated statement of financial position.
Contract liabilities
2024
£’m
2023
£’m
Information Management
4.7
4.4
Datashred
0.2
0.1
Harrow Green
0.1
–
Technology
–
0.1
Total contract liabilities
5.0
4.6
19. Financial liabilities – borrowings
2024
£’m
2023
£’m
Current:
Overdraft facility
3.2
–
Non-current:
Bank loans – unsecured
70.0
97.0
Other loans – unsecured 
25.0
25.0
Deferred financing costs
(1.2)
(1.5)
Total non-current borrowings
 93.8
120.5
Total borrowings
 97.0
120.5
At 31 December 2024 the Group’s financing arrangements comprise a £125m RCF (due 30 April 2027) including a carved out £10m overdraft 
facility with Barclays Bank plc and £25m of USPP fixed rate secured notes (due 28 March 2028). The RCF includes an accordion which the 
Group can exercise to increase the facility by up to a further £25m. £70m of drawn RCF debt and £25m of USPP fixed rate secured notes 
was outstanding at year end. The Group utilised £3.2m of the overdraft facility at 31 December 2024. Committed but undrawn borrowings 
at 31 December 2024 amounted to £51.8m including £6.8m of unutilised overdraft. 
The RCF borrowings are subject to a floating interest rate, at SONIA, plus credit adjusted spread and a margin of 1.80% which can vary 
depending on the leverage the Group.
In 2024 the Group has made the following changes to its financing arrangements. There was no material financial cost involved in 
executing these transactions.
	›
voluntarily cancelled £75m of the RCF, decreasing the RCF from £200m to £125m;
	›
extended the RCF to 30 April 2027; and
	›
entered into a £10m overdraft facility with Barclays Bank plc.
At 31 December 2023 the Group’s financing arrangements comprised a £200m RCF (due 30 April 2026) and £25m of USPP fixed rate 
secured notes (due 28 March 2028). The RCF included an additional £25m uncommitted accordion and overdraft facility of £1.5m with 
Barclays Bank plc. £97m of drawn RCF debt and £25m of USPP fixed rate secured notes was outstanding at 31 December 2023. Committed 
but undrawn borrowings at 31 December 2023 amounted to £103m. £1.5m of the overdraft facility was unutilised.
The interest rate profile and an analysis of borrowings is given in note 21.
Notes to the Group financial statements continued
112
Restore plc Annual Report 2024
Financial Statements

Under the bank facilities the Group was required to meet quarterly covenant tests in respect of interest cover and leverage. All covenant 
tests were met during the year.
Analysis of net debt
2024
£’m
2023
£’m
Cash at bank and in hand 
8.0
22.7
Borrowings due within one year
(3.2)
–
Borrowings due after one year
(93.8)
(120.5)
Net debt
(89.0)
(97.8)
20. Financial liabilities – lease liabilities
2024
£’m
2023
Restated
£’m
Obligations under leases – present value of lease liabilities
Repayable by instalments:
In less than one year
19.3
20.6
In two to five years
57.0
55.1
More than five years
63.7
50.6
140.0
126.3
Refer to note 2 for details of the restatement.
See note 15 for the corresponding right-of-use asset disclosures.
21. Financial instruments
The Group’s financial instruments comprise cash at bank, borrowings and various other receivable and payable balances that arise from its 
operations. The main purpose of these financial instruments is to finance the Group’s operations.
2024
£’m
2023 
£’m
Financial assets at amortised cost:
Other receivables
 0.5
1.8
Trade receivables and accrued income
 45.7
47.9
Cash at bank and on hand
 8.0
22.7
Total
54.2
72.4
The Directors consider that the fair values of cash at bank and on hand and trade receivables approximate their carrying value, largely due to the 
short-term maturities of these instruments. The fair value is not significantly different to the carrying amount.
Of the above cash at bank on hand, £7.8m (2023: £21.8m) is denominated in Sterling, £0.1m (2023: £0.6m) in Euros, £0.1m (2023: £0.3m) in USD.
As at 31 December 2024, trade receivables of £5.8m (2023: £4.0m) were past due but not impaired. These relate to a number of independent 
customers with no recent history of default. The ageing analysis of these trade receivables is as follows:
2024
£’m
2023
£’m
60–90 days
2.8
1.8
Greater than 90 days
3.0
2.2
Restore plc Annual Report 2024
Financial Statements
113

2024
£’m
2023
£’m
Financial liabilities at amortised cost:
Trade payables and accruals
29.9
32.3
Borrowings (including deferred financing costs)
97.0
120.5
Contingent and deferred consideration
–
0.1
Lease liabilities
140.0
126.3
Total
266.9
279.2
The Directors consider that the fair values of trade and other payables and deferred consideration approximate to their carrying value due 
to their short-term nature.
Financial risk management
The Group’s finance and treasury policies set out the Group’s approach to managing treasury risk. The objectives of the Group’s financial 
risk management policies are to ensure sufficient liquidity to meet the Group’s operational and strategic needs and the management of 
financial risk at optimal cost.
The Group is exposed to credit risk, liquidity risk and interest rate risk. The Board oversees the management of these risks through 
implementation of the Group treasury policy which drives the activities of the Group Treasury Function and who report to the Board on a 
regular basis.
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Trade 
receivable credit exposure is controlled by counterparty limits that are set, reviewed and approved by operational management on a 
regular basis.
Trade receivables consist of a large number of typically small to medium sized customers, spread across a number of different market 
sectors and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and to determine 
whether the credit risk has increased since initial recognition. Where appropriate, credit guarantee insurance cover is purchased.
The Group does not have any significant credit risk exposure to any single customer, with no single customer representing more than 3% of 
the Group’s revenue.
Liquidity risk management
Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due. In order to minimise this risk, the Group 
seeks to balance certainty of funding and a flexible, cost-effective borrowing structure. The key sources of finance are the RCF and USPP 
facility providing the Group with £150m of facilities as at 31 December 2024. Should it be needed, the RCF includes an accordion which 
the Group can exercise to increase by up to a further £25m. The Group also maintains cash balances which are more than sufficient to 
meet the requirements of the working capital cycle taking into account the seasonality of the business. In March 2024, the Group enacted 
changes to its financing arrangements in order to more appropriately match the facilities to the Group’s needs. Refer to page 112 for 
more details.
To manage liquidity risk the Group prepares and reviews rolling monthly cash flow forecasts, actual cash and debt positions along with 
available facilities and headroom. In addition, full annual forecasts are prepared including cash flow and headroom forecasts. The Group is 
in a good liquidity position and at 31 December 2024 held cash of £8.0m (2023: £22.7m), had £45m (2023: £103.0m) of undrawn debt from 
the RCF and £6.8m of unutilised overdraft (2023: £1.5m).
Interest rate risk management
The Group has exposure to movements in interest rates on its outstanding floating interest rate RCF debt. To reduce this risk the Group 
monitors its mix of fixed and floating rate debt and, if required, uses derivative financial instruments to manage this mix. In 2023, the Group 
entered into interest rate swap arrangements to swap a portion (£25m) of the floating interest rate debt with fixed rate debt on a 12 month 
tenor. The swap expired on 31 July 2024. The Group also has a £25m fixed rate, 5 year term debt arrangement under the USPP facility.
Notes to the Group financial statements continued
114
Restore plc Annual Report 2024
Financial Statements

Currency and interest rate risk profile of financial liabilities 
The currency and interest rate risk profile of the Group’s gross borrowings for the year was:
Currency
Total
£’m
Floating
rate financial
liabilities
£’m
Weighted
average
 interest rates
%
Sterling at 31 December 2024
97.0
72.0
6.9
Sterling at 31 December 2023
120.5
95.5
6.6
Interest rate sensitivity
At 31 December 2024, if interest rates had been 50 basis points higher and all other variables were held constant, it is estimated that 
the Group’s profit before tax would be approximately £0.4m lower (2023: loss before tax would be approximately £0.5m higher). This is 
mainly attributable to the Group’s exposure to interest rates on its variable rate borrowings and is based on the change taking place at the 
beginning of the financial year and held constant throughout the year.
Financial assets recognised in the statement of financial position and interest rate profile
All financial assets are short-term receivables and cash at bank. The cash at bank earns interest based on the variable bank base rate and is 
held with Barclays Bank plc.
Maturity of financial liabilities
The maturity profile of the carrying amount of the Group’s financial liabilities is as follows:
2024
Carrying
amounts
£’m
Contractual 
cash flows
£’m
Within one year
£’m
Between two 
and five years
£’m
Five years 
or more
£’m
Trade payables and accruals
29.9
29.9
29.9
-
-
Borrowings
97.0
97.0
3.2
93.8
-
Lease liabilities
140.0
182.9
23.5
76.0
83.4
266.9
309.8
56.6
169.8
83.4
2023
Carrying
amounts
£’m
Contractual 
cash flows
£’m
Within one year
£’m
Between two 
and five years
£’m
Five years 
or more
£’m
Trade payables and accruals
32.3
32.3
32.3
-
-
Borrowings
120.5
120.5
-
120.5
-
Contingent and deferred consideration
0.1
0.1
0.1
-
-
Lease liabilities
126.3
156.2 
24.4
68.4
63.4
279.2
309.1
56.8
188.9
63.4
The 2023 balances have been restated to reflect the relevant adjustments in note 2.
Restore plc Annual Report 2024
Financial Statements
115

Borrowing facilities
At 31 December 2024 the Group’s financing arrangements comprise a £125m RCF (due 30 April 2027) including a carved out £10m overdraft 
and £25m of USPP fixed rate secured notes (due 28 March 2028). £70m of drawn RCF debt and £25m of USPP fixed rate secured notes was 
outstanding at year end. The Group utilised £3.2m of the overdraft facility at 31 December 2024. Committed but undrawn borrowings at 
31 December 2024 amounted to £51.8m including £6.8m of unutilised overdraft.
The RCF borrowings are subject to a floating interest rate, at SONIA, plus credit adjusted spread and a margin of 1.80% which can vary 
depending on the leverage the Group.
In 2024, Group has made the following changes to its financing arrangements. There was no material financial cost involved in executing 
these transactions:
	›
voluntarily cancelled £75m of the RCF, decreasing the RCF from £200m to £125m;
	›
extended the RCF to 30 April 2027; and
	›
entered into a £10m overdraft facility with Barclays Bank plc.
At 31 December 2023 the Group’s financing arrangements comprised a £200m RCF (due 30 April 2026) and £25m of USPP fixed rate 
secured notes (due 28 March 2028). The RCF included an additional £25m uncommitted accordion and overdraft facility of £1.5m with 
Barclays Bank plc. £97m of drawn RCF debt and £25m of USPP fixed rate secured notes was outstanding at 31 December 2023. Committed 
but undrawn borrowings at 31 December 2023 amounted to £103m. £1.5m of the overdraft facility was unutilised.
All of the Group’s borrowings are currently in sterling.
Fair values of financial assets and financial liabilities
Excluding the USPP fixed rate notes, the Group’s financial assets and liabilities bear floating interest rates and are relatively short-term in 
nature. In the opinion of the Directors the book values of the assets and liabilities equate to their fair value.
At 31 December 2023 the Group held interest rate swaps to hedge a portion of its exposure to interest rate risks arising from financing 
activities. The fair value of derivative financial instruments was derived from “mark-to-market” valuations obtained from the Group’s 
relationships with banks. As at 31 December 2023 the fair value of outstanding interest rate swaps was £0.1m. The swap expired 
on 31 July 2024.
22. Deferred tax
Summary of balances
2024
£’m
2023
£’m
Deferred tax liabilities 
(40.7)
(39.2)
Deferred tax asset
12.0
9.9
Net position at 31 December
(28.7)
(29.3)
The movement in the year in the Group’s net deferred tax position is as follows:
2024
£’m
2023
£’m
1 January
(29.3)
(30.9)
Credit to consolidated statement of comprehensive income for the year
0.6
1.8
Tax charged directly to equity
–
(0.2)
31 December
(28.7)
(29.3)
Notes to the Group financial statements continued
116
Restore plc Annual Report 2024
Financial Statements

