head oﬃce 
66 grosvenor street 
london w1k 3jl 
t 020 7409 2420 
e inforestoreplccom 
w wwwrestoreplccom 
locations 
restore document management 
the databank 
unit 5 redhill distribu ti on centre 
salbrook road 
redhill   surrey 
rh1 5dy 
t 0844 725 5540 
e adminrestorecouk  
w wwwrestorecouk 
restore shred  
234 heyford park 
upper heyford 
oxfordshire 
ox25 5ha 
t 01869 238 521 
e adminrestoreshredcom 
w wwwrestorecoukshred 
restore scan 
unit 3 the links
popham close
feltham
tw13 6je
t 0844 725 5540
e enquiriesrestorescancouk  
w wwwrestorecoukscan 
harrow green 
2 oriental road 
silvertown 
london 
e16 2bz 
t 0845 603 8774 
e  infoharrowgreencom  
w wwwharrowgreencom 
relocom 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire  
sg17 5dz 
t 0845 313 1491 
e contactusrelocomcouk  
w wwwrelocomcouk 
restore it e ﬃcient 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire 
sg17 5dz 
t 01462 813 132 
e iteite ﬃ cientcom  
w wwwrestorecoukitdisposal 
report  financial statements 
for the year ended 31 december 2014 
restore plc    report  financial statements  for the year ended 31 december 2014 
head oﬃce 
66 grosvenor street 
london w1k 3jl 
t 020 7409 2420 
e inforestoreplccom 
w wwwrestoreplccom 
locations 
restore document management 
the databank 
unit 5 redhill distribu ti on centre 
salbrook road 
redhill   surrey 
rh1 5dy 
t 0844 725 5540 
e adminrestorecouk  
w wwwrestorecouk 
restore shred  
234 heyford park 
upper heyford 
oxfordshire 
ox25 5ha 
t 01869 238 521 
e adminrestoreshredcom 
w wwwrestorecoukshred 
restore scan 
unit 3 the links
popham close
feltham
tw13 6je
t 0844 725 5540
e enquiriesrestorescancouk  
w wwwrestorecoukscan 
harrow green 
2 oriental road 
silvertown 
london 
e16 2bz 
t 0845 603 8774 
e  infoharrowgreencom  
w wwwharrowgreencom 
relocom 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire  
sg17 5dz 
t 0845 313 1491 
e contactusrelocomcouk  
w wwwrelocomcouk 
restore it e ﬃcient 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire 
sg17 5dz 
t 01462 813 132 
e iteite ﬃ cientcom  
w wwwrestorecoukitdisposal 
report  financial statements 
for the year ended 31 december 2014 
restore plc    report  financial statements  for the year ended 31 december 2014  an increasingly important 
supplier to the uk office services 
market with considerable scope 
to grow both organically and 
through acquisition
overview 
highlights  01
what we do 02
strategic report  
how we work 04
historical performance  08
our markets 12
corporate social responsibility  14
chairman’s statement 16
chief executive’s statement 20
group finance director’s statement 22
governance
board of directors 26
directors’ report 28
corporate governance statement 30
directors’ remuneration report 32
statement of directors’ responsibilities 35
independent auditor’s report 36
financial statements
consolidated statement of  
comprehensive income 37
consolidated statement of changes in equity  38
consolidated statement of financial position  39
consolidated statement of cash flows  40
notes to the group financial statements  41
company balance sheet  75
company accounting policies  76
notes to the company financial statements 77
other information
notice of annual general meeting 83
officers and advisers 89
trading record  89
89 restore plc report  accounts 2014 
officers and advisers
company secretary 
sarah waudby
registered number and office
05169780
the databank unit 5
redhill distribution centre
salbrook road
redhill
surrey
rh1 5dy
nominated adviser  broker
cenkos securities plc
6–8 tokenhouse yard
london
ec2r 7as 
public relations
fti consulting
200 aldersgate
aldersgate street
london
ec1a 4hd
investor relations consultants
broker profile
augustine house
6a austin friars
london 
ec2n 2ha
independent auditor 
baker tilly uk audit llp 
chartered accountants
25 farringdon street
london
ec4a 4ab
solicitors
brabners llp
55 king street
manchester
m2 4lq
bankers
barclays bank plc
1 churchill place
london 
e14 5hp
registrars 
capita asset services
the registry
34 beckenham road
beckenham kent
br3 4tu
trading record 
year ended 31 december
2014
£’m
2013
£’m
2012
£’m
2011
£’m
2010
£’m
revenue 675 536 433 188 127
adjusted profit before taxation 120 100 62 37 24
adjusted earnings per share 123p 105p 74p 43p 27p
net debt 309 160 178 116 123
net assets 670 471 363 233 167
  before exceptional items amortisation of intangible assets share based payments and other finance costs
financial calendar
annual general meeting held in may
half year results september
financial year end 31 december
full year results march
overview strategic report governance financials other information 01 restore plc report  accounts 2014 
overview strategic report governance financials other information
“i am pleased to report 2014 as another  
year of strong performance by restore
we have a strong record of creating shareholder value  
which we intend to continue i look forward to another  
year of good progress in 2015”
sir william wells chairman
 before exceptional items amortisation of intangible assets share based payments charge and other finance costs the reconciliation of adjusted figures is 
shown in the group finance director’s statement
 calculated based on the weighted average shares in issue and a standard tax charge
2014 2013  change
revenue £675m £536m 26
ebitda £148m £121m 22
operating profit £129m £109m 18
profit before tax £120m £100m 20
earnings per share 123p 105p 17
dividend per share 24p 19p 26
net debt £309m £160m 
2014 2013
revenue £675m £536m
operating profit £69m £57m
profit before tax £61m £50m
earnings per share 64p 59p
adjusted results statutory results
financial highlights
• group revenue up 26 to £675m
• document management revenue up 35  
operating profit up 12
• relocations revenue up 16 operating profit  
up 50
• group adjusted profit before tax up 20 to £120m
• adjusted earnings per share up 17 to 123p
• dividend per share up 26 to 24p
• new fiveyear banking facility agreed 
operational highlights
• significant progress in expanding the scale and scope 
of group activities
• improved new box growth in records management 
reflecting investment in sales operations
• relocations benefited from improved market 
condition and further operational efficiencies
• six acquisitions completed in the year including the 
uk records management and scanning division of 
cintas all integration programmes on track
• restore shred and restore scan transformed in scale 
by cannon confidential and cintas acquisitions
• significant multiyear contract with carillion amey 
secured by harrow green providing increased 
revenue visibility in relocations
26 20 17 26
revenue adjusted profit 
before tax 
adjusted earnings 
per share p 
dividend p 
highlights
2014 £675m 2013 £536m 2014 £120m 2013 £100m 2014 123p 2013 105p 2014 24p 2013 19p 02 restore plc report  accounts 2014 
what we do
restore plc is an aimlisted support services 
company providing office services across all 
of mainland britain through two divisions 
document management and relocations
records management 
the majority of records management’s sales are from the 
storage and retrieval of hard copy documents typically 
stored in cardboard boxes it manages millions  
of archive boxes of document files magnetic data film  
and other materials for bluechip organisations from  
31 sites across mainland britain including a 70acre  
freehold underground site near bath the business generates 
additional service income from the reorganisation of 
customer documents document restoration filetracking 
services within customers’ own buildings and electronic 
data backup restore services a broad range of customers 
throughout the uk with the largest sector being law firms 
who as meticulous and sophisticated users of storage 
services ensure the business remains at the cutting edge of 
developments in document storage other important sectors 
include accountancy corporate financial insurance and 
media firms as well as local authorities hospital trusts  
and other government bodies
restore shred
restore shred offers secure shredding and recycling for 
customers across the uk and operates from 6 sites as well as 
having 6 mobile shredding units restore entered the market 
in october 2011 and has grown its reach through targeted 
acquisition the business has also seen sharply increased 
volumes through crossselling with customers of other 
group businesses switching to restore shred for their secure 
shredding and recycling needs
restore scan
restore scan is one of the country’s leading document 
conversion and data management specialists its main 
function is the conversion of hardcopy documents into 
electronic data as part of its service it organises and 
indexes the electronic versions enabling customers to 
identify and locate their data more efficiently a significant 
part of its revenues derive from contracts involving repeat 
business notably for the scanning of exam papers
harrow green
harrow green is the market leader in uk commercial 
relocations – the physical movement of office furniture 
and other physical resources when an organisation moves 
staff either within a building or to a new site from eight 
sites across mainland britain it serves a diverse range of 
customers including large corporates local businesses 
and a wide range of public sector bodies such as libraries 
universities and health trusts the bulk of its business is in 
london servicing many of the largest offices particularly  
in the financial services sector with regular customers  
who have a frequent demand often involving staff  
working permanently on customer sites harrow green 
also operates global moving solutions providing 
international moving services typically for senior managers 
of global companies
relocom 
relocom is one of the uk’s leading it relocations service 
providers helping leading bluechip organisations during  
a relocation reorganisation or period of change it  
specialises in server and data centre relocation desktop  
it and trading desk relocation furniture and it asset audit 
and management 
restore it efficient
restore it efficient is one of the uk’s leading providers of 
secure data destruction and hardware disposal services for 
computer equipment it serves predominately large blue
chip customers nationwide processing around 120000 
items of it equipment a year it provides on and offsite 
destruction services alongside recycling refurbishment and 
resale of electronic items 
document management division relocations division
within these divisions there are currently six primary business 
streams serving and sharing a similar customer base overview strategic report governance financials other information
03 restore plc report  accounts 2014 
document management division
records management restore shred restore scan
providing office services  
nationwide from 
53 sites 
across the uk
relocations division
harrow green relocom  restore it efficient 
head office 04 restore plc report  accounts 2014 
 
groupwide 
derived from development  
of complementary  
office services
crossselling 
opportunities 
restore document management – 
rpc lawyers 
complete information storage and management 
for leading multidisciplinary legal firm rpc we’re 
helping it achieve its aim of running an office with less 
paper with offsite archiving we manage the lifecycle 
of the sensitive documents its lawyers generate and 
when they need the right paperwork on their desk at 
the right time this is what restore achieves – even 
including two sameday deliveries of vital documents
how we work
how we create value
restore provides office 
services across all of 
mainland britain 
our business model
restore provides office services across all of mainland britain 
the services we provide are closely interrelated with similar 
or identical channels to market within our customers notably 
facilities managers and to a lesser extent it departments 
the services we provide tend to be those of limited interest 
to large facilities management companies whose focus is 
on onsite contractdriven activities such as catering and 
security our largest operations are in records management 
and office relocation which form the core of our document 
management and relocations divisions respectively
records management storage offers a strong source of 
predictable recurring revenues as the volume of documents 
requiring attention tends not to vary with the economic 
climate nor with advances in technology it is also a sector 
in which customers tend to be satisfied with their existing 
suppliers and the complexity and disruption of moving 
suppliers means that customers rarely change their suppliers 
operating model 
• recurring revenues 
• customers appreciate importance of high service levels 
