Restore

Acquisitive document storage concern Restore (RST) has more takeovers in its sights after buying Glasgow's Paterson Data Management for £662,000.

Headed by City turnaround specialist Charles Skinner, the company increased pre-tax profits nearly 30% to £499,000 in the six months to June on turnover up 15% to £15.4m and would have shown a 70% pre-tax profits surge to £1.7m but for charges for discontinued operations, exceptional items, amortisation and share-based payments.

Skinner points out that Restore, in which tax-efficient tycoon and former Tory financier Lord Ashcroft has a key stake, has now established nationwide coverage in a market where customer loyalties are strong but market forces are making many of the smaller players ripe for takeover. He hints that the company, having turned around its blue-chip damp-proofing side, Peter Cox, is looking for potential takeovers in the £30m-turnover bracket.

Restore has also moved into the office-moving business, where clients such as Royal Bank of Scotland are keeping it busy and, suggests Skinner, it would also like to move into document shredding. A major deal might involve tapping investors but, if the terms were right, support should be forthcoming.

House broker Cenkos sees pre-tax profits rising to £4.6m in this financial year, before charges for discontinued operations, exceptional items, amortisation and share-based payments. Highlighted by Growth Company Investor at 41p in April, the shares now trade at 64p.

Hold on.