The following are the major deferred tax liabilities and assets recognised by the Group and the movements thereon during the year:
Deferred tax (assets)/liabilities
Assets
2024
£’m
Liabilities
2024
£’m
Net
liabilities/
(assets)
2024
£’m
Assets
2023
£’m
Liabilities
2023
£’m
Net
liabilities/
(assets)
2023
£’m
Property, plant and equipment
(1.0)
7.1
6.1
–
4.8
4.8
Share based payments
(0.4)
–
(0.4)
(0.2)
–
(0.2)
Intangibles
–
26.0
26.0
–
27.8
27.8
Pension
–
–
–
(0.2)
–
(0.2)
IFRS 16
(9.9)
7.6
(2.3)
(9.4)
6.3
(3.1)
Other
(0.7)
–
(0.7)
(0.1)
0.3
0.2
(Assets) / liabilities
(12.0)
40.7
28.7
(9.9)
39.2
29.3
The Group has no unrecognised deferred tax balances relating to cumulative tax losses and other deductible temporary differences. At the 
balance sheet date, no deferred tax liability is recognised on temporary differences associated with investments and subsidiaries on the 
basis the Group is in a position to control the timing of the reversal of these temporary differences, it is probable that they will not reverse in 
the foreseeable future and ultimately no tax liabilities are expected to arise as a result of their reversal.
Analysis of net deferred tax  
liabilities / (assets)
1 January
2024
£’m
Recognised in 
profit 
and loss
£’m
Recognised in
equity
£’m
31 December
2024
£’m
Property, plant and equipment
4.8
1.3
–
6.1
Share based payments
(0.2)
(0.2)
–
(0.4)
Intangibles
27.8
(1.8)
–
26.0
Pension
(0.2)
0.2
–
–
IFRS 16
(3.1)
0.8
–
(2.3)
Other
0.2
(0.9)
–
(0.7)
29.3
(0.6)
–
28.7
Analysis of net deferred tax  
liabilities / (assets)
1 January
2023
£’m
Recognised in 
profit 
and loss
£’m
Recognised in
equity
£’m
31 December
2023
£’m
Property, plant and equipment
4.6
0.2
–
4.8
Share based payments
(1.1)
0.7
0.2
(0.2)
Intangibles
31.1
(3.3)
–
27.8
Pension
–
(0.2)
–
(0.2)
IFRS 16
(2.9)
(0.2)
–
(3.1)
Other
(0.8)
1.0
–
0.2
30.9
(1.8)
0.2
29.3
Restore plc Annual Report 2024
Financial Statements
117

23. Provisions
2024
£’m
2023
£’m
1 January
18.6
17.1
Additional provision
4.4
6.2
Utilised
(2.6)
–
Released
(6.9)
(4.7)
31 December
13.5
18.6
The balance above represents dilapidation provisions which relate to the future anticipated costs to restore leased properties into their 
original state at the end of the lease term. Estimates are stated at nominal value because the impact of discounting is not material. 
An increase in costs of 5% per square foot across the portfolio would result in an increase in the provision of £0.4m.
Provisions are analysed as follows:
2024
£’m
2023
£’m
Current 
3.9
4.4
Non-current
9.6
14.2
Total
13.5
18.6
24. Called up share capital
2024
£’m
2023
£’m
Authorised:
199,000,000 (2023: 199,000,000) ordinary shares of 5p each
10.0
10.0
Allotted, issued and fully paid:
136,924,067 (2023: 136,924,067) ordinary shares of 5p each
6.8
6.8
No ordinary shares were issued during the year (2023: no ordinary shares) to fund the Group’s Employee Benefit Trust.
25. Share premium account
2024
£’m
2023
£’m
1 January and 31 December
187.9
187.9
The Company may use the reserve to reduce a deficit in the retained earnings of the Company from time to time subject to shareholders 
and court approval and the Company may release the reserve upon transferring to a blocked trust bank account a sum equal to the 
remaining amount outstanding to non-consenting creditors that existed at the date of the capital reduction.
Notes to the Group financial statements continued
118
Restore plc Annual Report 2024
Financial Statements

26. Other reserves
Share-based
payments
reserve
£’m
Hedge
reserve
£’m
Treasury 
shares
£’m
Total
£’m
1 January 2023
8.5
–
(1.6)
6.9
Other comprehensive loss for the year
–
(0.1)
–
(0.1)
Share-based payments
(0.5)
–
–
(0.5)
Deferred tax on share-based payments
(0.2)
–
–
(0.2)
Transfer*
(3.3)
–
–
(3.3)
Purchase of treasury shares
–
–
(0.6)
(0.6)
Disposal of treasury shares
–
–
1.5
1.5
31 December 2023
4.5
(0.1)
(0.7)
3.7
Other comprehensive income for the year
–
0.1
–
0.1
Share-based payments
1.3
–
–
1.3
Transfer*
(3.2)
–
–
(3.2)
Purchase of treasury shares
–
–
(2.6)
(2.6)
Disposal of treasury shares
–
–
0.2
0.2
31 December 2024
2.6
–
(3.1)
(0.5)
*	
In 2024 a net amount of £3.2m (2023: £3.3m) was reclassified from share-based payments reserve to retained earnings in respect of lapsed and exercised options.
The share-based payments reserve comprises charges made to the income statement in respect of share-based payments under the 
Group’s equity compensation schemes.
The Trustee of the Group’s Employee Benefit Trust (“EBT”) holds shares in the Company for future satisfaction of options to employees 
granted under the Group’s Share Option Plans. These shares are accounted for as treasury shares. The number of shares held in the EBT 
as at 31 December 2024 was 1,283,589 (31 December 2023: 343,642).
27. Retained earnings
2024
£’m
2023
restated
£’m
1 January
31.5
69.4
Profit/(loss) for the year
12.4
(30.7)
Dividends
(7.3)
(9.1)
Transfers*
3.2
3.3
Disposal of treasury shares
(0.2)
(1.4)
31 December
39.6
31.5
* 	 In 2024 a net amount of £3.2m (2023: £3.3m) was reclassified from the share-based payments reserve to retained earnings in respect of lapsed and exercised options.
Refer to note 2 for details of the restatement.
Retained earnings are the balance of income retained by the Group. Retained earnings may be distributed to shareholders by a dividend 
payment.
Restore plc Annual Report 2024
Financial Statements
119

28. Cash flow information
Cash generated from operations
2024
£’m
2023
£’m
Profit/(loss) before tax
17.9
(29.0)
Depreciation of property, plant and equipment and right-of-use assets
33.6
32.8
Amortisation of intangible assets
12.1
12.2
Impairment charge
–
36.3
Net finance costs
14.7
14.0
Share-based payments charge (including related NI)
1.7
–
Share-based payment settlement
(0.2)
(0.7)
Loss on disposal of fixed assets
0.3
0.2
Decrease in inventories
0.2
0.5
Decrease in trade and other receivables
7.2
1.8
Decrease in trade and other payables
(9.4)
(1.2)
Cash generated from operating activities
78.1
66.9
Reconciliation of net cash flow to movements in net debt
2024
£’m
2023
£’m
Decrease in cash and cash equivalents in the year
(17.9)
(7.5)
Cashflows
27.0
13.0
Debt financing costs
0.3
0.8
Decrease in net debt resulting from cash flows
9.4
6.3
Amortisation of deferred financing costs (non-cash)
(0.6)
(0.6)
Decrease in net debt in the year
8.8
5.7
Net debt at 1 January
(97.8)
(103.5)
Net debt at 31 December
(89.0)
(97.8)
Analysis of net debt
At 31 
December
2023
Restated
£’m
Cash flows
£’m
Non-cash 
items*
£’m
At 31 
December
 2024
£’m
Cash at bank and on hand
22.7
(17.9)
–
4.8
Liabilities arising from financing activities
Borrowings due after one year
(122.0)
27.0
–
(95.0)
Deferred financing costs
1.5
   0.3
  (0.6)
1.2
Net debt (pre IFRS 16 and derivative liability)
(97.8)
  9.4
   (0.6)
(89.0)
Lease liabilities
(126.3)
          30.1
   (43.8)
(140.0)
Derivative financial liability
(0.1)
 0.1
–
–
Net debt (post IFRS 16 and derivative liability)
(224.2)
   39.6
  (44.4)
(229.0)
*	
Non-cash items include the amortisation of deferred financing costs, non-cash movements in lease liabilities due to lease extensions and unwinding of effective 
interest, and fair value movement of debt recognised in the year which does not give rise to a cash inflow or outflow. 2023 has been restated to reflect the relevant 
adjustments in note 2.
Notes to the Group financial statements continued
120
Restore plc Annual Report 2024
Financial Statements

29. Pensions
The Group operates a number of defined contribution schemes for all qualifying employees. The assets of the schemes are held separately 
from those of the Group in funds under the control of trustees. The total cost charged to profit or loss of £2.6m (2023: £2.4m) represents 
contributions payable to these schemes by the Group at rates specified in the rules of the plan.
30. Share-based payments
Savings related share option scheme (”Sharesave”)
The Group operates a savings related share option scheme. This is an approved HMRC scheme which was established in 2018.
Under the Sharesave scheme, participants remaining in the Group’s employment at the end of the three-year savings period are entitled to 
use their savings to purchase shares in the Company at a stated exercise price.
Employees leaving for certain reasons are able to use their savings to purchase shares within six months of their leaving. During the year, 
1,005,409 awards were granted (2023: nil).
A reconciliation of Sharesave share option movements is below:
2024
Number
2024
Weighted
average
exercise
price
2023
Number
2023
Weighted
average
exercise
price
Outstanding at 1 January
570,598
327.5p
1,169,658
326.9p
Issued
 1,005,409 
 175.0p 
–
–
Lapsed
(28,543)
 321.4p 
(2,298)
274.0p
Forfeited
–
–
(15,047)
330.8p
Cancelled
(326,913)
278.1p
(541,756)
330.3p
Exercised
–
–
(39,959)
274.0p
Outstanding at 31 December
1,220,551
215.3p
570,598
327.5p
Exercisable at 31 December
210,916
309.0p
3,941
274.0p
The weighted average remaining vesting period of the options outstanding at 31 December 2024 was 1.9 years (2023: 0.9 years).
Long term incentive plan (“LTIP”)
The Group operates an LTIP which was established in 2018 and the first awards were made in 2019. Under the Long-Term Incentive Plan, 
shares are conditionally awarded to senior employees of the Group. The awards are calculated as a percentage of the participants’ salaries 
and scaled according to seniority.
Performance is measured at the end of the three-year performance period. If the required performance conditions have been met, the 
awards vest and may be subject to a further holding period of up to two years. These awards have no associated exercise price.
A reconciliation of LTIP share option movements is below:
2024
Number
2023
Number
Outstanding at 1 January
2,720,338
2,415,272
Issued
1,094,405
2,323,484
Lapsed
(653,934)
(394,010)
Forfeited
(272,261)
(877,115)
Exercised
(64,631)
(633,532)
Cancelled
–
(113,761)
Outstanding at 31 December
2,823,917
2,720,338
Exercisable at 31 December
6,503
71,134
The weighted average remaining vesting period of the LTIP awards is 1.6 years (2023: 1.7 years).
The weighted average share price of options exercised during the period was 236.0p at the date of exercise.
Restore plc Annual Report 2024
Financial Statements
121

The fair value of the options granted in the year without market-based performance conditions were estimated using the share price at 
the date of grant. The fair value of the options granted with market-based performance conditions were estimated using a Monte-Carlo 
model taking into account the terms and conditions upon which the options were granted. The following table lists the key inputs and 
assumptions used to value the LTIP grants during the year:
2024 
LTIP subject 
to fully diluted 
EPS
2024 
LTIP subject
to TSR
2024 
LTIP subject 
to fully diluted 
EPS
2024 
LTIP subject
to TSR
2024 
LTIP subject 
fully diluted 
EPS
2024 
LTIP subject 
to TSR
Grant date
1 August
1 August
1 July
1 July
5 April
5 April
Weighted average share price 
at grant date
£2.56
£2.56
£2.64
£2.64
£2.22
£2.22
Exercise price
£nil
£nil
£nil
£nil
£nil
£nil
Share options
5,504
16,511
14,241
42,721
253,857
761,571
Expected volatility 
n/a
40.89%
n/a
40.89%
n/a
40.89%
Risk free rate of return 
n/a
4.04%
n/a
4.04%
n/a
4.04%
Expected dividend yield 
n/a
n/a
n/a
n/a
n/a
n/a
Expected life of options (years)
3.0
3.0
3.0
3.0
3.0
3.0
Weighted average fair value per 
option
£2.56
£1.02
£2.64
£1.02
£2.22
£1.02
Model used
Share price
Monte-Carlo
Share price
Monte-Carlo
Share price
Monte-Carlo
The total fair value of LTIP options issued in 2024 was £1.5m (2023: £3.7m).
The expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous number of years 
commensurate with the expected life of options.
Executive committee bonus surrender for shares award
In 2021, because of the COVID-19 pandemic, instead of awarding a cash bonus to the executive committee, a deferred discretionary bonus 
was awarded in the form of a share award, conditional only upon individuals remaining in employment over a fixed period of time. These 
awards have no associated exercise price.
A reconciliation of the share option movements is below:
2024
Number
2023
Number
Outstanding at 1 January
17,873
17,873
Granted
–
–
Exercised
(17,873)
–
Outstanding at 31 December
–
17,873
Exercisable at 31 December
–
17,873
The weighted average remaining vesting period of the award is nil years (2023: nil).
The weighted average share price of options exercised during the year was £2.18 at the date of exercise.
Legacy share option scheme
The Legacy share option scheme was introduced in 2010 and the last award under the scheme was made in 2018. Under the scheme the 
Remuneration Committee could grant options over shares in the Company to Directors and employees of the Group.
Options were granted at a fixed price equal to the market price of the shares under option at the date of grant. Awards under the scheme 
were generally reserved for employees at senior management level and above.
Between 2010 and 2018 the Company made grants of options to Senior Management and Directors, on which there are no performance 
conditions, and which are exercisable within 0–10 years.
Notes to the Group financial statements continued
122
Restore plc Annual Report 2024
Financial Statements