• unattractive for customer to change suppliers 
• group holds strong customer relationships 
• high barriers to entry 
invest to increase 
market share 
and operational 
efficiency 
generate new 
business including 
from group 
customers not using 
the service
operate in an  
attractive  
market 
use scale to 
improve customer 
service and 
operating margins 
04 restore plc report  accounts 2014  05 restore plc report  accounts 2014 
overview strategic report governance financials other information
how we work
how we create value
this means that growth above the standard organic growth 
rate is best achieved through acquisition our experience 
in acquiring records management businesses shows that 
significant cost synergies are achieved postacquisition we 
achieve industryleading margins in records management 
through scale tight cost control and low property rental costs 
thanks to our mix of suitable lowcost properties including 
our large underground freehold site in wiltshire
with a strong business in records management we have 
been building our shredding and scanning activities where 
the customer base and skillset required are congruent
our relocations activities share a similar customer base 
and channel to market to the document activities office 
relocation which trades as the marketleading harrow 
green has established a strong presence among uk blue
chip companies over 50 per cent of its business is recurring 
revenue from very large customers who recognise the 
need for consistency of supply harrow green’s business 
generates excellent opportunities for group companies as 
office relocations often lead to a need for offsite document 
storage shredding or scanning and old computer equipment 
or data requiring secure recycling or destruction
a key part of the group’s strength is our customer 
relationship management system which is used by all 
business streams this provides a crossfunctional database 
of procurement teams and people within all group 
customers which translate directly into sales opportunities 
this crm system sits at the heart of our business model
service offering expansion model financial growth model
achieve and report 
results showing 
strong return on 
invested capital
strong operational 
business generates 
funding capability 
performance 
generates strong 
return on invested 
capital
invest in 
organic 
growth
enter related 
market probably 
through acquisition 
hold strong 
position in 
market 
organise and 
understand new 
business stream 
increase market share 
and improve margins 
through operational 
efficiencies
grow business 
through acquisition 
of companies in 
same market
grow business 
through leveraging 
group customer 
base
acquire 
related 
businesses 
where strong 
return on 
invested 
capital 
available 06 restore plc report  accounts 2014 
 
restore shred –  
bupa care homes
shredding
for bupa we run a programme to remove and 
destroy confidential waste from its 300 offices and 
care homes across the country each location is 
unique in its access restrictions available space 
services required and their frequency but we are able 
to meet the company’s full requirements through one 
centralised contract 
how we work
we understand what it takes 
for uk offices to work well and 
we understand our customers – 
it and facilities managers
our development strategy
we aim to be a market leader in the spheres we operate in 
and to maintain a truly national network across mainland 
britain in all of our business streams particularly records 
management customers prefer not to change suppliers 
so we frequently build our market share and reach by 
acquisition that way we can also offer customers with 
national presence the opportunity to consolidate their 
supplier base we have a proven record of acquiring and 
integrating businesses and creating efficiencies of scale
we understand what it takes for uk offices to work well and 
we understand our customers the it and facilities managers 
responsible for keeping their offices running smoothly 
thus with our activities all having this similar channel to 
market once we gain a customer we focus on retaining 
them through firstclass customer service and crossselling 
the services we offer so helping our customers to deliver 
their objectives and use our comprehensive crm system to 
identify such opportunities
having built originally on our records management activities 
we have steadily diversified into related markets and then 
built our market share through a combination of acquisition 
and investment in sales locations and technology
overall we seek to consolidate certain uk office services 
where there are benefits of scale and consistency of demand
how we manage
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 accordingly 
they accept responsibility for their actions this is crucial in 
a business where firstclass customer service is the only way 
to satisfy and retain customers we achieve success through 
wellmotivated capable people doing their jobs to the best 
of their ability as such ours is a decentralised model and 
our two divisions are autonomous with little involvement 
from a small head office other than to identify and encourage 
crossselling 
business decisions when required from the centre are 
fast and flexible with open lines of communication this is 
reflected in the ease and speed with which we are able to 
undertake new acquisitions to expand the group
complex and mission
critical operational  
services for a 
bluechip 
customer base
06 restore plc report  accounts 2014  07 restore plc report  accounts 2014 
overview strategic report governance financials other information
how we work
a diversified customer base 
of leading organisations 
across the uk
a diversified customer base 
of leading organisations 
across the uk
our customer base 
we have continued to develop our group customer 
relationship management system during the year with all 
sales people across the group using the same system this 
greatly facilitates crossselling as most of our customers have a 
demand for most of our services and the procurement person 
or team is often the same our customer base comprises blue 
chip organisations in private and public sectors
43
of ftse 100 companies
80
of top 25 uk accountancy companies
64
of top 50 uk legal practices
29
of local authorities in england  
scotland and wales
27
of uk national health trusts 08 restore plc report  accounts 2014 
 140
 100
 60
20
0
 180
p
 300
 220
 260
 010110
311210
311211
300611
300610
300612
300613
300614
 311212
311213
 311214
£40m at 26p
£46m at 65p
£85m at 75p
£30m at 93p
£70m at 111p
£149m at 210p
harrow green –  
manchester city council
secure storage and relocation
when manchester city council refurbished its historic 
central library the task amounted to sequentially 
itemising packing and storing the contents of about 
25 miles of shelving more than a million books 
periodicals photos – even handel manuscripts – 
some needing temperaturecontrolled storage 
plus a large amount of historic furniture and then 
relocating every item all was completed on time and 
on budget with all items tracked and traceable
a history of strong growth 
both organically and through 
integrating acquisitions
 
historical performance
competitive 
advantage through 
uk focus market 
knowledge and 
geographical 
coverage
 10 11 12 13 14
 433 
 188 
 127 
revenue £m
26 675
 536 
share price and placing history
share placings
08 restore plc report  accounts 2014  09 restore plc report  accounts 2014 
overview strategic report governance financials other information
 10 11 12 13 14
dividend per share p
26 24 
 19 
 15 
 10 
 10 11 12 13 14
20
adjusted profit before tax £m
 120 
 100 
 62 
 37 
 24 
 10 11 12 13 14
17 123 
 105 
 74 
 43 
 27 
adjusted earnings per share p
 200
 140
£m £m
 120
 100
 80
 60
 40
20
0
 160
 180
 2010
 2010
 2011
 2011
 2012
 2012
 2013
 2013
 2014
 2014
15
12
9
 6
3
 0
 26
 192 
 430 
 779 
 1696 
total shareholder return
total shareholder return – cumulative increase in market value plus 
dividends minus capital raised  
 before exceptional items amortisation of intangible assets share  
 based payments charge and other finance costs 
adjusted profit before tax head office costs
adjusted profit before tax   
head office costs
 24 
 37 
 62 
 100 
 120  10 restore plc report  accounts 2014 
restore document management –  
national conservation service 
heritage storage scheme
the ncs is highly respected in the conservation world 
and wanted to operate a national scheme to benefit 
heritage institutions by storing priceless artefacts 
while minimising the risks to them from light humidity 
temperature and pests items might include 18th 
century scientific or musical instruments textiles 
and works of art it chose restore as a partner who 
could provide premium storage services compliant 
with environment pd5454 the specified standard 
for conservation storage including collection from 
museum locations 
a timeline through 
five years of successful 
acquisitive growth
 
historical performance
5 years of corporate history
records relocation shred it relocation it asset scan
management
2 1 3 top 10 top 10 2
disposal
acquisition  
of datacare
acquisition  
of management 
archives
acquisition 
of paterson 
document 
management
acquisition  
of formsafe
acquisition  
of restore shred
2010 2011 2012 2013 2014 2015
acquisition  
of sargents
current uk market position
and market consolidation 
with a successful record  
of integration
growth 
through 
acquisition 
10 restore plc report  accounts 2014  11 restore plc report  accounts 2014 
overview strategic report governance financials other information
historical performance
acquisition 
of archive 
solutions
acquisition  
of magnum secure
acquisition  
of cannon confidential
acquisition  
of papersafe uk 
acquisition 
of atix
acquisition 
of it efficient
acquisition  
of ml document 
destruction
 acquisition  
of file and data 
storage 
acquisition  
of cintas document 
management uk
majority stake  
in relocom 
 acquisition  
of ancora
acquisition  
of filebase
sale of 
peter cox
acquisition  
of harrow green
acquisition 
of brunswick 
document 
management
2010 2011 2012 2013 2014 2015
acquisition 
of roc 
relocations 12 restore plc report  accounts 2014 
records management
this is a large global industry with many international operators the uk market 
worth in the region of £500600 million a year has been established for more than 
30 years and is still growing at 5 per cent a year the market is being consolidated 
both globally and in the uk the latter largely by us offering participants the 
benefits of operating at scale 
there are very high barriers to entry in records management largely because of 
the difficulty in acquiring new customers it is also difficult for smaller operators 
to grow further as larger customers consolidate their supply to those operators 
able to provide geographical coverage and invest in meeting higher regulatory 
standards larger operators benefit from these market characteristics such that 
revenues are secure and rising while scale facilitates tight cost control
the private sector in the uk has generally migrated to a model of outsourcing in 
records management due to the cost savings and improved efficiency it brings  
we believe that the public sector is increasingly recognising the benefits of outsourcing 
this service
one perceived threat is the trend towards cloud computing – remote storage of 
data accessible via the internet however while only a small percentage of data 
now ends up on paper the amount of data as a whole has increased exponentially 
and cloud hasn’t affected storage volumes in addition the explosive growth in 
softcopy storage has led to a confusing market which has suffered from problems 
with security as well as concerns about its level of energy consumption 
shredding
the uk security shredding and recycling market is worth approximately  
£180 million a year shredding is a relatively young fragmented and fastgrowing 
industry at the early stages of consolidation many small regional businesses in the 
market struggle to meet new compliance and legislation standards fund capital for 
modern highsecurity mobile shredding vehicles or provide acceptable audit trails 
there are two leading players each with over 15 per cent of the market 
sales are generated mainly from the collection and destruction of confidential 
documents and media along with sales of baled shredded material for recycling 
such as tissues demand for destruction is growing fast driven by legislation to 
protect data and combat identity fraud and compliance with the environmental 
protection act for disposal improved and growing use of management information 