A reconciliation of the legacy share option movements is below:
2024
Number
2024
Weighted
average
exercise
price
2023
Number
2023
Weighted
average
exercise
price
Outstanding at 1 January
675,000
406.2p
825,000
359.5p
Exercised
(100,000)
240p
(150,000)
149.5p
Lapsed
–
–
–
–
Outstanding at 31 December
575,000
435.1p
675,000
406.2p
Exercisable at 31 December
575,000
435.1p
675,000
406.2p
The weighted average contractual life of the remaining awards is 2.5 years (2023: 3.2 years).
The weighted average share price of options exercised during the year was 262.0p at the date of exercise.
The exercisable options outstanding at 31 December 2024 had an exercisable price of between 271.0p and 501.0p.
31. Directors and employees
Staff costs during the year
2024
£’m
2023
£’m
Wages and salaries
93.2
99.0
Social security costs
9.2
9.8
Post employment benefits
2.6
2.5
Share-based payments charge (including related NI)
1.7
–
Total
106.7
111.3
Average monthly number of employees during the year
2024
Number
2023
Number
Directors
2
2
Management
92
159
Administration
536
515
Operatives
1,950
2,051
Total
2,580
2,727
Key management compensation
2024
£’m
2023
£’m
Short-term employment benefits
7.4
8.1
Social security costs
1.0
1.1
Post-employment benefits
0.4
0.4
Other benefits
0.2
0.2
Share-based payments charge (including related NI)
1.1
–
10.1
9.8
Key management personnel of the Group are considered to be the executive and non-executive directors and management attending 
senior leadership team meetings. Further information about the remuneration of individual directors (including the highest paid director) is 
provided in the audited section of the Directors’ Remuneration Report on page 67.
The prior year numbers in the table above have been represented to ensure consistent presentation with the disclosure in 2024.
Restore plc Annual Report 2024
Financial Statements
123

32. Capital commitments
Capital expenditure
2024
£’m
2023
£’m
Contracted for but not provided in the financial statements
1.8
0.3
The capital commitments consist of £1.8m (2023: £0.2m) in respect of general plant and equipment and nil (2023: £0.1m) in respect of land 
and buildings.
33. Contingent liabilities
The Company has entered into a bank cross guarantee with its subsidiaries. The guarantee amounts to £89.0m at 31 December 2024 (2023: 
£97.8m). The assets of the Company and its subsidiaries are pledged as security for the borrowings, by way of a fixed and floating charge.
As at the balance sheet date, the Group had outstanding obligations under customer guarantees and claims of up to £nil (2023: £nil).
As disclosed within note 39, subsidiary undertakings that are fully owned trading companies and holding companies have taken exemption 
available under Section 479A of the Companies Act 2006 in respect of the requirement for audit. As a condition of the exemption, the 
Company has guaranteed the year end liabilities of the entity until they are settled in full.
In previous years, the Group has provided a letter of financial support to its subsidiary Harrow Green Limited, who have been able to draw 
on financial support from the Group for a period of at least one year from the date of signing the relevant financial statements. If required, 
we will continue to provide this letter for 2024.
In the ordinary course of our business the Group is exposed to the risk of legal, tax and other exposures. Where costs are likely to arise in 
defending and concluding such matters, and these costs can be measured reliably, they are provided for in the financial statements.
34. Related party transactions and controlling party
The remuneration of key management personnel and details of the Directors’ emoluments are shown in note 31. During the year, dividends 
of £84,712, £2,929, £214 and £3,175 were paid to Charles Skinner, Jamie Hopkins, Susan Davy and Dan Baker respectively. During 2023, 
dividends of £28,601, £2,857, £1,691, £1,027, £1,368, £266 and £185 were paid to Charles Skinner, Charles Bligh, Neil Ritchie, Sharon Baylay-
Bell, Jamie Hopkins, Susan Davy and Mike Killick respectively.
The Directors do not consider there to be a controlling party.
Details of subsidiary undertakings of the parent entity at the end of the year is disclosed in note 39.
35. Post balance sheet events
On 13 March 2025, the Group acquired the entire issued share capital of Synertec (Holdings) Limited, a UK based leading document 
management business, for an initial consideration of £22.0m. The consideration will be fully satisfied in cash on 13 March 2025. Contingent 
consideration is due in 2028 and 2029 depending on future performance. Given the proximity of the transaction to the announcement of 
the Group’s financial statements, a full purchase price allocation exercise has not yet been completed and the fair value of the assets and 
liabilities acquired will be assessed prior to the next reporting date.
Notes to the Group financial statements continued
124
Restore plc Annual Report 2024
Financial Statements

Note
 31 December 
2024
 £’m
31 December
2023
Restated* 
£’m
31 December
2022
Restated* 
£’m
ASSETS
Non-current assets
Intangible assets
36
169.4
175.1
180.0
Property, plant and equipment
37
69.0
65.8
60.2
Right of use assets
38
88.5
81.3
84.8
Investments
39
91.2
90.7
95.2
Other receivables
41
4.6
5.2
5.1
422.7
418.1
425.3
Current assets
Inventories
40
0.4
0.5
0.8
Trade and other receivables
41
125.5
130.6
141.5
Cash and cash equivalents
43
0.4
11.6
13.7
126.3
142.7
156.0
Total assets
549.0
560.8
581.3
LIABILITIES
Current liabilities
Trade and other payables
42
(18.1)
(22.0)
(30.3)
Financial liabilities – borrowings
43
(3.2)
–
–
Derivative liability
–
(0.1)
–
Current tax liabilities
(1.3)
(5.8)
(5.2)
Financial liabilities – leases liabilities
44
(13.1)
(14.3)
(12.8)
Provisions
47
(3.5)
(3.2)
(1.4)
(39.2)
(45.4)
(49.7)
Non-current liabilities
Financial liabilities – borrowings
43
(93.8)
(120.5)
(133.7)
Financial liabilities – lease liabilities
44
(88.4)
(78.5)
(81.7)
Other long term liabilities
44
(44.6)
(34.0)
(34.0)
Deferred tax liability
46
(20.3)
(20.7)
(20.3)
Provisions
47
(7.7)
(12.4)
(12.1)
(254.8)
(266.1)
(281.8)
Total liabilities
(294.0)
(311.5)
(331.5)
Net assets
255.0
249.3
249.8
EQUITY
Share capital
48
6.8
6.8
6.8
Share premium
187.9
187.9
187.9
Other reserves
(1.2)
3.0
6.2
Retained earnings
61.5
51.6
48.9
Total equity
255.0
249.3
249.8
*	
Refer to pages 128 to 129 for details of the restatement.
The Parent Company’s profit for the financial year was £14.2m (2023: £9.9m).
These financial statements on pages 125 to 145 were approved by the Board of Directors and authorised for issue on 12 March 2025 and 
were signed on its behalf by:
	
Charles Skinner	
Dan Baker
Chief Executive Officer	
Chief Financial Officer
Parent Company statement of financial position
At 31 December 2024
Company registered number:05169780
Restore plc Annual Report 2024
Financial Statements
125

Parent Company statement of changes in equity 
For the year ended 31 December 2024
Attributable to owners of the parent
Share
 capital
£’m
Share
premium
£’m
Other
reserves
£’m
Retained
 earnings
£’m
Total
equity
£’m
Balance at 1 January 2023 (as previously stated)
6.8
187.9
6.2
54.3
255.2
Restatement
–
–
–
(5.4)
(5.4)
Balance at 1 January 2023 (restated)
6.8
187.9
6.2
48.9
249.8
Profit for the year
–
–
–
9.9
9.9
Other comprehensive loss for the year
–
–
(0.1)
–
(0.1)
Total comprehensive (loss)/income for the year
–
–
(0.1)
9.9
9.8
Transactions with owners:
Dividends
–
–
–
(9.1)
(9.1)
Share-based payment
–
–
(0.5)
–
(0.5)
Deferred tax on share-based payment
–
–
(0.2)
–
(0.2)
Transfers*
–
–
(3.3)
3.3
–
Purchase of treasury shares
–
–
(0.6)
–
(0.6)
Disposal of treasury shares
–
–
1.5
(1.4)
0.1
Balance at 31 December 2023 (restated)
6.8
187.9
3.0
51.6
249.3
Balance at 1 January 2024
6.8
187.9
3.0
51.6
249.3
Profit for the year
–
–
–
14.2
14.2
Other comprehensive loss for the year
–
–
0.1
–
0.1
Total comprehensive income for the year
–
–
0.1
14.2
14.3
Transactions with owners:
Dividends
–
–
–
(7.3)
(7.3)
Share-based payment
–
–
1.3
–
1.3
Transfers*
–
–
(3.2)
3.2
–
Purchase of treasury shares
–
–
(2.6)
–
(2.6)
Disposal of treasury shares
–
–
0.2
(0.2)
–
Balance at 31 December 2024
6.8
187.9
(1.2)
61.5
255.0
*	
In 2024 a net amount of £3.2m (2023 £3.3m) was reclassified from share-based payments reserve to retained earnings in respect of lapsed and exercised options. 
Refer to pages 128 to 129 for details of the restatement.
126
Restore plc Annual Report 2024
Financial Statements

Parent Company statement of cash flows
For the year ended 31 December 2024
Note
Year ended
31 December
2024 
£’m
Year ended
31 December
2023 
£’m
Cash generated from operating activities
49
65.6
48.4
Net finance costs
(12.8)
(11.5)
Income taxes paid
(4.5)
(5.0)
Net cash generated from operating activities
48.3
31.9
Cash flows from investing activities
Purchase of property, plant and equipment and applications software
36, 37
(9.5)
(7.2)
Purchase of trade and assets
36
(0.5)
–
Net intercompany loan drawdown
41, 42, 44
–
8.2
Net cash generated from investing activities
(10.0)
1.0
Cash flows used in financing activities
Dividends paid
(7.3)
(9.1)
Purchase of treasury shares
(2.6)
(0.6)
Proceeds from disposal of treasury shares
–
0.1
Repayment of revolving credit facility
(27.0)
(48.0)
Drawdown of revolving credit facility
–
10.0
Drawdown of US Private Placement notes facility
–
25.0
Lease principal repayments
(15.8)
(12.4)
Net cash used in financing activities
(52.7)
(35.0)
Net decrease in cash and cash equivalents
(14.4)
(2.1)
Cash and cash equivalents at start of year
11.6
13.7
Cash and cash equivalents at end of year1
43
(2.8)
11.6
1	
Cash and cash equivalents at end of year include overdraft of £3.2m (2023: nil) (refer to note 43).
Restore plc Annual Report 2024
Financial Statements
127

Parent Company material accounting policies 
For the year ended 31 December 2024
Basis of preparation
The Parent Company financial statements of Restore plc have been prepared in accordance with UK-adopted International Accounting 
Standards and with the requirements of the Companies Act 2006.
The financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities and share options 
which are held at fair value. The accounting policies have been consistently applied, other than where new policies have been adopted. The 
preparation of financial statements in conformity with IFRS requires the use of certain accounting estimates. It also requires management 
to exercise its judgement in the process of applying the Group’s accounting policies.
The Parent Company financial statements are presented in pounds sterling and, unless stated otherwise, shown in pounds million to one 
decimal place.
The Directors consider that the accounting policies as shown on pages 88 to 94 are appropriate for the Parent Company financial 
statements, are supported by reasonable judgements and estimates and have been consistently applied except where stated below.
Going concern
The going concern basis has been applied in these financial statements.
The going concern position is discussed further in the Consolidated financial statements of the Group on page 88 and applies to the 
Parent Company.
Parent Company profit and loss account
In accordance with section 408 of the Companies Act 2006 the Parent Company is exempt from the requirement to present its own profit 
and loss account. The results for the financial year of the Parent Company are given on page 125 of the financial statements.
Investment in subsidiaries
Investments in subsidiaries are held at cost less accumulated impairment losses.
Prior year restatement
IFRS 16 leases
In 2024 it was noted that a small number of leases had not been appropriately recorded in prior periods. The right of use assets and lease 
liabilities have therefore been restated as at 31 December 2023 to appropriately record these transactions. There is no profit impact to the 
reported 2023 numbers as the adjustments relate to preceding periods. The opening balance in note 38 has also therefore been restated.
128
Restore plc Annual Report 2024
Financial Statements

Parent Company statement of financial position
As reported
31 December
2023
£’m
Impact of
restatement
31 December
2023
£’m
Restated
31 December
2023
£’m
Non-current assets
Right of use assets
67.7
13.6
81.3
Current liabilities
Lease liabilities
(13.2)
(1.1)
(14.3)
Non-current liabilities
Lease liabilities
(60.6)
(17.9)
(78.5)
Equity
Retained earnings
57.0
(5.4)
51.6
The restatement did not result in any change to reported profit or cash flows reported in 2023.
The impact on the opening Parent Company statement of financial position as at 1 January 2023 has been restated as follows:
Parent Company statement of financial position
As reported
31 December
2022
£’m
Impact of
restatement
31 December
2022
£’m
Restated
31 December
2022
£’m
Non-current assets
Right of use assets
79.3
5.5
84.8
Current liabilities
Lease liabilities
(13.1)
0.3
(12.8)
Non-current liabilities
Lease liabilities
(70.5)
(11.2)
(81.7)
Equity
Retained earnings
54.3
(5.4)
48.9
Adoption of new and revised standards
The following new standards and amendments to standards were effective for the first time during the financial year: Classification of 
Liabilities as Current or Non-Current (Amendments to IAS 1), Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), Non-Current 
Liabilities with Covenants (Amendments to IAS 1), Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). These new standards 
and amendments to standards did not have a material effect on the financial statements.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory 
for 31 December 2024 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations 
are not expected to have a material impact on the entity in the current or future reporting periods an on foreseeable future transactions. 
Notes to the Parent Company financial statements 
For the year ended 31 December 2024
Restore plc Annual Report 2024
Financial Statements
129

36. Intangible assets
Goodwill
£’m
Customer
relationships
£’m
Applications
software IT
£’m
Total 
£’m
Cost
1 January 2023
106.7
103.5
5.5
215.7
Additions – external
–
–
0.1
0.1
Addition arising on hive-up
0.9
–
–
0.9
31 December 2023
107.6
103.5
5.6
216.7
Additions – external
–
0.5
–
0.5
31 December 2024
107.6
104.0
5.6
217.2
Accumulated amortisation and impairment
1 January 2023
3.8
27.8
4.1
35.7
Charge for the year
–
5.3
0.6
5.9
31 December 2023
3.8
33.1
4.7
41.6
Charge for the year
–
5.5
0.7
6.2
31 December 2024
3.8
38.6
5.4
47.8
Carrying amount
31 December 2024
103.8
65.4
0.2
169.4
31 December 2023
103.8
70.4
0.9
175.1
Amortisation is charged to profit or loss as an administrative expense.
On 18 January 2023 the trade and assets of the Document Warehouse were transferred to Restore plc. 
The changes to goodwill during the year were as follows:
£’m
Cost
1 January 2023
106.7
Hive up – The Document Warehouse
0.9
31 December 2023
107.6
31 December 2024
107.6
Accumulated impairment
1 January 2023 and 31 December 2023
3.8
1 January 2024 and 31 December 2024
3.8
Carrying amount 
31 December 2024
103.8
31 December 2023
103.8
Annual test for impairment
Goodwill is tested annually for impairment, or more frequently if there are indicators that an impairment may be required. For the purpose 
of impairment testing, goodwill, other intangibles assets, property, plant and equipment and right of use assets are allocated to CGUs which 
represent the smallest identifiable group of assets that generate cash inflows from continuing use. The recoverable amount of each CGU 
is determined from value-in-use calculations. The calculations use pre-tax cash flow projections based on financial budgets and forecasts 
approved by the Directors.
An impairment review was conducted over the residual carrying values including downside scenario modelling, which indicated that no 
impairment was required. The year-end model utilises forecasts based upon the Group’s FY25 budget and 5 year-plan through to FY29. 
Terminal cash flows are based on the Group’s FY29 projections assumed to grow perpetually at 2%. In accordance with IAS 36, the growth 
rates for beyond the initially forecast years do not exceed the long-term average growth rate for the industry. The forecasts have been 
discounted using a pre-tax discount rate of 11.9% (2023: 11.9%).
Notes to the Parent Company financial statements continued
130
Restore plc Annual Report 2024
Financial Statements

A summary of the management’s base case value-in-use calculation, including key assumptions, is set out below:
Base case value-in-use calculation summary
FY24 to 
FY29 
revenue
compound
annual 
growth 
rate (%)
FY24 to
FY29 EBIT
compound
annual 
growth 
rate (%)
FY24 to 
FY29 EBIT
margin 
growth 
(bps)
Discount 
rate (%)
Carrying 
value of 
assets 
(£’m)
Headroom
 (£’m)
Headroom 
as % of asset
carrying 
value (%)
NPV of
terminal year
cash flows 
into 
perpetuity 
as % of
value-in-use
calculation 
(%)
Records Management
2.8%
3.3%
80
11.9%
340.9
204.5
60.0%
57.0%
Sensitivity
The Parent Company has not identified any reasonable potential changes to key assumptions that would cause the carrying value of the 
remaining goodwill or intangible assets to exceed its recoverable amount and therefore no further sensitivity analysis has been completed.
37. Property, plant and equipment
Freehold 
land & buildings
£’m
Leasehold
improvements
£’m
Racking plant &
machinery
£’m
Office
equipment
fixtures &
fittings
£’m
Motor
vehicles
£’m
Total 
£’m
Cost
1 January 2023
31.4
20.5
32.8
5.0
0.1
89.8
Reclassification 
0.9
(0.1)
(0.8)
–
–
–
Additions
2.6
0.7
2.1
1.7
–
7.1
Transfer from subsidiary
4.0
–
0.1
–
–
4.1
31 December 2023
38.9
21.1
34.2
6.7
0.1
101.0
Additions
3.3
0.5
3.0
2.7
–
9.5
Disposals
–
(0.7)
(0.2)
–
–
(0.9)
31 December 2024
42.2
20.9
37.0
9.4
0.1
109.6
Accumulated depreciation
1 January 2023
3.3
8.2
15.2
2.8
0.1
29.6
Charge for the year
0.7
2.0
2.2
0.7
–
5.6
31 December 2023
4.0
10.2
17.4
3.5
0.1
35.2
Charge for the year
0.7
2.1
2.2
0.9
–
5.9
Disposals
–
(0.5)
–
–
–
(0.5)
31 December 2024
4.7
11.8
19.6 
4.4 
0.1 
40.6
Net book value
31 December 2024
37.5
9.1
17.4
5.0
–
69.0
31 December 2023
34.9
10.9
16.8
3.2
–
65.8
Capital expenditure contracted for but not provided in the financial statements is shown in note 53. 
Depreciation is charged to profit or loss as an administrative expense.
Restore plc Annual Report 2024
Financial Statements
131

38. Right of use assets
Leasehold 
Property
£’m
Motor 
Vehicles
£’m
Total
£’m
Cost
 
 
 
1 January 2023 (restated)
123.5
2.0
125.5
Additions (restated)
11.4
1.4
12.8
Disposals
(0.9)
(0.8)
(1.7)
31 December 2023 (restated)
134.0
2.6
136.6
Additions
24.2
1.3
25.5
Disposals
(15.2)
(0.9)
(16.1)
31 December 2024
143.0
3.0
146.0
Accumulated depreciation
1 January 2023
38.7
2.0
40.7
Charge for the year
15.3
0.7
16.0
Disposals
(0.6)
(0.8)
(1.4)
31 December 2023
53.4
1.9
55.3
Charge for the year
15.8
0.8
16.6
Disposals
(13.5)
(0.9)
(14.4)
31 December 2024
55.7
1.8
57.5
Net book value
31 December 2024
87.3
1.2
88.5
31 December 2023 (restated)
80.6
0.7
81.3
Refer to pages 128 to 129 for details of the restatement.
Notes to the Parent Company financial statements continued
132
Restore plc Annual Report 2024
Financial Statements

39. Investments
Shares in subsidiary undertakings
£’m
Cost
1 January 2023
136.3
Capital contribution – subsidiary share-base payment
0.3
Transferred to goodwill on hive-up of subsidiary
(0.9)
Transferred to assets on hive-up of subsidiary
(4.1)
Transferred to liabilities on hive-up of subsidiary
0.2
31 December 2023
131.8
Capital contribution – subsidiary share-base payment
0.5
31 December 2024
132.3
Accumulated impairment
1 January 2023 and 31 December 2023
41.1
1 January 2024 and 31 December 2024
41.1
Net book value
31 December 2024
91.2
31 December 2023
90.7
All fully owned trading companies and holding companies, excluding Harrow Green, have taken the exemption from audit under 
section 479A of the Companies Act 2006.
Dormant companies are exempt from filing financial statements under section 394 of the Companies Act 2006.
At 31 December 2024 the Parent Company held directly and indirectly equity and voting rights of the following undertakings:
Company
Class of holding
% held 
Country of incorporation
Nature of business
Holding company
Restore Group Holdings Limited1,2
Ordinary
100%
England and Wales
Holding
Information Management
All UK companies within this business unit are registered at Village Way, Bilston, Wolverhampton, England WV14 0UJ unless otherwise stated.
1 Big Data Management Limited1,2
Ordinary
100%
England and Wales
Dormant
The Document Warehouse (UK) Limited1,2
Ordinary
100%
England and Wales
Dormant
Wansdyke Security Limited1,2
Ordinary
100%
England and Wales
Dormant
Capture All Limited3
Ordinary
100%
Scotland
Information Management
Didata Limited
Ordinary
100%
England and Wales
Dormant
EDM Business Services Holdings Limited
Ordinary
100%
England and Wales
Dormant
EDM Group Limited
Ordinary
100%
England and Wales
Information Management
EDM Group (Holdings) Limited
Ordinary
100%
England and Wales
Holding
EDM Insurance Services Limited
Ordinary
100%
England and Wales
Dormant
EDM Records Management Limited
Ordinary
100%
England and Wales
Dormant
Filing Plus Limited
Ordinary
100%
England and Wales
Dormant
Filing Plus Group Limited
Ordinary
100%
England and Wales
Dormant
Rainbow BidCo Limited
Ordinary
100%
England and Wales
Holding
Rainbow HoldCo Limited
Ordinary
100%
England and Wales
Holding
Restore Digital Limited
Ordinary
100%
England and Wales
Information Management
Scan Image Solutions UK Limited
Ordinary
100%
England and Wales
Dormant
Sala Imaging Limited
Ordinary
100%
England and Wales
Dormant
Sala Integrated Information Management Limited
Ordinary
100%
England and Wales
Dormant
Restore plc Annual Report 2024
Financial Statements
133