will increase the use of destruction policies for customer documents in addition 
volume shredding is very timeconsuming for customers to manage inhouse 
and so outsourcing is likely to remain the chosen option for most clients on the 
recycling side the improving uk economy and growing emerging markets are 
increasing tissue demand and consumption with uk consumption growing at  
35 per cent a year and recovered fibre prices rising 15 per cent in 2014 
our markets
we provide outsourced services to offices in mainland britain most of our 
larger customers have a steady demand for our services largely unrelated to the 
economic cycle there is no logic in our customer selfsupplying these services 
although there are many potential customers in the public sector yet to recognise 
the benefits of outsourcing what we supply
restore
we are currently number two in the 
uk market behind the leading global 
player we offer national coverage 
and compete mainly with subsidiaries 
of multinationals one of our core 
differentiators being our understanding 
of the specific requirements of the uk 
customers we expect the documents 
we currently store to remain with us 
for as long as they need to be kept 
since backscanning is both expensive 
and complex we anticipate organic 
growth from existing customers to 
remain close to the historic rate of 5
restore
restore is currently ranked number 
3 in the uk market consolidation 
and acquisition of midmarket firms 
will continue to provide growth 
opportunities in key geographical 
areas the restore shred business is 
highly complementary to our storage 
scanning and relocations businesses 
and this leads to important cross
selling opportunities 13 restore plc report  accounts 2014 
overview strategic report governance financials other information
scanning
it is difficult to assess the size of the scanning market because such a wide 
range of businesses provide document imaging services  from business process 
outsourcing providers reprographics and print providers and retailers to scanning 
bureaux mailroom providers software houses and other document management 
service providers a rough estimate however would place the size of the entire 
scanning market at more than £500 million a year industry consolidation is 
underway especially at the smaller end of the market 
relocation including it 
the market for highlevel corporate relocations remains steady at in excess of  
£100 million a year in the uk success in this demanding market is based on 
sophisticated logistics for what clients see as a missioncritical service thus there  
are high barriers to entry especially at the top end of the market accordingly 
customer relationships tend to be longterm as reliability and knowledge of 
customer sites is key we are witnessing growth in the it relocation market and this 
is to be expected as organisations change hardware configuration to reflect the move 
to cloud services we also anticipate growth in furniture recycling which is a  
relatively immature market
restore
restore is the second largest traditional 
bureau scanning operation in the uk 
historically our segment of the market 
has been major oneoff projects since 
the acquisition of cintas we are focused 
more on recurring revenues from major 
contracts for longterm backlog clearance 
for clients such as health authorities or 
work integral to the client’s own offering 
such as exam paper processing
restore
in this sector restore through 
its harrow green and relocom 
businesses is the uk market leader 
offering national coverage we are 
wellestablished with our bluechip 
customer base for whom our skills 
in complex project management are 
essential our relocations businesses 
also act as excellent lead generators  
for our document management and  
it asset disposal businesses this is  
to be expected since relocation 
prompts decisions about archiving  
and legacy equipment
it asset disposal
the market benefits from regulation relating to the safe and secure disposal  
of it equipment including the eu waste electrical and electronic equipment 
directive this increasing focus on responsible handling together with security 
and corporate social responsibility provides significant growth in secure asset 
disposal often to the benefit of charitable causes this service includes a 
manufacturing and retail element for sale of recycled equipment
restore
restore it efficient has a strong 
presence in the financial services 
sector including services to five of the 
world’s leading investment banks we 
have been in this market for almost 
2 years and are looking to leverage 
our group customer base to sharply 
increase our market share 14 restore plc report  accounts 2014 
 
our value to society
restore and its employees seek to be good citizens and our 
bluechip customers expect nothing less so it’s good to 
know that our business activities play a useful role in society 
the growth of our business creates new jobs by storing 
documents in remote premises we are helping our 
customers make more efficient use of premium office space 
or public service facilities shredding helps our customers 
recycle more paper 21300 tonnes recycled in 2014 and 
reduce their carbon footprint while we also help them 
securely recycle it equipment and office furniture and 
equipment or offer it for charitable reuse or resale 
our scanning business improves public access to important 
documents creates efficient processes for information
based public services and also allows more efficient use of 
office space our relocation businesses ensure our customers 
receive the highest levels of health safety and efficiency
caring for the planet and its people  
in our document management division
to further strengthen our environmental credentials we 
have embarked on wideranging consultancy work with  
the carbon trust – an initiative which resulted in a detailed 
10point plan of action we are committed to working 
through the recommendations in our carbon trust plan for 
example replacing older lights where possible with led more 
energy efficient units for our airhandling equipment and 
moving to lowcarbon solutions for our gassuppressed areas 
restore is currently working with independent expert 
advisors in preparing for compliance under the energy 
savings opportunity scheme in 2015 where available 
restore procure 100 renewable electricity as part of our 
policy to encourage our staff to reduce energy consumption 
we are completing a programme to install smart meters 
across the property portfolio we source storage boxes 
made from unbleached recycled material and send securely 
recyclable papers to processors such as mreal where it is 
made into products such as tissue and printing papers
additional measures include reducing energy use sending 
more waste products for recycling and reviewing our 
purchasing policies we are also renewing heating and air
conditioning equipment with more modern efficient and 
environmentally sensitive models
aiming for high standards 
in everything we do
corporate social responsibility
harrow green –  
uk border agency
recycling
harrow green identified an opportunity for the uk 
border agency to redeploy more than 700 pieces 
of unwanted office furniture weighing nearly 40 
tonnes which would otherwise either be stored or 
disposed of as landfill by repurposing and giving the 
furniture to local charitable organisations the project 
has pumped £150000 at fair’ market value back 
into the community and avoided co
2
 emissions of 
approximately 190 tonnes
acting as  
good citizens
performing a 
useful role in 
society
14 restore plc report  accounts 2014  15 restore plc report  accounts 2014 
overview strategic report governance financials other information
we have adopted a number of practices to limit the 
environmental impact of our vehicle fleet this has included 
a transport review to coordinate locations and storage and 
reduce mileage and our teams plan deliveries and collections 
to minimise fuel usage we have introduced gps tracking 
which allows the routes to be monitored and improved 
we have also opted to lease the majority of our vehicles 
to ensure that we run a modern fleet optimised for fuel 
efficiency and emission reductions 
restore supports the surrey care trust an independent 
charity founded in 1982 supporting people in transforming 
their life chances and donates 1p for every storage container 
that our customers purchase 
a commitment to sustainability and  
caring in our relocations division
the relocations division has now achieved the planet mark 
sustainability certification which is provided by planet 
first in partnership with the eden project the certification 
demonstrates our commitment to sustainability through 
reducing energy water and travel consumption and 
associated carbon emissions as part of our certification 
we are also proudly supporting the eden project education 
programme which aims to develop educational materials and 
workshops for school children and young people
the division provides a full range of environmental services 
for the recycling reuse charitable donation and resale of 
redundant furniture it and related office equipment these 
are promoted under the refresh initiative which each year 
provides over 2000 tonnes of no longer needed assets to 
charities schools community and voluntary groups and 
startup businesses 
the charitable donation option generates money which goes 
to a variety of good causes including
• macmillan cancer trust
• cancer for children
• great ormond street
• jeans for genes
• wear it pink
• british heart foundation
• refuge
our employees are also regularly involved in charitable fund 
raising activities events during 2014 have included a monthly 
dressdown day with donations given to our chosen charities 
along with participation in 
• shine walk for cancer
• walk the walk for breast cancer
• paris cycling for breast cancer
• ladies networking event for refuge 
caring for our own people
our commitments also of course extend to our own people 
we have maintained and expanded our apprenticeship 
and cycle to work schemes and are proud of our excellent 
health and safety record we are committed to continually 
improving health  safety management systems and safety 
cultures throughout the organisation 
at present each operational business maintains appropriate 
health safety and environmental management systems in 
2015 these will be combined to streamline health and safety 
management processes and reporting we are establishing 
kpis to ensure the effective implementation of systems and 
processes 
throughout 2014 the hours lost across the group have 
continued to decrease as our health and safety training and 
awareness has improved 
health  safety incidents 2014
document management division 
• employee man months 4768 
• riddor events 5
• near misses 7
• riddor events per man month –  
01 or 1 event per 954 man months worked
excludes health  safety data relating to cintas acquired in october 2014
relocations division
• employee man hours  604987
• riddor events 2
• near misses 1
• riddor events per man hour   
000033 or 1 event per 302493 man hours worked
 measured in hours due to the nature of the relocations business
riddor  reporting of injuries diseases and dangerous occurrences 
regulations 2013
corporate social responsibility 16 restore plc report  accounts 2014 
results
i am pleased to report another strong performance by 
your company for the year to 31 december 2014 profit 
before tax exceptional items amortisation and sharebased 
payment charges was £120 million a yearonyear increase 
of 20 2013 £100 million turnover was £675 million 
2013 £536 million with a large part of the yearonyear 
increase reflecting the effect of acquisitions made in both 
2013 and 2014 earnings per share on an adjusted basis were 
up 17 at 123 pence 2013 105 pence a final dividend 
of 16p is recommended giving a total dividend for 2014 of 
24p up 26 2013 19p
strategy
we aim to be a market leader in the segments in which 
we operate and to offer truly national coverage across 
mainland britain document storage provides a strong 
source of predictable recurring revenues as the volume 
of documents requiring storage tends not to vary with the 
economic climate nor with advances in technology in all 
our business streams particularly records management 
customers tend to retain their existing suppliers and 
only infrequently change suppliers due to the complexity 
and disruption of switching this means market share 
and revenue growth above the longterm organic growth 
rate is often best achieved through acquisition this way 
we can also offer customers with national presence the 
opportunity to consolidate their supplier base we have a 
proven record of acquiring and integrating businesses and 
creating efficiencies of scale with a commensurate increase 
in profitability 
we have also been successful in increasing the range 
of services we supply to our customer base which was 
earlier limited to records management and scanning we 
understand what it takes for uk offices to work well and 
we understand the requirements of our customers who 
in the main are the it and facilities managers responsible 
for keeping their offices running smoothly as all our 
activities have this similar channel to market once we gain 
a customer we focus on retaining them through exceptional 
customer service and crossselling the services we offer 
thereby helping them achieve their objectives over the 
last three years we have invested substantial management 
time in establishing a groupwide customer relationship 
management system in support of this
2014 was another  
key year in 
the strategic 
development  
of the group
chairman’s statement
 
relocom® 
multisite server relocation 
relocom undertook the task for one of the uk’s leading 
managed it service providers of relocating three data 
centres to one new 88000 sq ft facility in southeast 
england the project included moving new and existing 
clients to the new facility and was structured in multiple 
weekend phases of up to 100 servers at a time to ensure 
business continuity 
strong predictable 
and high customer 
retention profile
recurring 
revenues 
16 restore plc report  accounts 2014  17 restore plc report  accounts 2014 
overview strategic report governance financials other information
as a result of building on our records management 
activities we have steadily diversified into related markets 
and increased our market share through a combination 
of acquisition and investment in sales locations and 
technology overall we aim to consolidate those uk office 
services where there are benefits of scale and consistency 
of demand
in summary and as i noted last year we have clearly 
identified the characteristics of the areas in which we 
operate and seek to operate
• a strong element of recurring revenues
• a degree of operational complexity which enables good 
margins to be achieved
• a similar channel to market typically through our 
customers’ facilities managers or it managers
• services where customers appreciate that it is neither 
desirable nor practical to switch away from a well
performing supplier
• a channel to market where we can maximise our cross
selling opportunities through our groupwide customer 
relationship management system
trading
the document management division performed well 
with the core records management activity continuing to 
demonstrate the strength of its robust operational and 
financial model the division’s turnover was £374 million 
2013 £277 million and operating profit was £115 million 
2013 £103 million the decline in operating margin 
is largely attributable to the acquisition of businesses 
particularly cintas and cannon confidential whose 
operating margins were much lower than those achieved 
in our existing operations – as their integration continues 
their operating margins are being significantly improved 
in records management overall box growth excluding 
acquisitions totalled just over 6 2013 5 the effect of 
strong new box growth especially towards the end of the 
year and good organic growth was partially offset by higher 
than anticipated destruction rates restore shred continued 
to show strong organic growth with its overall revenue 
growth significantly enhanced following the acquisition of 
cannon confidential restore scan operated satisfactorily 
this business stream now largely comprises cintas’s 
scanning business 
the relocations division benefited from an upturn  
in market conditions as well as further operational 
improvements the division’s turnover was £301 million 
2013 £259 million and operating profit was £33 million 
2013 £22 million these figures include relocom whose 
results are now consolidated into the group’s results 
following the acquisition by the group of a majority stake 
in relocom during the year the major constituent of the 
division is harrow green the uk’s leading office relocation 
business where revenues were ahead by 7 yearonyear 
and operating margins increased sharply because of tighter 
controls relocom which during the year worked more 
closely with harrow green performed well while restore  
it efficient continued to perform satisfactorily 
head office costs increased to £19 million 2013 £16 
million reflecting the increased size of the group and a 
higher level of corporate activity than the prior year
corporate transactions
2014 was another key year in the strategic development 
of the group the cintas acquisition significantly increased 
our share of the uk’s records management market and 
gave us a substantial presence in the uk scanning market 
the cannon confidential acquisition greatly enhanced our 
capability and coverage within the uk shredding market 
these businesses are becoming strongly profitable as a 
result of their integration into the group as a whole
in total six acquisitions were made in the year
• in april we acquired magnum secure a records 
management business operating from 2 locations in 
north east england for £32 million the postacquisition 
management involved a significant costsaving exercise
• in april we acquired a majority stake in relocom the  
it relocation business in which we were previously a  
50 per cent shareholder this has enabled us to integrate 
relocom’s activities more closely with harrow green to 
improve profitability
• in may we acquired filebase a records management 
business also in north east england for a consideration 
of £04 million operational changes have been made to 
increase the profitability of the business
chairman’s statement 18 restore plc report  accounts 2014 
• in june we acquired the trade and assets of cannon 
confidential a lossmaking shredding business operating 
from 4 sites in mainland britain for £09 million the 
integration has been completed and the outcome has been 
transformational in providing restore shred with critical 
mass additional locations and increased profit
• in june we acquired papersafe a small records 
management business and subsequently transferred its 
boxes in store to our sites
• in october we acquired cintas uk one of the larger  
records management and scanning businesses in the 
uk for £266 million partly funded by a share placing 
the business was operating at low profitability but there 
are significant synergies which we are realising to bring 
operating margins towards those achieved by restore 
in addition on 1 january 2015 we acquired ancora  
a records management business in east anglia for  
£05 million giving us coverage in an area in which we  
were underrepresented 
funding 
net debt at the yearend was £309 million 2013 
£160 million the increase in debt reflects the cost of 
acquisitions made during the year in march we announced 
a refinancing of our bank debt with barclays comprising 
a 5year revolving credit facility of £30 million with an 
additional £75 million accordion facility available following 
the acquisition of cintas this facility was increased by 
a further £15 million the cintas acquisition was partly 
funded by the placing of 71 million shares at 210p
the current bank facility coupled with internal cash 
generation gives us considerable scope to continue to 
develop the company through acquisitions
dividends
your board is recommending a final dividend of 16p 
payable on 9 july 2015 to shareholders on the register on  
12 june 2015 this gives a total dividend for the year of 
24p a 26 yearonyear increase it remains the board’s 
firm intention to follow a progressive dividend policy
board
during 2014 we appointed three new nonexecutive 
directors in january stephen davidson joined the board 
bringing his investment banking and public company 
experience in june james wilde joined the board bringing 
his extensive experience of the businesstobusiness service 
sector in september sharon baylay joined the board 
bringing her experience of business services media and 
technology 
sir paul stephenson and john forrest stepped down from 
the board during the year i thank them for their support 
and commitment which played an important role in the 
development of the group
we have a very strong and capable board particularly 
for an aimlisted company for many reasons not least 
the quality of our customer base and the breadth of our 
shareholder base we regard good corporate governance as 
key to the ongoing success of the company the quality of 
our board reflects this
people
as i have previously noted the success of a provider of 
business services depends first and foremost upon the 
people who work in the organisation 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 accordingly they 
accept responsibility for their actions this is crucial in a 
business where exceptional customer service is the only 
way to satisfy and retain customers
we achieve this success through wellmotivated capable 
people doing their jobs to the best of their ability i thank 
all our people for their commitment over the last year and 
look forward to them continuing to share in the success 
of the group in addition i am delighted to welcome the 
people who have joined us through acquisitions made over 
the year
outlook
the current year has started satisfactorily
our principal nearterm focus in 2015 is to integrate into the 
group the acquisitions made in 2014 and to drive operating 
margins in the integrated businesses towards those we have 
historically achieved we are making good progress in this 
and we are realising the efficiencies anticipated at the time 
of acquisition at the same time our established businesses 
continue to trade strongly
chairman’s statement continued 19 restore plc report  accounts 2014 
overview strategic report governance financials other information
our document management division has started the year 
well in our records management business the improving 
trend in new box intake seen towards the end of last year 
has continued we believe this reflects our significant 
investment in our sales operations over the last two years 
the integration of the cintas business is proceeding to plan 
with significant cost reductions being achieved we are 
also steadily rationalising our property portfolio to increase 
capacity usage towards our target of at least 90 per cent 
such that we are able to achieve the appropriate operating 
margins restore scan which primarily comprises the cintas 
scanning business has had an excellent start to the year 
having secured several large contract wins and increased its 
base of recurring revenues restore shred has successfully 
integrated cannon confidential where we are achieving 
improved operating margins on increasing revenues
our relocations division has started the year well the 
core harrow green business has seen strong yearonyear 
growth in revenues particularly in london and we expect 
good opportunities to become available later in the year 
the mobilisation of our recentlyawarded contract with 
carillion amey for furniture moving and storage services to 
the ministry of defence is progressing smoothly and to plan 
relocom and restore it efficient are operating much more 
closely within the division and this is generating both new 
business and improved efficiencies 
the group remains focused on the uk office services 
market this is an attractive sector in which we hold an 
increasingly important position as a key supplier we 
have a wellbalanced business which continues to have 
considerable scope to grow both organically and through 
acquisition we have a strong record of creating shareholder 
value which we intend to continue i look forward to 
another exciting year in the development and performance 
of your company
sir william wells
chairman
24 march 2015     20 restore plc report  accounts 2014 
chief executive’s statement
these are the key results from the ongoing businesses which 
are included in the fuller statement set out under ‘profit 
before tax’ on page 22
document management division
trading in document management was steady in 2014 
with adjusted operating profits increasing by £12 million 
to £115 million turnover increased from £277 million 
to £374 million the majority of the increase in revenue 
derived from acquisitions made during the year although 
these had a limited effect on profitability
records management comprises the bulk of these results 
and its performance remained robust organic box 
growth defined as increase in box numbers from existing 
customers continued to run at 7 per cent new box 
growth at 7 per cent was encouragingly higher than in 