Notes to the Parent Company financial statements continued
Company
Class of holding
% held 
Country of incorporation
Nature of business
Technology
All UK companies within this business unit are registered at Cardington Point, Telford Way, Bedford, MK42 0PQ unless otherwise stated.
€ Recycling Limited
Ordinary
100%
England and Wales
Dormant
Computer Disposals Limited
Ordinary
100%
England and Wales
Dormant
Euro-Recycling Limited
Ordinary
100%
England and Wales
Dormant
MAC2CASH Limited
Ordinary
100%
England and Wales
Dormant
PCBITZ.COM Limited
Ordinary
100%
England and Wales
Dormant
PRM Green Technologies Limited
Ordinary
100%
England and Wales
Dormant
Restore Technology Limited
Ordinary
100%
England and Wales
Technology
Secure IT Destruction LTD
Ordinary
100%
England and Wales
Dormant
Secure IT Disposals Limited
Ordinary
100%
England and Wales
Dormant
The Bookyard LTD
Ordinary
100%
England and Wales
Dormant
Ultraerase Limited2
Ordinary
100%
England and Wales
Dormant
Ultratec Limited
Ordinary
100%
England and Wales
Technology
Ultratec (Holdings) Limited
Ordinary
100%
England and Wales
Holding
Ultratest Solutions Limited
Ordinary
100%
England and Wales
Technology
Ultrarecycle Limited
Ordinary
100%
England and Wales
Technology
Datashred
All UK companies within this business unit are registered at Optima Park, Unit 4 Thomas Road, Dartford, England, DA1 4QX unless otherwise stated.
Data Shred Limited1,2
Ordinary
100%
England and Wales
Dormant
ID Secured Limited1,2
Ordinary
100%
England and Wales
Dormant
Restore Datashred Limited
Ordinary
100%
England and Wales
Shredding services
Restore Shred Limited1,2
Ordinary
100%
England and Wales
Dormant
Safe-Shred UK Limited
Ordinary
100%
England and Wales
Dormant
Harrow Green
All UK companies within this business unit are registered at 2 Oriental Road, Silvertown, London, E16 2BZ.
Harrow Green Limited
Ordinary
100%
England and Wales
Relocation
CAMA Workspace Limited
Ordinary
100%
England and Wales
Dormant
Other investments
Except as stated, all companies within this section are registered at 52 Burners Lane, Kiln Farm, Milton Keynes, MK11 3HD.
Ink and Toner Recycling LTD
Ordinary
40%
England and Wales
Remediation and waste 
management services
International Technology Products (UK) Limited
Ordinary
40%
England and Wales
Waste and scrap wholesale
International Technology Products GmbH4
Ordinary
40%
England and Wales
Printer cartridge recycling
ITP Group Holdings Limited
Ordinary
40%
England and Wales
Head office activities
Office Green Limited
Ordinary
40%
England and Wales
Waste and scrap wholesale
Peabody QED Thurrock Management Limited5
Ordinary
33%
England and Wales
Management of real estate
Takeback Limited
Ordinary
40%
England and Wales
Waste and scrap wholesale
1	
Held directly.
2	
The registered address is 2nd Floor 7 - 10 Chandos Street, London, United Kingdom, W1G 9DQ.
3	
The registered address is 1 Dewar Square, Deans, Livingston EH54 8SA.
4	
The registered address is Vogesenstrasse 1, Stockstadt am Main, Bavaria, 63811, Germany.
5	
The registered address is 2nd Floor Butler House, 177-178 Tottenham Court Road, London, England W1T 7AF.
134
Restore plc Annual Report 2024
Financial Statements

40. Inventories
2024
£’m
2023
£’m
Finished goods and goods for resale
0.4
0.5
£2.1m (2023: £3.1m) of inventories were recognised as an expense in cost of sales in the year.
41. Trade and other receivables
2024
£’m
2023
£’m
Due in less than one year: 
Trade receivables
17.9
17.0
Less: Loss allowance
(0.5)
(0.4)
Trade receivables – net
17.4
16.6
Amounts due from Group undertakings
99.1
101.8
Other receivables
0.2
1.5
Prepayments
4.9
7.1
Contract assets
3.9
3.6
125.5
130.6
Due after more than one year:
Contract assets
4.6
5.2
4.6
5.2
*The average credit period is 50 days (2023: 50 days).
Trade receivables are stated net of allowance for estimated credit losses and provisions for sales credit notes and customer rebates. An 
allowance has been made for estimated credit losses from trade receivables of £0.5m at 31 December 2024 (2023: £0.4m).
Movement in the allowance for expected credit losses
An ECL model in accordance with IFRS 9 has been applied to the Group’s trade receivables. The Group have utilised a simplified approach 
which is permitted by the standard, which applies a credit risk percentage based upon historical risk of default against receivables that are 
grouped into age brackets. The Group has a low credit risk on its trade receivables and historic defaults.
Movement in loss allowance
2024
£’m
2023
£’m
1 January
0.4
–
Created in the year
0.1
0.4
31 December
0.5
0.4
The expected loss rates have been assessed based on the payment profiles of sales over the period to 31 December 2024, the availability of credit 
insurance and the historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward- 
looking information on macroeconomic factors affecting the ability of the customers to settle the receivables and any change in the credit quality 
of the trade receivable from the date credit was initially granted up to the reporting date and makes a provision for impairment accordingly. 
In calculating ECLs, a loss is either a debt written off or overdue by more than 12 to 24 months depending on the business and/or expected 
likelihood of recovery. Debts are generally written off following official notice of insolvency, conclusion of legal proceedings or when there is no 
reasonable expectation of recovery. ECL provisions have been adjusted where relevant to take account of experience during the year and forward 
looking information. 
Restore plc Annual Report 2024
Financial Statements
135

Notes to the Parent Company financial statements continued
31 December 2024
< 30 days
£’m
30-60 days
£’m
61-90 days
£’m
> 91 days
£’m
Total
£’m
ECL rate
0.6%
4.1%
7.1%
12.9%
2.7%
Total gross carrying amount
11.3
4.2
1.0
1.4
17.9
ECL
(0.1)
(0.1)
(0.1)
(0.2)
(0.5)
31 December 2023
< 30 days
£’m
30-60 days
£’m
61-90 days
£’m
> 91 days
£’m
Total
£’m
ECL rate
0.4%
0.8%
7.7%
32.4%
2.1%
Total gross carrying amount
9.9
5.5
0.9
0.7
17.0
ECL
–
(0.1)
(0.1)
(0.2)
(0.4)
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value. 
Contract assets
2024
£’m
2023
£’m
Contract assets
8.5
8.8
42. Trade and other payables
2024
£’m
2023
£’m
Trade payables
3.5
7.9
Amount due to Group undertakings
0.3
1.2
Other taxation and social security
2.9
3.7
Other payables
0.2
0.2
Accruals
8.5
6.9
Contract liabilities
2.7
2.1
18.1
22.0
The Parent Company has financial risk management policies in place to ensure that all payables are paid within the credit time frame. Trade 
and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period for trade 
purchases is 25 days (2023: 55 days).
Contract liabilities
2024
£’m
2023
£’m
Contract liabilities 
2.9
2.5
£0.2m (2023: £0.4m) of contract liabilities are due after one year, refer to note 44.
43. Financial liabilities – borrowings
2024
£’m
2023
£’m
Current:
Overdraft facility
3.2
–
Non-current:
Bank loans – secured
70.0
97.0
Other loans – secured
25.0
25.0
Deferred financing costs
(1.2)
(1.5)
Total non-current borrowings
93.8
120.5
Total borrowings
97.0
120.5
136
Restore plc Annual Report 2024
Financial Statements

At 31 December 2024 the Parent Company’s financing arrangements comprise a £125m RCF (due 30 April 2027) including a carved out 
£10m overdraft facility with Barclays Bank plc and £25m of USPP fixed rate secured notes (due 28 March 2028). The RCF includes an 
accordion which the Parent Company can exercise to increase the facility by up to a further £25m. £70m of drawn RCF debt and £25m of 
USPP fixed rate secured notes was outstanding at year end. The Parent Company utilised £3.2m of the overdraft facility at 31 December 
2024. Committed but undrawn borrowings at 31 December 2024 amounted to £51.8m including £6.8m of unutilised overdraft. 
The RCF borrowings are subject to a floating interest rate, at SONIA, plus credit adjusted spread and a margin of 1.80% which can vary 
depending on the leverage the Parent Company.
In 2024 the Parent Company has made the following changes to its financing arrangements. There was no material financial cost involved 
in executing these transactions.
	›
voluntarily cancelled £75m of the RCF, decreasing the RCF from £200m to £125m;
	›
extended the RCF to 30 April 2027; and
	›
entered into a £10m overdraft facility with Barclays Bank plc.
At 31 December 2023 the Parent Company’s financing arrangements comprised a £200m RCF (due 30 April 2026) and £25m of USPP fixed 
rate secured notes (due 28 March 2028). The RCF included an additional £25m uncommitted accordion and overdraft facility of £1.5m with 
Barclays Bank plc. £97m of drawn RCF debt and £25m of USPP fixed rate secured notes was outstanding at 31 December 2023.  Committed 
but undrawn borrowings at 31 December 2023 amounted to £103m. £1.5m of the overdraft facility was unutilised.
The interest rate profile and an analysis of borrowings is given in note 45.
Under the borrowings facilities the Parent Company was required to meet quarterly covenant tests in respect of interest cover and leverage. 
All covenant tests were met during the year.
Analysis of net debt
2024
£’m
2023
£’m
Cash at bank and in hand
0.4
11.6
Borrowings due within one year
(3.2)
–
Borrowings due after one year
(93.8)
(120.5)
(96.6)
(108.9)
44. Other financial liabilities
2024
£’m
2023
Restated
£’m
Financial liabilities – present value of lease liabilities
Repayable by instalments:
In less than one year
13.1
14.3
In two to five years
38.4
39.4
More than five years
50.0
39.1
101.5
92.8
Refer to pages 128 to 129 for details of the restatement. 
2024
£’m
2023
£’m
Amount due to Group undertakings 
44.4
33.6
Contract liabilities
0.2
0.4
44.6
34.0
Restore plc Annual Report 2024
Financial Statements
137

Notes to the Parent Company financial statements continued
45. Financial instruments
The Parent Company’s financial instruments comprise cash at bank, borrowings and various other receivable and payable balances that 
arise from its operations. The main purpose of these financial instruments is to finance the Parent Company operations.
2024
£’m
2023
£’m
Financial assets at amortised cost:
Other receivables
0.2
1.5
Trade receivables and accrued income
18.7
17.7
Amounts due from Group undertakings
99.1
101.8
Cash at bank and on hand
0.4
11.6
Total 
118.4
132.6
The Directors consider that the fair values of cash at bank and on hand and trade receivables approximate their carrying value, largely due to the 
short-term maturities of these instruments. The fair value is not significantly different to the carrying amount.
As at 31 December 2024 trade receivables of £2.1m (2023: £1.3m) were past due but not impaired.
These relate to a number of independent customers with no recent history of default. The ageing analysis of these trade receivables is as follows:
2024
£’m
2023
£’m
60–90 days
0.9
0.8
Greater than 90 days
1.2
0.5
2024
£’m
2023
Restated
£’m
Financial liabilities at amortised cost:
Trade payables and accruals
12.0
15.0
Amounts due to Group undertakings
44.7
34.8
Borrowings (including deferred financing costs)
97.0
120.5
Lease liabilities
101.5
92.8
Total
255.2
263.1
2023 has been restated to reflect the relevant adjustments on pages 128 to 129.
The Directors consider that the fair values of trade payables and accruals approximate to their carrying value due to their short-term nature.
Financial risk management
The Parent Company’s finance and treasury policies set out the Group’s approach to managing treasury risk. The objectives of the 
Group’s financial risk management policies are to ensure sufficient liquidity to meet the Group’s operational and strategic needs and the 
management of financial risk at optimal cost.
The Parent Company is exposed to credit risk, liquidity risk and interest rate risk. The Board oversees the management of these risks 
through implementation of the Group treasury policy which drives the activities of the Group Treasury Function and who report to the 
Board on a regular basis.
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Parent Company. 
Trade receivable credit exposure is controlled by counterparty limits that are set, reviewed and approved by operational management on a 
regular basis.
Trade receivables consist of a large number of typically small to medium sized customers, spread across a number of different market 
sectors and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable and to determine 
whether the credit risk has increased since initial recognition. Where appropriate, credit guarantee insurance cover is purchased.
The Parent Company does not have any significant credit risk exposure to any single customer, with no single customer representing more 
than 3% of the Parent Company’s revenue.
138
Restore plc Annual Report 2024
Financial Statements