previous years and we believe this reflects the benefits of 
restructuring and the investment we have made in our sales 
operations box destructions and permanent retrievals were 
higher than expected so that overall net box growth before 
acquisitions was 6 average rates per box remained 
stable over the year
much of our operational focus was on integrating new 
acquisitions which had been operating at negligible 
profitability at the point of acquisition we have a clear 
business model and we have been effective in making 
changes which bring the margins of acquired businesses 
up to our customary operating margins this is achievable 
and underway in the records management businesses 
acquired in the year cintas uk was the largest of these 
and a primary reason behind its low profitability was the 
comparatively low level of boxes stored as a percentage of 
storage capacity by moving out of inappropriate sites and 
filling underutilised sites with new boxes we are sharply 
increasing capacity utilisation and profitability profitability 
is further enhanced by material cost synergies 
alongside additional capacity from acquired businesses 
we continue to develop our existing facilities the newly
developed district in our freehold underground site in 
wiltshire is on its way to full capacity and we have taken 
on 3 further hardened aircraft shelters at upper heyford 
we have also continued to invest in our it infrastructure 
mostly to ensure that our systems can absorb further 
acquisitions and that the customerfacing aspects of 
acquired businesses remain consistent
restore scan had a stable and marginally profitable year 
but for much of the year was overdependent on large 
oneoff projects the acquisition of cintas uk’s scanning 
operations in october transformed our activities in this 
space it is a strong business on a far larger scale than 
our preexisting scanning business which has now been 
integrated into the cintas business the combined business 
now trades as restore scan 
restore shred our secure shredding and recycling business 
continued to trade strongly with an encouraging level of 
new business wins the acquisition of cannon confidential 
in june sharply increased the scale of the business and 
provided it with more operating sites and increased its on
site shredding capability this has reduced the percentage 
of revenue spent on transport costs and will benefit 
margins in 2015 and beyond
relocations
the relocations division recorded adjusted operating profits 
for the year of £33 million 2013 £22 million on revenue 
of £301 million 2013 £259 million the uplift in revenues 
reflected increased turnover at harrow green and the 
consolidation of £16 million of revenues at relocom
the core harrow green business showed another strong 
yearonyear improvement in revenues as well as an increase 
in operating margins market conditions steadily improved in 
the london market where the office relocation market was 
increasingly active the regional branches also performed 
strongly with several major projects taking place such as 
north bristol nhs trust and the university of manchester 
library the recently awarded contract estimated to have 
a contract value of £25m per annum for work with the 
ministry of defence made a contribution in december its 
first month of operation global moving solutions traded 
satisfactorily during the year
relocom increased both its revenues and operating margins 
it is working more closely with harrow green and restore it 
efficient which should enhance revenues in future
restore it efficient processed more equipment than in the 
prior year but a fall in the price of recycled equipment meant 
that revenues and profits were broadly flat yearonyear 
as with relocom we expect the business to benefit from 
working more closely with other parts of the division 
most of our customers have a demand 
for most of our servicesand the 
strength of our customer base is an 
opportunity for future development 21 restore plc report  accounts 2014 
overview strategic report governance financials other information
customers
we continued to develop our group customer relationship 
management system during the year with all sales people 
across the group now using the same system this greatly 
facilitates crossselling as most of our customers have 
a demand for most of our services and the customer’s 
procurement manager or team is often common to all our 
activities much of our sales effort is focused on increasing our 
share of existing customers’ service requirements
we recently conducted an exercise which showed that our 
penetration of customers in various groupings was
• 43 of ftse 100 companies
• 64 of top 50 uk legal firms
• 80 of top 25 uk accountancy firms
• 29 of local authorities in england scotland and wales
• 27 of uk national health trusts
i believe this represents an excellent indication of the  
strength of our business and of the group’s opportunity for 
future development
charles skinner
chief executive  
revenue 
2014  
£m
revenue 
 2013  
£m
adjusted 
operating 
profit  
2014  
£m
adjusted 
operating 
profit 
2013 
£m
document 
management 374 277 115 103
relocations 301 259 33 22
head  
office costs – – 19 16
total 675 536 129 109
key performance table
revenue £m
relocations division
adjusted operating profit £m
revenue £m
document management division
adjusted operating profit £m
35
12
16
50
 13 14
 13 14
 13 14
 13 14
374 115 301 33
277 103 259 22
 before exceptional items amortisation of intangible assets and share based 
payments charge 22 restore plc report  accounts 2014 
profit before tax
statutory profit before tax for the year ended 31 december 
2014 was £61 million 2013 £50 million the key drivers of 
this increase are consistent with the prior year
• contribution resulting from the ongoing integration of 
acquired businesses 
• continued organic profit growth from the existing 
document management division
• another encouraging step forward in the margin 
performance of the relocations division
exceptional costs of £31 million 2013 £34 million largely 
reflect the acquisitions completed during the year the 2014 
acquisitions have required significant levels of restructuring 
activity which is substantially complete with the exception of 
the cintas acquisition which remains ongoing at the end of 
the year amortisation of intangible assets for the year was 
£19 million 2013 £13 million with the increase attributable 
to the higher carrying value of intangible assets the group 
now has a strong track record of profitable growth on which 
it can continue to develop
due to the oneoff nature of exceptional costs and the 
noncash element of certain charges the directors believe 
that an adjusted measure of profit before tax and earnings 
per share provides shareholders with a more appropriate 
representation of the underlying earnings derived from the 
group’s business the items adjusted for in arriving at that 
underlying adjusted profit before tax are as follows
2014
£’m
2013
£’m
profit before tax 61 50
share based payments charge 10 05
exceptional items 31 34
amortisation of intangible assets 19 13
other finance costs 01 02
adjusted profit before tax 120 100
reconciliation of reported operating profit to 
adjusted operating profit and adjusted ebitda
2014
£’m
2013 
£’m
operating profit 69 57
share based payments charge 10 05
exceptional items 31 34
amortisation of intangible assets 19 13
adjusted operating profit 129 109
depreciation 19 12
adjusted ebitda 148 121
earnings per share eps
2014 2013
basic adjusted earnings  
per share pence 123p 105p
basic earnings per share pence 64p 59p
basic adjusted earnings per share are calculated as adjusted 
profit for the year less standard tax charge divided by the 
weighted average number of shares in issue in the year basic 
earnings per share reflect the actual tax charge which in 2013 
included a benefit of £08 million resulting from recognition 
of tax losses and the impact of the reduction in future tax 
rates on deferred tax
exceptional costs
2014
£’m
2013 
£’m
acquisition – transaction costs 04 02
acquisition – box relocation  
and transport costs 04 07
restructuring and  
redundancy costs 25 14
other exceptional 02 11
total 31 34
the group completed six acquisitions in the period and these 
are the key drivers of exceptional costs this is a significant 
increase in both number and scale over 2013 whilst overall 
exceptional costs have fallen the acquisitionrelated exceptional 
costs have increased as a direct result of 2014 activity
group finance director’s statement
the key drivers of profit are consistent with the 
prior year – integration of acquired businesses 
organic growth in document management and 
margin growth in relocations 23 restore plc report  accounts 2014 
overview strategic report governance financials other information
transaction costs include the cost of legal and professional 
fees incurred as part of the acquisition
box relocation and transport costs include the cost of 
uplifting boxes to existing facilities and duplicated transport 
costs incurred during the integration of the cannon 
confidential acquisition this cost is significantly lower in 
2014 due to the lower requirement to relocate boxes from 
the 2014 acquisitions compared to acquisitions undertaken 
in 2013
restructuring and redundancy costs have increased to  
£25 million in 2014 this is a result of acquiring four 
businesses whose profitability at acquisition was materially 
lower than our standard operating model as a result the 
group has undertaken a period of restructuring in each of 
those businesses which was largely complete by the end of 
the period with the exception of the cintas acquisition which 
completed in october 2014 and was the largest document 
management division acquisition to date
interest
net finance costs amounted to £08 million 2013  
£07 million included within finance cost is a credit of  
£01 million 2013 £02 million representing the 
revaluation of the interest rate collar
taxation
uk corporation tax is calculated at 215 2013 2325 of 
the estimated assessable profitloss for the year the uk 
corporation tax rate reduced on 1 april 2014 to 21 with 
a further reduction to 20 on 1 april 2015 accordingly this 
rate reduction has been reflected in the deferred tax balance 
which forms part of the statement of financial position
statement of financial position
net assets increased to £670 million 2013 471 million 
following the six acquisitions and placing of shares goodwill 
and intangibles at 31 december 2014 were £689 million 
2013 £419 million
property plant and equipment totalled £302 million 2013 
£201 million comprising the freehold underground storage 
facilities in wiltshire storage racking vehicles and computer 
systems the development of additional storage space in the 
underground facility has continued in 2014 with revenue 
generation commencing during the year
bank interest cost £m
exceptional items £m
capital expenditure £m
0
9
3
 13 14
 13 14
 13 14
09 31 36
09 34 37 24 restore plc report  accounts 2014 
cash flow
the net cash inflow from operations was £56 million 
2013 £102 million during the year group working capital 
increased by £61 million 2013 £15 million decrease which 
has been primarily driven by
• acquisition related working capital resulting from the 
reduction in the headline consideration paid as a result  
of future working capital obligations post completion  
that were identified during the due diligence process  
this accounts for approximately half of the working  
capital increase
• significant organic growth in the last two months in 2014 
which has consequently increased the working capital 
requirement of the business by an estimated £19 million
• other short term timing differences in the working capital 
cycle of the business
capital expenditure totalled £36 million 2013 £37 million 
following the continued development of additional space in 
the underground storage facility development of storage 
capacity in other sites and the continued investment in our 
shredding capability
net debt
net debt at the end of the year was £309 million  
2013 £160 million reflecting the additional debt taken 
on to fund the acquisition spend of £289 million and 
associated working capital requirements following the 
bank refinancing completed in march 2014 which was 
supplemented by additional facilities to partfund the 
acquisition of cintas uk in october 2014 bank facilities at 
the end of the period comprised a £300 million revolving 
credit facility drawn to £220 million a £150 million 
term loan and a potential further £75 million accordion 
facility this structure has the appropriate flexibility to 
complement the group’s growth strategy
principal risks and uncertainties 