Liquidity risk management
Liquidity risk is the risk that the Parent Company is unable to meet its financial obligations as they fall due. In order to minimise this risk, 
the Parent Company seeks to balance certainty of funding and a flexible, cost-effective borrowing structure. The key sources of finance 
are the RCF and USPP facility providing the Parent Company with £150m of facilities as at 31 December 2024. Should it be needed, the RCF 
includes an accordion which the Parent Company can exercise to increase by up to a further £25m. The Parent Company also maintains 
cash balances which are more than sufficient to meet the requirements of the working capital cycle taking into account the seasonality of 
the business. In March 2024, the Parent Company enacted changes to its financing arrangements in order to more appropriately match the 
facilities to the Parent Company’s needs. Refer to page 137 for more details.
To manage liquidity risk the Parent Company prepares and reviews rolling monthly cash flow forecasts, actual cash and debt positions 
along with available facilities and headroom. In addition, full annual forecasts are prepared including cash flow and headroom forecasts. 
The Parent Company is in a good liquidity position and at 31 December 2024 held cash of £0.4m (2023: £11.6m), had £45m (2023: £103.0m) 
of undrawn debt from the RCF and £6.8m of unutilised overdraft (2023: £1.5m).
Interest rate risk management
The Parent Company has exposure to movements in interest rates on its outstanding floating interest rate RCF debt. To reduce this risk the 
Parent Company monitors its mix of fixed and floating rate debt and, if required, uses derivative financial instruments to manage this mix. 
In 2023, the Parent Company entered into interest rate swap arrangements to swap a portion (£25m) of the floating interest rate debt with 
fixed rate debt on a 12 month tenor. The swap expired on 31 July 2024. The Parent Company also has a £25m fixed rate, 5 year term debt 
arrangement under the USPP facility.
Currency and interest rate risk profile of financial liabilities
The currency and interest rate risk profile of the Parent Company’s gross borrowings for the year was:
Currency
Total
£’m
Floating
rate financial
liabilities
£’m
Weighted
average
 interest rates
%
Sterling at 31 December 2024
97.0
72.0
6.9
Sterling at 31 December 2023
120.5
95.5
6.6
Interest rate sensitivity
At 31 December 2024, if interest rates had been 50 basis points higher and all other variables were held constant, it is estimated that the 
Parent Company’s profit before tax would be approximately £0.4m lower (2023: £0.5m). This is mainly attributable to the Parent Company’s 
exposure to interest rates on its variable rate borrowings and is based on the change taking place at the beginning of the financial year and 
held constant throughout the year.
Financial assets recognised in the statement of financial position and interest rate profile
All financial assets are short-term receivables and cash at bank. The cash at bank earns interest based on the variable bank base rate and is 
held with Barclays Bank plc.
Maturity of financial liabilities
The maturity profile of the carrying amount of the Parent Company’s financial liabilities was as follows:
2024
Carrying
amounts
£’m
Contractual 
cash flows
£’m
Within one year
£’m
Between two 
and five years
£’m
Five years 
or more
£’m
Trade payables and accruals
12.0
12.0
12.0
-
-
Amounts due to Group undertakings
44.7
44.7
0.3
44.4
-
Borrowings
97.0
97.0
3.2
93.8
-
Lease liabilities
101.5
132.9
15.4
51.5
66.0
255.2
286.6
30.9
189.7
66.0
Restore plc Annual Report 2024
Financial Statements
139

Notes to the Parent Company financial statements continued
2023
Carrying
amounts
£’m
Contractual 
cash flows
£’m
Within one year
£’m
Between two 
and five years
£’m
Five years 
or more
£’m
Trade payables and accruals
15.0
15.0
15.0
-
-
Amounts due to Group undertakings
34.8
34.8
1.2
33.6
-
Borrowings
120.5
120.5
-
120.5
-
Lease liabilities
92.8
117.1
17.3
49.4
50.4
263.1
287.4
33.5
203.5
50.4
The 2023 balances have been restated to reflect the relevant adjustments on page 128 to 129.
Borrowing facilities
At 31 December 2024 the Parent Company’s financing arrangements comprise a £125m RCF (due 30 April 2027) including a carved out 
£10m overdraft and £25m of USPP fixed rate secured notes (due 28 March 2028). £70m of drawn RCF debt and £25m of USPP fixed rate 
secured notes was outstanding at year end. The Parent Company utilised £3.2m of the overdraft facility at 31 December 2024. Committed 
but undrawn borrowings at 31 December 2024 amounted to £51.8m including £6.8m of unutilised overdraft.
The RCF borrowings are subject to a floating interest rate, at SONIA, plus credit adjusted spread and a margin of 1.80% which can vary 
depending on the leverage the Parent Company.
In 2024, Parent Company has made the following changes to its financing arrangements. There was no material financial cost involved in 
executing these transactions:
	›
voluntarily cancelled £75m of the RCF, decreasing the RCF from £200m to £125m;
	›
extended the RCF to 30 April 2027; and
	›
entered into a £10m overdraft facility with Barclays Bank plc.
At 31 December 2023 the Parent Company’s financing arrangements comprised a £200m RCF (due 30 April 2026) and £25m of USPP fixed 
rate secured notes (due 28 March 2028). The RCF included an additional £25m uncommitted accordion and overdraft facility of £1.5m with 
Barclays Bank plc. £97m of drawn RCF debt and £25m of USPP fixed rate secured notes was outstanding at 31 December 2023. Committed 
but undrawn borrowings at 31 December 2023 amounted to £103m. £1.5m of the overdraft facility was unutilised.
All of the Parent Company’s borrowings are currently in sterling.
Fair values of financial assets and financial liabilities
Excluding the USPP fixed rate notes, the Parent Company’s financial assets and liabilities bear floating interest rates and are relatively short-
term in nature. In the opinion of the Directors the book values of the assets and liabilities equate to their fair value.
At 31 December 2023 the Parent Company held interest rate swaps to hedge a portion of its exposure to interest rate risks arising from 
financing activities. The fair value of derivative financial instruments was derived from “mark-to-market” valuations obtained from the 
Parent Company’s relationships with banks. As at 31 December 2023 the fair value of outstanding interest rate swaps was £0.1m. The swap 
expired on 31 July 2024.
46. Deferred tax
Summary of balances
2024
£’m
2023
£’m
Deferred tax liabilities 
(22.2)
(22.7)
Deferred tax asset
1.9
2.0
Net position at 31 December
(20.3)
(20.7)
Corporation tax for the year ended 31 December 2024 is calculated at the UK corporate tax rate of 25.0% (2023: 23.5%) of the estimated taxable 
profit for the year.
140
Restore plc Annual Report 2024
Financial Statements

The movement in the year in the Parent Company’s net deferred tax position is as follows:
2024
£’m
2023
£’m
1 January
(20.7)
(20.3)
Credit/(charge) to profit or loss for the year
0.4
(0.2)
Tax charge directly to equity
–
(0.2)
31 December
(20.3)
(20.7)
The following are the major deferred tax liabilities and assets recognised by the Parent Company and the movements thereon during the 
year:
Deferred taxation
Assets
2024
£'m
Liabilities
2024
£'m
(Liabilities)/
assets
2024
£'m
Property, plant and equipment
–
(5.9)
(5.9)
Share based payments
0.2
_
0.2
Intangibles
–
(16.3)
(16.3)
IFRS 16
1.6
–
1.6
Other
0.1
–
0.1
Assets / (liabilities)
1.9
(22.2)
(20.3)
Assets
2023
£'m
Liabilities
2023
£'m
(Liabilities)/
assets
2023
£'m
Property, plant and equipment
–
(5.1)
(5.1)
Share based payments
–
–
–
Intangibles
–
(17.6)
(17.6)
IFRS 16
2.0
–
2.0
Assets / (liabilities)
2.0
(22.7)
(20.7)
The Parent Company has no unrecognised deferred tax balances relating to cumulative tax losses and other deductible temporary 
differences. At the balance sheet date, no deferred tax liability is recognised on temporary differences associated with investments and 
subsidiaries on the basis the Parent Company is in a position to control the timing of the reversal of these temporary differences, it is 
probable that they will not reverse in the foreseeable future and ultimately no tax liabilities are expected to arise as a result of their reversal.
Restore plc Annual Report 2024
Financial Statements
141

Notes to the Parent Company financial statements continued
Analysis of net deferred tax assets and liabilities
1 January
2024
£'m
Recognised
in profit
£'m
Recognised
in equity
£'m
31 December
2024
£'m
Property, plant and equipment
(5.1)
(0.8)
–
(5.9)
Share based payments
–
0.2
–
0.2
Intangibles
(17.6)
1.3
–
(16.3)
IFRS 16
2.0
(0.4)
–
1.6
Other
–
0.1
–
0.1
(20.7)
0.4
–
(20.3)
1 January
2023
£'m
Recognised
in profit
£'m
Recognised
in equity
£'m
31 December
2023
£'m
Property, plant and equipment
(4.9)
(0.2)
–
(5.1)
Share based payments
0.9
(0.7)
(0.2)
–
Intangibles
(18.5)
0.9
–
(17.6)
IFRS 16
2.2
(0.2)
–
2.0
(20.3)
(0.2)
(0.2)
(20.7)
47. Provisions
2024
£’m
2023
£’m
1 January 
15.6
13.5
Additional provision
3.7
5.3
Utilised
(2.1)
–
Released
(6.0)
(3.2)
31 December
11.2
15.6
The balance above represents dilapidation provisions which relate to the future anticipated costs to restore leased properties into their 
original state at the end of the lease term. Estimates are stated at nominal value because the impact of discounting is not material. An 
increase in costs of 5% per square foot across the portfolio, would result in an increase in the provision of £0.2m.
Provisions are analysed as follows:
2024
£’m
2023
£’m
Current
3.5
3.2
Non-current
7.7
12.4
Total
11.2
15.6
142
Restore plc Annual Report 2024
Financial Statements

48. Share capital
2024
£’m
2023
£’m
Authorised:
199,000,000 (2023: 199,000,000) ordinary shares of 5p each
10.0
10.0
Allotted, issued and fully paid:
136,924,067 (2023: 136,924,067) ordinary shares of 5p each
6.8
6.8
The issued ordinary share capital is as follows:
Date
Number of
ordinary
shares
31 December 2023
136,924,067
31 December 2024
136,924,067
No ordinary shares were issued during the year (2023: no ordinary shares) to fund the Group’s Employee Benefit Trust in order to settle 
some of the Group’s share options which were exercised during the year.
49. Cash generated from operating activities
 
2024
£’m
2023
£’m
Profit before tax
19.3
11.0
Depreciation of property, plant and equipment and right-of-use assets
22.5
21.6
Amortisation of intangible assets
6.2
5.9
Net finance costs
8.8
8.6
Share-based payments charge/(credit) (including related NI)
1.2
(0.5)
Share-based payment settlement
(0.2)
(0.6)
Loss on disposal of fixed assets
0.4
–
Decrease in inventories
0.1
0.3
Decrease/(increase) in trade and other receivables
4.4
(5.3)
Increase in trade and other payables
2.9
7.4
Cash generated from operating activities
65.6
48.4
50. Share-based payments
Details of the share-based payments are given in note 30.
51. Dividends
Details of dividends are given in note 11.
Restore plc Annual Report 2024
Financial Statements
143

Notes to the Parent Company financial statements continued
52. Directors and employees
Staff costs during the year
2024
£’m
2023
£’m
Wages and salaries
 32.0 
32.6
Social security costs
 3.2 
3.3
Other pension costs
 1.0 
1.0
Share-based payments charge/(credit) (including related NI)
 1.1 
(0.5)
 37.3 
36.4
Average monthly number of employees during the year
2024
Number
2023
Number
Directors
2
2
Management
11
17
Administration
139
159
Operatives
772
800
924
978
Key management compensation
2024
£’m
2023
£’m
Short-term employment benefits
4.5
4.9
Social security costs
0.7
0.6
Post employment benefits
0.2
0.2
Other benefits
0.1
0.1
Share-based payments charge (including related NI)
0.7
(0.5)
6.2
5.3
Key management personnel of the Parent are considered to be the executive and non-executive directors and management attending 
senior leadership team meetings. Further information about the remuneration of individual directors (including the highest paid director) is 
provided in the audited section of the Directors’  Remuneration Report on page 67.
The prior year numbers in the table above have been represented to ensure consistent presentation with the disclosure in 2024.
53. Capital commitments
Capital expenditure
2024
£’m
2023
£’m
Contracted for but not provided in the financial statements
1.2
0.3
54. Contingent liabilities
The Parent Company has entered into a bank cross guarantee. The guarantee amounts to £89.0m at 31 December 2024 (2023: £97.8m). The 
assets of the Parent Company are pledged as security for the borrowings, by way of a fixed and floating charge.
As at the balance sheet date, the Parent Company had outstanding obligations under customer guarantees and claims of up to £nil (2023: £nil).
As disclosed within note 39, subsidiary undertakings that are fully owned trading companies and holding companies have taken exemption 
available under Section 479A of the Companies Act 2006 in respect of the requirement for audit. As a condition of the exemption, the 
Parent Company has guaranteed the year end liabilities of the entity until they are settled in full.
In the ordinary course of our business the Parent Company is exposed to the risk of legal, tax and other exposures. Where costs are likely to 
arise in defending and concluding such matters, and these costs can be measured reliably, they are provided for in the financial statements.
144
Restore plc Annual Report 2024
Financial Statements

55. Related party transactions and controlling party
Transactions with related parties
The following transactions occurred with related parties
 
2024
£’m
2023
£’m
Sales and purchases of services
Provision of management services and sales to subsidiary
7.1
5.3
Purchases from subsidiary undertakings
(2.2)
(2.2)
Interest charges and payments
Net interest charges to subsidiaries
4.2
4.1
56. Post balance sheet event
Details of post balance sheet events are given in note 35.
Restore plc Annual Report 2024
Financial Statements
145

Other  
Information
In this section
Notice of Annual General Meeting	
147
Officers and advisers	
Inside back cover
Trading record	
Inside back cover
Financial calendar	
Inside back cover
Restore plc Annual Report 2024
Other Information
Restore plc Annual Report 2024
146