the management of the business and the execution of the 
group’s strategies are subject to a number of risks the key 
business risks affecting the group are shown below
risk management
the significant financial risks the group faces have been 
considered and policies have been implemented to best deal 
with each risk the three most significant risks are considered 
to be liquidity risk finance cost risk and customer relationship 
risk the group is wholly based in the united kingdom so the 
direct exposure to exchange risk is considered to be small
liquidity risk
the year end net debt was £309 million 2013 £160 million  
which consisted of £370 million of interest bearing loans 
and borrowings plus £12 million of overdrafts note 18 
2013 £157 million of interest bearing loans and borrowings 
plus £03 million of overdrafts net debt is monitored on a 
daily basis and banking facilities are reviewed against future 
expected cash flow movements to ensure that adequate 
facilities are in place
finance cost risk
the group pays finance costs on its bank facilities the bank 
facilities finance cost is a variable cost linked to libor plus 
a margin interest rates are managed through an interest 
rate swap the average finance cost on bank facilities for the 
group in 2014 was 27 2013 35 the potential exposure 
to libor movements is deemed acceptable given the current 
and anticipated future levels of debt
customer relationship risk
the group has commercial relationships with over 9000 
business customers attrition rates are low and relationships 
are strong the largest customer accounts for less than 4 
of group revenue with the majority of large customers tied 
into longer term contracts  due to the relatively low revenue 
concentration of our largest customers the perceived 
customer relationship risk is deemed to be low
management
it is likely that changes to members of the senior management 
team might impact on the group’s ability to perform to the 
expectations within its strategy the board ensures that the 
management team is appropriately rewarded for its efforts 
and that succession planning is considered
legislative
the group has systems and procedures in place to ensure 
compliance with and to manage the impact of changes in 
government legislation such as agency worker regulations 
vehicle operating procedures and environmental requirements 
group finance director’s statement continued 25 restore plc report  accounts 2014 
overview strategic report governance financials other information
key performance indicators ‘kpis’ 
the group uses many different kpis at an operational level which are specific to the business and provide information to 
management at an executive level a selection of operational kpis which allow a relevant and robust review of operational 
performance are considered with operational management on a monthly basis the board also relies on kpis that focus on the 
financial performance of the group
the table below shows the main kpis used to manage the group’s performance during the year
key performance indicator
2014
£’m
2013
£’m analysis
revenues 675 536 yearonyear change in revenues analysed by segment 
see note 4
adjusted operating profit 129 109 yearonyear change in adjusted operating profit 
analysed by segment see note 4
operating cash flow before 
financing costs and tax
56 102 operating cash flow generated in 2014 decreased from 
2013 as detailed earlier in this section 
bank interest cost 09 09 yearonyear change in cost of group finance finance 
costs in the year remained unchanged due to lower 
average interest rates being offset by higher levels of 
average debt
net debt 309 160 yearonyear change in bank debt which increased to 
fund the acquisitions in the year
the nonfinancial indicators that are regularly monitored are customer satisfaction and retention as well as staff turnover 
ratios customer attrition rates are very low as the business has strong and longterm relationships and a high level of 
customer satisfaction the group has a strong team of experienced and dedicated staff and staff turnover rates are low 
adam councell
group finance director 26 restore plc report  accounts 2014 
image © peter stubbs  wwwedinphotoorguk
sir william wells
aged 75 nonexecutive chairman
sir william wells was appointed chairman of the board on 
8 june 2009 his career encompasses senior positions in 
public health commercial property insurance and business 
services he was managing partner and then chairman of 
chesterton chartered surveyors for 34 years where he 
oversaw their transition from a private partnership to a 
listed company his other experience includes nonexecutive 
director roles with amp uk henderson group plc and 
exel plc sir william is chairman of adl plc a care home 
provider cmg plc a specialist in the care of adults with 
learning difficulties and transform plc the leading cosmetic 
surgery company in the uk he was the chairman of the 
department of health’s commercial advisory board and the 
nhs appointments commission
26 restore plc report  accounts 2014 
board of directors 
stephen davidson
aged 59 nonexecutive director
stephen davidson joined the board on 8 january 2014 he 
is currently non executive chairman of jse and aimlisted 
datatec limited and nonexecutive director of inmarsat 
plc and jaywing plc he has recently been chief executive 
of mecom group plc where he was previously non 
executive chairman in his earlier career stephen was chief 
financial officer then chief executive officer of telewest 
communications plc and vice chairman of investment 
banking at westlb panmure 
where power and 
responsibility sit together
speedy 
decentralised 
decisionmaking 
restore scan – 
rm education 
scanning
rm education’s onscreen marking application is the 
most widely used worldwide with 121 million pages 
scanned and marked in 2012 restore was selected 
to become one of rm’s major partners working with 
it to digitise exam papers in preparation for marking 
once students have completed their written papers 
restore’s scanning and logistics operations take over 
to create tens of millions of digital images each year 
restore has created a range of specialist support 
products for use exclusively with rm
exam image © peter stubbs  wwwedinphotoorguk restore plc report  accounts 2014 
overview strategic report governance financials other information
27
board of directors 
charles skinner
aged 54 chief executive
charles skinner was appointed chief executive of the  
group on 8 june 2009 charles was previously chief 
executive of johnson services group plc and brandon hire 
plc for nine years prior to which he was at sg warburg 
3i plc and editor of management today charles has 
considerable businesstobusiness services experience
adam councell
aged 36 group finance director
adam councell was appointed group finance director 
on 18 june 2012 adam began his career at whitbread 
plc in the accounts department of the pelican group 
restaurant division before moving to the milward brown 
precis subsidiary of wpp plc he joined rentokil initial plc 
in 2003 where he held a variety of finance posts including 
commercial director of the business and industry division 
and finance director of catering and the combined catering 
and hospitals division most recently he was finance 
director of the uk business services division supervising 
eight businesses with a combined turnover of £250 million
james wilde 
aged 61 nonexecutive director
james wilde joined the board on 1st june 2014 he is 
currently nonexecutive chairman of nirvana equity 
limited the holding company of nsl services group he has 
previously been nonexecutive chairman of several support 
services and manufacturing businesses including deb group 
limited zenith vehicle contracts group limited atpi limited 
and allied glass group limited he was on the board of the 
navy army and air force institutes naafi for six years and 
spent much of his executive career at securiguard group plc 
and rentokil initial plc where he was chief executive
sharon baylay
aged 46 nonexecutive director
sharon baylay joined the board on 10 september 2014 
she is a nonexecutive director of ite group plc the listed 
organiser of international trade exhibitions and conferences 
and nonexecutive chairman of dot net solutions ltd a 
private equity backed cloud computing business she has 
previously been marketing director and main board director 
of the bbc responsible for marketing communications and 
audiences and spent much of her career at microsoft where 
she was board director of microsoft uk and regional general 
manager of msn international sharon is also a holder of the 
ftpearson nonexecutive director diploma 28 restore plc report  accounts 2014 
directors’ report
the directors submit their report and the financial statements 
of restore plc for the year ended 31 december 2014
restore plc is a public limited company quoted on aim 
incorporated and domiciled in the united kingdom and has 
no branches outside the uk
results
the profit before tax for the year ended 31 december 2014 
was £61 million 2013 £50 million
dividends
the directors recommend a final dividend for the year of 16 
pence per share payable on 9 july 2015 2013 13 pence per 
share an interim dividend of 08 pence was paid during the 
year 2013 06 pence  the estimated final dividend to be 
paid is £13 million 2013 £10 million
principal activities
the principal activities of the group during the year were 
that of document management and relocations
business review and future developments
this is dealt with in the strategic report on pages 4 to 25
directors
the following directors have held office during the year
sir william wells chairman
charles skinner chief executive 
adam councell group finance director
dr john forrest nonexecutive director  
resigned 9 september 2014
sir paul stephenson nonexecutive director  
resigned 28 may 2014
stephen davidson nonexecutive director  
appointed 8 january 2014
james wilde nonexecutive director 
appointed 1 june 2014
sharon baylay nonexecutive director  
appointed 10 september 2014
information on directors’ remuneration share options long
term executive plans pension contributions and benefits is 
set out in the remuneration report on pages 32 to 34
the company maintains liability insurance for its directors 
and officers
share capital
full details of the authorised and issued share capital of the 
company are set out in note 23 to the financial statements
substantial shareholdings
at 20 march 2015 the company had been notified of 
the following interests amounting to 3 or more of the 
company’s issued share capital
number of 
5p ordinary 
shares
percentage 
of issued 
share 
capital
hargreave hale 11450460 139
blackrock inc 10041871 122
octopus investments 7405552 90
old mutual global investors 6402450 78
mg investments 4675000 57
river and mercantile 4044000 49
slater investments   3922000 48
investec asset management 3722582 45
schroders plc                                        3414383                   4 2
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 2014 for the 
group’s freehold properties all of which have a market value in 
excess of the book value recorded the directors believe that 
this excess is in the region of £74 million 
employees
the group’s people are its most important asset our policy 
is to employ the best people irrespective of race gender 
nationality disability or sexual orientation consultation with 
employees or their representatives occurs at all levels with 
the aim of ensuring their views are taken into account when 
decisions are made that are likely to affect their interests
disabled employees
applications for employment by disabled persons are given 
full and fair consideration for all vacancies having regard 
to their particular aptitudes and abilities 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 
environmental policy
maintaining and improving the quality of the environment 
in which we live is an important concern for the group our 
staff customers suppliers subcontractors and communities 
in which we operate we have adopted high standards of 
environmental practices and aim to minimise our impact on 
the environment wherever this is practical in particular we 
comply with and endeavour to exceed the requirements of 
all laws and regulations relating to the environment 29 restore plc report  accounts 2014 
overview strategic report governance financials other information
health and safety
the group recognises the importance of maintaining high 
standards of health and safety for everyone working within 
our business and also for anyone who may be affected by 
our business health and safety is a particular concern to our 
customers consequently both of our business segments 
have appointed health and safety officers who report to 
their respective managing directors
the group’s operational report to the board on a monthly 
basis includes a section on all health and safety matters
financial risk management
information in respect of the financial risk management 
objectives and policies of the group including the policy 
for hedging each major type of forecasted transaction for 
which hedge accounting is used and the exposure of the 
group to market risk credit risk liquidity risk and cash flow 
risk is contained in note 3 and detailed in the group finance 
director’s statement
political and charitable donations 
donations of £12000 were made by the group for charitable 
purposes during the year 2013 £nil the group does not 
make political donations
statement as to disclosure of information 
to auditors
the directors in office on 24 march 2015 have confirmed 
that as far as they are aware there is no relevant audit 
information of which the auditor is 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
annual general meeting
the notice of the annual general meeting to be held on  
15 may 2015 is set out on pages 83 to 86
post balance sheet events
details of post balance sheet events are given in note 35 of 
the financial statements
 
sarah waudby 
company secretary
24 march 2015   30 restore plc report  accounts 2014 
the policy of the board is to manage the affairs of the company having regard to quoted company alliance the directors 
support the principles underlying these requirements insofar as is appropriate for a group of the size of restore plc
the board of directors
the group is led and controlled by a board comprising two executive directors and four nonexecutive directors
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 decisionmaking including the appointment of new directors there is no separate 
nomination committee due to the current size of the board the board receives timely information on all material aspects of the 
group to enable it to discharge its duties
all directors submit themselves for reelection at the annual general meeting at regular intervals the following were 
directors during the year
number of board 
meetings attended 
during the
year ended
31 december 2014
total 12
number of audit 
committee meetings 
attended during the 
year ended 
31 december 2014
total 2
number of 
remuneration 
committee meetings 
attended during the 
year ended 
31 december 2014
total 1
executive directors
charles skinner 12 2 –
adam councell 12 2 –
nonexecutive directors
sir william wells 12 2 1
stephen davidson appointed 8 january 2014 12 2 1
james wilde appointed 1 june 2014 7 1 1
sharon baylay appointed 10 september 2014 3 – 1
the executive directors are not members of the audit committee or remuneration committee but may attend the meetings as 
a guest of the chair of the committee
directors’ remuneration
the company has an established remuneration committee
details of the remuneration of each director are set out in the remuneration report on page 32
accountability and audit
the company has established an audit committee comprising the chairman and nonexecutive directors who are responsible 
for reviewing the scope and results of the audit its cost effectiveness and the independence and  objectivity of the auditor
relations with shareholders
the chief executive and the group finance director are the company’s principal contact for investors fund managers the 
press and other interested parties at the annual general meeting investors are given the opportunity to question the 
entire board
internal control
the board acknowledges its responsibility for establishing and monitoring the group’s systems of internal control although 
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
corporate governance statement 31 restore plc report  accounts 2014 
overview strategic report governance financials other information
the key procedures that have been established and which are designed to provide effective control are as follows
management structure – the board meets regularly to discuss all issues affecting the group
investment appraisal – the group has a clearly defined framework for investment appraisal and approval is required by the 
board where appropriate
the board regularly reviews the effectiveness of the systems of internal control and considers the major business risks and 
the control environment no significant control deficiencies have come to light during the year and no weakness in internal 
financial control has resulted in any material losses contingencies or uncertainties which would require disclosure as 
recommended by the turnball guidance for directors on reporting on internal financial control
the board considers that in light of the control environment described above there is no current requirement for a separate 
internal audit function the board will continue to review the need to put in place an internal audit function
going concern
as more fully explained in note 2 having made appropriate enquiries and having examined the major areas which could affect 
the group’s financial position the directors are satisfied that the group has adequate resources to continue in operation for 
the foreseeable future 32 restore plc report  accounts 2014 
directors’ remuneration report
remuneration committee
the company has an established remuneration committee consisting of the chairman and the nonexecutive directors 
the chairman and nonexecutive directors are responsible for the consideration and approval of the terms of service 
remuneration bonuses share options and other benefits of the other directors all decisions made are after giving due 
consideration to the size and nature of the business and the importance of retaining and motivating management the 
committee will meet at least once a year and at other times as appropriate
directors’ contracts and letters of appointment
the company’s policy on executive directors’ service contracts is that in line with the best practice provisions of the uk 
corporate governance code they are to be terminable by the company on one year’s or 6 months’ notice
the nonexecutive directors do not have service contracts but have letters of appointment
date of contract notice period
executive directors
charles skinner 8 june 2009 12 months
adam councell 1 may 2012 6 months
 
date of letter notice period
nonexecutive directors
sir william wells 8 june 2009 3 months
dr john forrest resigned 9 september 2014 8 november 2011 3 months
sir paul stephenson resigned 28 may 2014 10 april 2012 3 months
stephen davidson appointed 8 january 2014 8 january 2014 3 months
james wilde appointed 1 june 2014 28 march 2014 3 months
sharon baylay appointed 10 september 2014 12 august 2014 3 months
directors’ emoluments 
the aggregate emoluments of the directors of the company were
£’000
salary 
  fees benefits
pension  
costs
total  
2014
salary  
 fees benefits
pension  
costs
total  
2013
executive directors
charles skinner 402 12 – 414 375 10 – 385
adam councell 155 1 17 173 144 1 16 161
nonexecutive directors
sir william wells 60 – – 60 60 – – 60
dr john forrest 35 – – 35 35 – – 35
sir paul stephenson 23 – – 23 35 – – 35
stephen davidson 35 – – 35 – – – –
james wilde 20 – – 20 – – – –
sharon baylay 11 – – 11 – – – –
741 13 17 771 649 11 16 676 33 restore plc report  accounts 2014 
overview strategic report governance financials other information
directors’ interests in shares and options
the beneficial interests of the directors who were in office at 31 december 2014 in the shares of the company including family 
interests were as follows
number of ordinary shares of 
5p each 31 december 2014
number of ordinary shares of 
5p each 31 december 2013
charles skinner 541415 541415
adam councell – –
sir william wells 352553 352553
stephen davidson appointed 8 january 2014 – –
james wilde appointed 1 june 2014 – –
sharon baylay appointed 10 september 2014 – –
as at 24 march 2015 there has been no change in any of the above holdings 
the directors believe that the success of the group will depend to a high degree on the future performance of the 
management team  the company has established incentive arrangements which will reward the directors when shareholder 
value is created thereby aligning the interests of the management directly with those of the shareholders
restore share option scheme – 2014 grants
employee share options
the following options have been granted to employees within the group during the year
date of grant granted
number of ordinary 
shares  of 5p each
exercise  
price
date from  
which exercisable expiry date
2 december 2014 200000 200000 2400p 2 december 2017 2 december 2024
the share options granted have no performance conditions see note 29 for details of the grant
the closing price for restore shares at 31 december 2014 was 2665 pence  during the year the market price of the company’s 
ordinary shares ranged between 1523 pence and 2795 pence
the directors’ interests in the share options schemes are as follows
number of ordinary shares of 
5p each 31 december 2014
number of ordinary shares of 
5p each 31 december 2013
charles skinner 2699611 2699611
sir william wells 1053389 1053389
adam councell 400000 400000
no share options were exercised by any of the directors in the year 2013nil 34 restore plc report  accounts 2014 
directors’ remuneration report continued
restore executive incentive plan
the company has an executive incentive plan ‘eip’ details of which are given in note 29 the directors’ interests in the eip 
are as follows
number of performance units
 31 december 2014
number of performance units
 31 december 2013
charles skinner 66667 66667
adam councell 16667 16667
by order of the board
stephen davidson 
chairman of the remuneration committee
24 march 2015  35 restore plc report  accounts 2014 
overview strategic report governance financials other information
statement of directors’ responsibilities
the directors are responsible for preparing the strategic report and the directors’ report and the financial statements in 
accordance with applicable law and regulations
company law requires the directors to prepare group and company financial statements for each financial year the 
directors are required by the aim rules of the london stock exchange to prepare group financial statements in accordance 
with international financial reporting standards “ifrs” as adopted by the european union “eu” and have elected under 
company law to prepare the company financial statements in accordance with united kingdom generally accepted accounting 
practice united kingdom accounting standards and applicable law
the group financial statements are required by law and ifrs adopted by the eu to present fairly the financial position and 
performance of the group the companies act 2006 provides in relation to such financial statements that references in the relevant 
part of that act to financial statements giving a true and fair view are references to their achieving a fair presentation
under company law the 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 the company and of the profit or loss of the group for that period
in preparing each of the group and company financial statements the directors are required to
• select suitable accounting policies and then apply them consistently
• make judgements and accounting estimates that are reasonable and prudent
• for the group financial statements state whether they have been prepared in accordance with ifrss adopted by the eu and 
for the company financial statements state whether applicable uk accounting standards have been followed subject to any 
material departures disclosed and explained in the company financial statements
•  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the 
company will continue in business
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and the 
company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and the company 
and enable them to ensure that the financial statements comply with the companies act 2006 they are also responsible for 
safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of 
fraud and other irregularities
the directors are responsible for the maintenance and integrity of the corporate and financial information included on the 
restore plc website
legislation in the united kingdom governing the preparation and dissemination of financial statements may differ from 
legislation in other jurisdictions 36 restore plc report  accounts 2014 
independent auditor’s report to the members of restore plc
for the year ended 31 december 2014 
we have audited the group and parent company financial statements “the financial statements” on pages 37 to 82 the 
financial reporting framework that has been applied in the preparation of the group financial statements is applicable law 