Restore plc
Notice is hereby given that the Annual General Meeting of Restore 
plc (the “Company”) will be held at the offices of Canaccord Genuity 
Limited, 88 Wood Street, London, EC2V 7QR on 13 May 2025 at 
1.00pm for the following purposes:
Ordinary business
1.	
To receive the Company’s annual report and accounts for the 
financial year ended 31 December 2024, together with the 
Directors’ report and the auditors’ report on those accounts.
2.	
To approve, on an advisory basis only, the Remuneration 
Report contained on pages 65 to 72 of the Company’s annual 
report and accounts for the financial year ended 31 December 
2024. 
3.	
To re-appoint PricewaterhouseCoopers LLP as auditors to the 
Company to hold office from the conclusion of the meeting 
until the conclusion of the next annual general meeting at 
which annual report and accounts are laid.
4.	
To authorise the Directors to set the auditors’ remuneration.
5.	
To re-appoint Charles Skinner, who retires pursuant to the 
Company’s articles of association, as a Director of the Company.
6.	
To re-appoint Dan Baker, who retires pursuant to the Company’s 
articles of association, as a Director of the Company.
7.	
To re-appoint Jamie Hopkins, who retires by rotation pursuant 
to the Company’s articles of association, as a Director of the 
Company.
8.	
To re-appoint Susan Davy, who retires by rotation pursuant to the 
Company’s articles of association, as a Director of the Company.
9.	
To re-appoint Lisa Fretwell, who retires by rotation pursuant 
to the Company’s articles of association, as a Director of the 
Company.
10.	 To appoint Patrick Butcher as a Director of the Company.
11.	 To declare a final dividend of 3.8 pence per ordinary share in 
respect of the year ended 31 December 2024. This dividend will 
be paid on 18 July 2025 to the holders of ordinary shares at 6pm 
on 13 June 2025 (the ex-dividend date being 12 June 2025).
Special business
As special business, to consider and, if thought fit, to pass the 
following resolutions which will be proposed as to resolution 12 as 
an ordinary resolution and as to resolutions 13, 14 and 15 as special 
resolutions:
12.	 That the Directors be and they are hereby generally and 
unconditionally authorised in substitution for all existing 
authorities (but without prejudice to any allotment of shares 
or grant of rights already made, offered or agreed to be made 
pursuant to such authorities) to exercise all the powers of the 
Company to allot equity securities (as defined in section 560 
of the Companies Act 2006 (the “Act”)) up to an aggregate 
nominal amount of £2,282,067.75 (being 45,641,355 ordinary 
shares of 5 pence each) provided that this authority shall, 
unless renewed, expire at the conclusion of the next annual 
general meeting of the Company after the passing of this 
resolution or if earlier on the date which is 15 months after the 
date of this annual general meeting, except that the Company 
may before such expiry make offers or agreements which 
would or might require equity securities to be allotted after 
such expiry and the Directors may allot equity securities in 
pursuance of any such offers agreements as if the authority 
conferred by this resolution had not expired.
13.	 That, subject to the passing of resolution number 12 above, 
the Directors be and they are hereby empowered, pursuant 
to section 570 of the Act, to allot equity securities (as defined 
in section 560 of the Act) for cash pursuant to the authority 
conferred by resolution number 12 or by way of a sale of 
treasury shares as if section 561 of the Act did not apply to any 
such allotment, provided that this power shall be limited to:
	
13.1	 the allotment of equity securities in connection with a 
rights issue or other pro rata offer in favour of holders of 
equity securities where the equity securities respectively 
attributable to the interests of all those persons at 
such record dates as the Directors may determine are 
proportionate (as nearly as may be) to the respective 
numbers of equity securities held by them subject to such 
exclusions or other arrangements as the Directors may 
consider necessary or expedient to deal with treasury 
shares, fractional entitlements, record dates, practical or 
legal difficulties under the laws of any territory or the 
requirements of any regulatory body or stock exchange 
or by virtue of equity securities being represented by 
depositary receipts or any other matter whatsoever;
	
13.2	 the allotment of equity securities or sale of treasury 
shares (otherwise than pursuant to paragraph 13.1 above) 
up to an aggregate nominal amount of £684,620.30; and
	
13.3	 the allotment of equity securities or sale of treasury shares 
(otherwise than under paragraph 13.1 or paragraph 13.2 
above) up to a nominal amount equal to 20% of any 
allotment of equity securities or sale of treasury shares 
from time to time under paragraph 13.2 above, such 
authority to be used only for the purposes of making 
a follow-on offer which the Board of the Company 
determines to be of a kind contemplated by paragraph 3 
of Section 2B of the Statement of Principles on Disapplying 
Pre-Emption Rights most recently published by the 
Pre‑Emption Group prior to the date of this notice,
	
and shall expire upon the expiry of the general authority 
conferred by resolution 12 above, except that the Company 
may before such expiry make offers or agreements which 
would or might require equity securities to be allotted and/ 
or shares held by the Company in treasury to be sold or 
transferred after such expiry and the Directors may allot equity 
securities and/or sell or transfer shares held by the Company 
in treasury in pursuance of such offers or agreements as if the 
power conferred by this resolution had not expired.
Notice of Annual General Meeting
Restore plc Annual Report 2024
Other Information
147

14.	 That, subject to the passing of resolution number 12 above, 
the Directors be and they are hereby empowered, pursuant 
to section 570 of the Act, to allot equity securities (as defined 
in section 560 of the Act) for cash pursuant to the authority 
conferred by resolution number 12 or by way of a sale of 
treasury shares as if section 561 of the Act did not apply to any 
such allotment, provided that this power shall be limited to:
	
14.1	 the allotment of equity securities or sale of treasury shares 
up to an aggregate nominal amount of £684,620.30, such 
authority to be used only for the purposes of financing (or 
refinancing, if such refinancing occurs within six months of 
the original transaction) a transaction which the Directors 
determine to be an acquisition or other capital investment 
of a kind contemplated by the Statement of Principles on 
Disapplying Pre-Emption Rights most recently published by 
the Pre-Emption Group prior to the date of this notice; and
	
14.2	 the allotment of equity securities or sale of treasury 
shares (otherwise than under paragraph 14.1 above) up 
to a nominal amount equal to 20% of any allotment of 
equity securities or sale of treasury shares from time to 
time under paragraph 14.1 above, such authority to be 
used only for the purposes of making a follow-on offer 
which the Board of the Company determines to be of 
a kind contemplated by paragraph 3 of Section 2B of 
the Statement of Principles on Disapplying Pre-Emption 
Rights most recently published by the Pre-Emption Group 
prior to the date of this notice,
	
and shall expire upon the expiry of the general authority 
conferred by resolution 12 above, except that the Company 
may before such expiry make offers or agreements which 
would or might require equity securities to be allotted and/
or shares held by the Company in treasury to be sold or 
transferred after such expiry and the Directors may allot equity 
securities and/or sell or transfer shares held by the Company 
in treasury in pursuance of such offers or agreements as if the 
power conferred by this resolution had not expired.
15.	 That the Company be and is hereby generally and 
unconditionally authorised, in accordance with section 701 of the 
Act, to make market purchases (within the meaning of section 
693(4) of the Act) of ordinary shares of 5 pence each in the 
capital of the Company (“Ordinary Shares”) on such terms and in 
such manner as the Directors may from time to time determine 
provided that:
	
15.1	 the maximum number of Ordinary Shares authorised to 
be purchased is 13,692,406;
	
15.2	 the minimum price which may be paid for each Ordinary 
Share is 5 pence (exclusive of expenses payable by the 
Company); and
	
15.3	 the maximum price which may be paid for each Ordinary 
Share (exclusive of expenses payable by the Company) 
cannot be more than 105 per cent of the average market 
value of an Ordinary Share for the five business days prior 
to the day on which the Ordinary Share is contracted to 
be purchased.
	
The authority conferred shall expire at the conclusion of the 
next annual general meeting of the Company or if earlier on the 
date which is 15 months after the date of this annual general 
meeting except that the Company may before such expiry make 
a contract to purchase its own shares which will or may be 
completed or executed wholly or partly after such expiry.
By order of the Board	
Registered Office  
	
8 Beam Reach
	
Coldharbour 
	
Lane 
Chris Fussell	
Rainham
Company Secretary	
Essex
12 March 2025	
RM13 9YB
PLEASE NOTE:
You will not receive a form of proxy for the Annual General 
Meeting in the post. Instructions on how to vote electronically 
and how to register are detailed in the Notes. You will still be 
able to vote in person at the Annual General Meeting, and may 
request a hard copy proxy form directly from the registrars, 
MUFG Corporate Markets, PXS1, Central Square, 29 Wellington 
Street, Leeds, LS1 4DL at shareholderenquiries@cm.mpms.
mufg.com (telephone number: 0371 664 0391 if calling from the 
United Kingdom, or +44(0)371 664 0391 if calling from outside the 
United Kingdom). Calls are charged at the standard geographical 
rate and will vary by provider. Calls outside the United Kingdom 
will be charged at the applicable international rate. Lines are open 
between 09:00 – 17:30, Monday to Friday excluding public holidays 
in England and Wales.
Notice of Annual General Meeting continued
148
Restore plc Annual Report 2024
Other Information

Notes: These notes are important and 
require your immediate attention.
1.	
Only those members entered on the register of members 
of the Company at close of business on 9 May 2025 or, in 
the event that this meeting is adjourned, in the register of 
members as at close of business on the day two days before 
the date of any adjourned meeting, shall be entitled to attend 
and vote at the meeting in respect of the number of ordinary 
shares registered in their names at that time. Changes to the 
entries on the register of members by the close of business 
on 9 May 2025 or, in the event that this meeting is adjourned, 
in the register of members before the close of business on 
the day two days before the date of the adjourned meeting, 
shall be disregarded in determining the rights of any person to 
attend or vote at the meeting.
2.	
A Shareholder entitled to attend and vote at the Annual 
General Meeting is entitled to appoint another person of 
his/her choice as that Shareholder’s proxy to exercise all or any 
of that Shareholder’s rights to attend and to speak and vote 
at the meeting on his/her behalf. A Shareholder may appoint 
more than one proxy in relation to the meeting, provided that 
each proxy is appointed to exercise the rights attached to a 
different share or shares held by that Shareholder. A proxy does 
not need to be a shareholder of the Company.
3.	
In the case of joint holders, the vote of the senior member 
who tenders a vote, whether in person or by proxy, will 
be accepted to the exclusion of the votes of any other of 
the joint holders. For these purposes, seniority shall be 
determined by the order in which the names stand on the 
register of members.
4.	
A vote withheld is not a vote in law, which means that the vote 
will not be counted in the calculation of votes for or against the 
resolution. If no voting indication is given, your proxy will vote or 
abstain from voting at his or her discretion. Your proxy will vote 
(or abstain from voting) as he or she thinks fit in relation to any 
other matter which is put before the Annual General Meeting.
5.	
You can vote either:
	›
by logging on to www.signalshares.com and following the 
instructions;
	›
by requesting a hard copy form of proxy directly 
from the registrars, MUFG Corporate Markets, at 
shareholderenquiries@cm.mpms.mufg.com or on 
Tel: 0371 664 0391 if calling from the United Kingdom, 
or +44(0)371 664 0391 if calling from outside the United 
Kingdom. Calls are charged at the standard geographical rate 
and will vary by provider. Calls outside the United Kingdom 
will be charged at the applicable international rate. Lines are 
open between 09:00 – 17:30, Monday to Friday excluding 
public holidays in England and Wales;
	›
in the case of CREST members, by utilising the CREST 
electronic proxy appointment service in accordance with the 
procedures set out below;
	›
if you are an institutional investor you may also be able to 
appoint a proxy electronically via the Proxymity platform.
	
In order for a proxy appointment to be valid a form of proxy 
must be completed. In each case the form of proxy must be 
received by MUFG Corporate Markets at PXS1, Central Square, 
29 Wellington Street, Leeds, LS1 4DL by 1.00 p.m. on 9 May 2025.
6.	
If you return more than one proxy appointment, either by 
paper or electronic communication, the appointment received 
last by the Registrar before the latest time for the receipt of 
proxies will take precedence. You are advised to read the terms 
and conditions of use carefully. Electronic communication 
facilities are open to all Shareholders and those who use them 
will not be disadvantaged.
7.	
The return of a completed form of proxy, electronic filing, 
proxy vote via Proxymity or any CREST Proxy Instruction 
(as described in note 11 below) will not prevent a shareholder 
from attending the Annual General Meeting and voting in 
person if he/she wishes to do so.
8.	
CREST members who wish to appoint a proxy or proxies through 
the CREST electronic proxy appointment service may do so for 
the Annual General Meeting to be held at 1.00 p.m. on 13 May 
2025 and any adjournment(s) thereof by using the procedures 
described in the CREST Manual. CREST personal members or 
other CREST sponsored members, and those CREST members 
who have appointed a voting service provider should refer to 
their CREST sponsors or voting service provider(s), who will be 
able to take the appropriate action on their behalf.
9.	
In order for a proxy appointment or instruction made by 
means of CREST to be valid, the appropriate CREST message 
(a “CREST Proxy Instruction”) must be properly authenticated 
in accordance with Euroclear UK & International Limited’s 
specifications and must contain the information required 
for such instructions, as described in the CREST Manual. The 
message must be transmitted so as to be received by the 
Company’s agent, MUFG Corporate Markets (CREST Participant 
ID: RA10), no later than 48 hours before the time appointed for 
the meeting. For this purpose, the time of receipt will be taken 
to be the time (as determined by the time stamp applied to 
the message by the CREST Application Host) from which the 
Company’s agent is able to retrieve the message by enquiry to 
CREST in the manner prescribed by CREST.
10.	 CREST members and, where applicable, their CREST sponsor 
or voting service provider should note that Euroclear UK 
& International Limited does not make available special 
procedures in CREST for any particular messages. Normal 
system timings and limitations will therefore apply in relation 
to the input of CREST Proxy Instructions. It is the responsibility 
of the CREST member concerned to take (or, if the CREST 
member is a CREST personal member or sponsored member 
or has appointed a voting service provider, to procure that his 
CREST sponsor or voting service provider takes) such action 
as shall be necessary to ensure that a message is transmitted 
by means of the CREST system by any particular time. In this 
connection, CREST members and, where applicable, their 
Restore plc Annual Report 2024
Other Information
149

CREST sponsor or voting service provider are referred in 
particular to those sections of the CREST Manual concerning 
practical limitations of the CREST system and timings. The 
Company may treat as invalid a CREST Proxy Instruction 
in the circumstances set out in Regulation 35(5)(a) of the 
Uncertificated Securities Regulations 2001.
11.	 Proxymity Voting – if you are an institutional investor you may 
also be able to appoint a proxy electronically via the Proxymity 
platform, a process which has been agreed by the Company 
and approved by the Registrar. For further information regarding 
Proxymity, please go to www.proxymity.io. Your proxy must be 
lodged by 1.00 p.m. on 9 May 2025 in order to be considered 
valid or, if the meeting is adjourned, by the time which is 48 hours 
before the time of the adjourned meeting. Before you can 
appoint a proxy via this process you will need to have agreed 
to Proxymity’s associated terms and conditions. It is important 
that you read these carefully as you will be bound by them and 
they will govern the electronic appointment of your proxy. An 
electronic proxy appointment via the Proxymity platform may be 
revoked completely by sending an authenticated message via the 
platform instructing the removal of your proxy vote.
12.	 Unless otherwise indicated on the Form of Proxy, CREST, 
Proxymity or any other electronic voting instruction, the proxy 
will vote as they think fit or, at their discretion or withhold 
from voting.
13.	 Any corporation which is a member can appoint one or more 
corporate representatives who may exercise on its behalf all 
of its powers as a member provided that they do not do so in 
relation to the same shares.
14.	 Any shareholder attending the Annual General Meeting has the 
right to ask questions. The Company must cause to be answered 
any such question relating to the business being dealt with at 
the meeting but no such answer need be given if: (a) to do so 
would interfere unduly with the preparation for the meeting or 
involve the disclosure of confidential information; (b) the answer 
has already been given on a website in the form of an answer to 
a question; or (c) it is undesirable in the interests of the Company 
or the good order of the meeting that the question be answered.
15.	 You may not use any electronic address (within the meaning 
of Section 333(4) of the Companies Act 2006) provided in 
either this Notice or any related documents (including the 
form of proxy) to communicate with the Company for any 
purposes other than those expressly stated.
16.	 Copies of all service agreements or letters of appointment 
under which the Directors of the Company are employed or 
engaged by the Company will be available for inspection at the 
Company’s registered office during normal working hours on 
any weekday (Saturdays, Sundays and public holidays excepted) 
from the date of this notice until the date of the Annual General 
Meeting and at the place of the Annual General Meeting for 
15 minutes prior to and during the meeting.
17.	 Biographical details of each director who is being proposed for 
re-appointment or re-election by shareholders can be found 
by visiting the Company’s website www.restoreplc.com.
EXPLANATION OF RESOLUTIONS
Resolution 2 – approval of the Remuneration Report
As described in the Company’s 2024 Remuneration Report, 
the Board has elected to submit for shareholder approval the 
Remuneration Report for the year ended 31 December 2024. This 
is in line with the 2023 QCA Code. As further mentioned in the 
Remuneration Report, it is the Board’s intention to review the 
Company’s Remuneration Policy during 2025, following which the 
Company’s Remuneration Policy will be put to an advisory vote at 
its 2026 Annual General Meeting, with subsequent votes offered 
at such time as material changes are proposed to the policy. The 
Remuneration Report is set out in full on pages 65 to 70 (and 
excluding the Remuneration Policy) of the Annual Report. This 
Resolution is advisory only and does not affect the remuneration 
paid to any Director. 
Resolution 12 – authority to allot shares
At the last annual general meeting of the Company held on 16 May 
2024, the Directors were given authority to allot ordinary shares 
in the capital of the Company up to a maximum nominal amount 
of £2,282,067.75 representing approximately one third of the 
Company’s then issued ordinary share capital.
The Directors consider it appropriate that a further authority be 
granted to allot ordinary shares in the capital of the Company up 
to a maximum nominal amount of £2,282,067.75 representing 
approximately one third of the Company’s issued ordinary share 
capital as at 12 March 2025 (the latest practicable date before 
publication of this document) during the shorter of the period up 
to the conclusion of the next annual general meeting in 2026 or 
15 months.
As at the date of this notice the Company does not hold any 
ordinary shares in the capital of the Company in treasury.
Resolution 13 – disapplication of statutory pre- 
emption rights
Resolution 13 will empower the Directors to allot ordinary shares in 
the capital of the Company for cash on a non-pre-emptive basis:
	›
in connection with a rights issue or other pro-rata offer to 
existing shareholders;
	›
otherwise, up to a maximum nominal value of £684,620.30, 
representing approximately 10 per cent of the issued ordinary 
share capital of the Company as at 12 March 2025 (the latest 
practicable date before publication of this document); and
	›
otherwise, up to a nominal amount equal to one fifth of any 
allotment pursuant to the bullet point above, to be used only for 
the purposes of a follow-on offer.
Notice of Annual General Meeting continued
150
Restore plc Annual Report 2024
Other Information

Resolution 14 – disapplication of statutory 
pre‑emption rights to finance an acquisition or 
other capital investment
In addition to the powers granted by Resolution 13, Resolution 14 
will empower the Directors to allot ordinary shares in the capital of 
the Company for cash on a non-pre-emptive basis:
	›
up to a maximum nominal value of £684,620.30, representing 
approximately 10 per cent of the issued ordinary share capital 
of the Company as at 12 March 2025 (the latest practicable 
date before publication of this document), such authority to be 
used only for the purposes of financing (or refinancing, if such 
financing occurs within six months of the original transaction) 
a transaction which the Directors determine to be an acquisition 
or other capital investment of a kind contemplated by the 
Statement of Principles of Disapplying Pre-Emption Rights most 
recently published by the Pre-Emption Group prior to the date 
of this notice; and
	›
otherwise, up to a nominal amount equal to one fifth of any 
allotment pursuant to the bullet point above, to be used only for 
the purposes of a follow-on offer.
The rights of pre-emption disapplication sought pursuant to 
Resolutions 13 and 14 represent, in aggregate, approximately 20% of 
the issued ordinary share capital of the Company as at 12 March 2025.
Resolution 15 – authority to make market 
purchases of own shares
Resolution 15 gives the Company authority to buy back its own 
ordinary shares in the market as permitted by the Companies Act 
2006. The authority limits the number of shares that could be 
purchased to a maximum of 13,692,406 (representing approximately 
10 per cent of the Company’s issued ordinary share capital as at 
12 March 2025 (the latest practicable date before publication of this 
document)), and sets minimum and maximum prices. This authority 
will expire at the conclusion of the next annual general meeting or, 
if earlier, 15 months after the resolution is passed.
The Directors have no present intention of exercising the authority 
to purchase the Company’s ordinary shares but will keep the 
matter under review, taking into account the financial resources 
of the Company, the Company’s share price and future funding 
opportunities. The authority will be exercised only if the Directors 
believe that to do so would be in the best interest of shareholders 
generally.
Companies purchasing their own shares are allowed to hold them 
in treasury as an alternative to cancelling them. No dividends are 
paid on shares whilst held in treasury and no voting rights attach to 
treasury shares.
Restore plc Annual Report 2024
Other Information
151

This report is printed on Revive 100 Offset.
The paper stock is manufactured from FSC Recycled 
100% post-consumer waste pulp.
It is manufactured in accordance with ISO certified 
standards for environmental, quality and energy 
management and is Carbon Balanced.
Designed and
printed by:
perivan.com

Company Secretary 
Chris Fussell
Registered Number and Office
05169780
8 Beam Reach, Coldharbour Lane, 
Rainham , Essex, RM13 9YB 
Nominated Adviser and Broker
Investec
30 Gresham Street 
London, EC2V 7QN
Joint Corporate Broker
Canaccord Genuity
88 Wood Street 
London, EC2V 7QR
Public Relations
FTI Consulting
200 Aldersgate
Aldersgate Street
London, EC1A 4HD
Independent Auditor
PricewaterhouseCoopers LLP
1 Embankment Place 
London, WC2N 6RH
Financial and Tax Advisers
KPMG
15 Canada Square 
Canary Wharf 
London, E14 5GL
Solicitors
Fieldfisher LLP
17th Floor
No.1 Spinningfields
1 Hardman Street
Manchester, M3 3EB
Bankers
Barclays Bank PLC 
1 Churchill Place 
London, E14 5HP
National Westminster Bank plc
250 Bishopsgate 
London, EC2M 4AA
Bank of Ireland 
45 Gresham Street,  
London, EC2V 7PG’
Citibank
33 Canada Square 
London, E14 5LB
Bank of China
1 Lothbury 
London, EC2R 7DB
Virgin Money UK Plc
177 Bothwell Street,  
Glasgow, G2 7ER
Registrars
MUFG Corporate Markets
Central Square 
29 Wellington Street 
Leeds, LS1 4DL
Officers and advisers
Trading record
Year ended 31 December
2024 
£’m
2023  restated*
£’m
2022 restated*
£’m
2021 
£’m
2020 
£’m
Revenue
275.3
277.1
279.0
234.3
182.7
Adjusted profit before taxation**
34.4
30.3
41.0
38.1
23.2
Adjusted earnings per share
19.0p
17.0p
24.3p
23.2p
15.0p
Net debt
89.0
97.8
103.5
100.8
66.1
Net assets
233.8
229.9
271.0
265.2
218.6
*  In 2024 it was noted that a small number of leases had not been appropriately recorded in prior periods. The right of use assets and lease liabilities have therefore 
been restated as at 31 December 2023 to appropriately record these transactions. There is no profit impact to the reported 2023 numbers as the adjustments relate to 
preceding periods.
** Adjusted profit before taxation is stated before amortisation, impairment of intangible assets and investments, and adjusting items.
2025 Financial calendar
Annual General Meeting
13 May 2025
Half year results
29 July 2025
Financial year end
31 December 2025
Full year results
March 2026

Head Office
2nd Floor, 7-10 Chandos Street, 
London, W1G 9DQ
T:	
020 7409 2420
E:	
info@restoreplc.com
W:	 www.restoreplc.com
Information Management
8 Beam Reach, Coldharbour Lane,  
Rainham, Essex, RM13 9YB 
T:	
0333 222 6390
E:	
admin@restore.co.uk
W:	 www.restore.co.uk/informationmanagement
Datashred
Unit 4, Optima Park, Thomas Road  
Dartford, DA1 4QX
T: 	 0800 376 4422
E: 	 customerhub@restore.co.uk 
W: 	 www.restore.co.uk/datashred
Harrow Green
2 Oriental Road, Silvertown,  
London, E16 2BZ
T:	
0345 603 8774
E:	
info@harrowgreen.com
W:	 www.restore.co.uk/harrowgreen
Technology
Cardington Point, Telford Way,  
Bedford, MK42 0PQ
T: 	 01462 813 132
E: 	 technology@restore.co.uk
W: 	 www.restore.co.uk/technology