and international financial reporting standards ifrss as adopted by the european union the financial reporting framework 
that has been applied in the preparation of the parent company financial statements is applicable law and united kingdom 
accounting standards united kingdom generally accepted accounting practice
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 
2006 our audit work has been undertaken so that we might state to the company’s members those matters we are required 
to state to them in an auditor’s report and for no other purpose to the fullest extent permitted by law we do not accept or 
assume responsibility to anyone other than the company and the company’s members as a body for our audit work for this 
report or for the opinions we have formed
respective responsibilities of directors and auditor
as more fully explained in the statement of directors’ responsibilities set out on page 35 the directors are responsible for 
the preparation of the financial statements and for being satisfied that they give a true and fair view our responsibility is to 
audit and express an opinion on the financial statements in accordance with applicable law and international standards on 
auditing uk and ireland those standards require us to comply with the auditing practices board’s apb’s ethical standards 
for auditors
scope of the audit of the financial statements
a description of the scope of an audit of financial statements is provided on the financial reporting council’s website at  
wwwfrcorgukauditscopeukprivate 
opinion on financial statements
in our opinion
• 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 2014 and of the group’s profit for the year then ended
• the group financial statements have been properly prepared in accordance with ifrss as adopted by the european union
• the parent company financial statements have been properly prepared in accordance with united kingdom generally 
accepted accounting practice and
• the financial statements have been prepared in accordance with the requirements of the companies act 2006
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the strategic report and the directors’ report for the financial year for which the 
financial statements are prepared is consistent with the financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if  
in our opinion
• 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
• the parent company financial statements are not in agreement with the accounting records and returns or
• certain disclosures of directors’ remuneration specified by law are not made or
• we have not received all the information and explanations we require for our audit
david clark senior statutory auditor
for and on behalf of baker tilly uk audit llp
statutory auditor 
chartered accountants 
25 farringdon street 
london ec4a 4ab
24 march 2015 37 restore plc report  accounts 2014 
overview strategic report governance financials other information
consolidated statement of comprehensive income
for the year ended 31 december 2014
note
year ended 31 december 2014 year ended 31 december 2013
before 
exceptional 
items 
£’m
exceptional 
items  
note 5 
£’m
after 
exceptional 
items
 £’m
before 
exceptional 
items 
£’m 
exceptional 
items  
note 5 
£’m 
after 
exceptional 
items 
£’m
revenue 4 675 – 675 536 – 536
cost of sales 6 438 – 438 349 – 349
gross profit 237 – 237 187 – 187
administrative expenses 6 118 31 149 83 34 117
amortisation of intangible assets 12 19 – 19 13 – 13
operating profit 6 100 31 69 91 34 57
finance costs 7 08 – 08 07 – 07
profit before tax 92 31 61 84 34 50
income tax chargecredit 8 18 06 12 14 07 07
profit and total comprehensive 
income for the year attributable  
to owners of the parent 74 25 49 70 27 43
earnings per share attributable  
to owners of the parent pence 9
– basic 64p 59p
– diluted 60p 56p
  38 restore plc report  accounts 2014 
consolidated statement of changes in equity
for the year ended 31 december 2014
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 2013 34 146 29 154 363
profit for the year – – – 43 43
total comprehensive income for the year – – – 43 43
transactions with owners
issue of shares during the year 03 70 – – 73
issue costs – 03 – – 03
dividends – – – 13 13
transfers note 25 – – 18 18 –
deferred tax on share based payments – – 03 – 03
share based payments charge – – 05 – 05
03 67 10 05 65
balance at 31 december 2013 37 213 19 202 471
balance at 1 january 2014 37 213 19 202 471
profit for the year – – – 49 49
total comprehensive income for the year – – – 49 49
transactions with owners
issue of shares during the year 04 146 – – 150
issue costs – 06 – – 06
dividends – – – 16 16
deferred tax on share based payments – – 12 – 12
transfers note 25 – – 03 03 –
share based payments charge – – 10 – 10
04 140 19 13 150
balance at 31 december 2014 41 353 38 238 670 39 restore plc report  accounts 2014 
overview strategic report governance financials other information
consolidated statement of financial position
for the year ended 31 december 2014
company registered no 05169780
note
2014
 £’m
2013 
£’m
assets
noncurrent assets
intangible assets 12 689 419
property plant and equipment 13 302 201
investments 14 – 05
deferred tax asset 22 42 20
1033 645
current assets
inventories 15 06 04
trade and other receivables 16 247 175
cash and cash equivalents 20 69 39
322 218
total assets 1355 863
liabilities
current liabilities
trade and other payables 17 152 148
financial liabilities – borrowings 18 37 60
other financial liabilities 19 – 01
current tax liabilities 06 03
provisions 21 10 04
205 216
non current liabilities
financial liabilities – borrowings 18 341 100
other long term liabilities 11 12 10
other financial liabilities 19 03 01
deferred tax liability 22 62 45
provisions 21 62 20
480 176
total liabilities 685 392
net assets 670 471
equity
share capital 23 41 37
share premium account 24 353 213
other reserves 25 38 19
retained earnings 26 238 202
equity attributable to the owners of the parent 670 471
these financial statements were approved by the board of directors and authorised for issue on 24 march 2015 and were 
signed on its behalf by
charles skinner  adam councell
chief executive   group finance director 40 restore plc report  accounts 2014 
consolidated statement of cash flows
for the year ended 31 december 2014
note
year ended 
31 december 
2014 
£’m
year ended
31 december 
2013 
£’m
net cash generated from operations 27 56 102
net finance costs 09 09
income taxes paid 10 06
net cash generated from operating activities 37 87
cash flows from investing activities
purchase of property plant and equipment and applications software 36 37
purchase of subsidiary undertakings including acquisition costs  
net of cash acquired 11 289 90
sale of subsidiary 11 12 03
cash flows used in investing activities 313 124
cash flows from financing activities
net proceeds from share issues 144 70
dividends paid 16 13
repayment of bank borrowings 160 26
drawdown of revolving credit facility 219 
new bank loans raised 150 35
increasedecrease in bank overdrafts 09 15
finance lease repayments 01 01
net cash generated from financing activities 345 50
net increase in cash and cash equivalents 69 13
cash and cash equivalents at start of year – 13
cash and cash equivalents at end of year 20 69 –
cash and cash equivalents shown above comprise
cash at bank 69 39
balance on invoice discounting facility  39
69 
  41 restore plc report  accounts 2014 
overview strategic report governance financials other information
notes to the group financial statements
for the year ended 31 december 2014
1 general information
restore plc and its subsidiaries specifically focus on document management and relocations the group operates in the uk 
the company is a public limited company incorporated and domiciled in the united kingdom the address of its registered 
office is the databank unit 5 redhill distribution centre salbrook road redhill surrey rh1 5dy
the company is listed on the aim market
these group consolidated financial statements were authorised for issue by the board of directors on 24 march 2015
2 significant accounting policies
basis of preparation
the consolidated financial statements of restore plc have been prepared in accordance with eu endorsed international 
financial reporting standards ifrs ifric interpretations and the companies act 2006 applicable to companies reporting 
under ifrs
the financial statements have been prepared on a historical cost basis although derivatives are reflected at their fair value  
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 later in this note
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 its cash flows liquidity position principal risks and uncertainties affecting the business are set out in the strategic 
report on pages 4 to 25 in addition note 3 to the financial statements includes the company’s objectives policies and 
processes for managing its capital its financial risk management objectives and its exposures to credit risk and liquidity risk
the group meets its daytoday working capital requirements through its financing facilities which are due to expire between 
march 2017 and march 2019 details of the group’s borrowing facilities are given in note 20 of the financial statements
the group’s budgets for 2015 and forecasts for 2016 taking account of reasonably possible changes in trading performance 
show that the group should be able to operate within the level of its current facility
the directors have a reasonable expectation that the group has adequate resources to continue in operational existence  
for the foreseeable future thus they continue to adopt the going concern basis of accounting in preparing the annual  
financial statements
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 intragroup transactions balances income and expenses are eliminated on consolidation
the acquisition method of accounting is used to account for the acquisition of subsidiaries by the group 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 42 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
2 significant accounting policies continued
basis of consolidation con tin u ed
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
other changes in contingent consideration are recognised through profit or loss unless the contingent consideration is 
classified as equity in such circumstances changes are recognised within equity
segmental reporting
operating segments are reported in a manner consistent with the internal reporting provided to the chief operating 
decision maker
in the opinion of the directors the chief operating decision maker is the board of restore plc and there are two segments 
document management and relocations whose reports are reviewed by the board in order to allocate resources and assess 
performance segment revenue comprises sales to external customers all of whom are located in the uk services are provided 
from the uk
revenue recognition
revenue is measured as the fair value of the consideration received or receivable and represents amounts receivable for goods 
and services provided in the normal course of business net of discounts vat returns rebates and after eliminating intra
group sales
the group recognises revenue when the amount of revenue can be reliably measured it is probable that future economic 
benefits will flow to the entity and when specific criteria have been met for each of the group’s activities as described below
sale of services – document management
revenue from records management represents amounts billed or due for the storage and retrieval of customers’ files and boxes 
revenue is recognised on retrieval of documents or timeapportioned for the period for which the documents are stored
the group sells scanning and it services which are provided on a time basis or as a fixed price contract with contract terms 
ranging up to three years in which case revenue is recognised based upon the value of work completed or revenue may be 
received 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 either based on managed costs incurred on a time basis 
or other appropriate contractual measurement
the group provides all round 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
sale of services – relocation
revenue represents amounts in respect of relocation furniture storage and asset disposal and recycling revenue is 
recognised 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
interest income
interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate 
applicable which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial 
asset to that asset’s net carrying amount
dividend income
dividend income is recognised when the right to receive payment is established 43 restore plc report  accounts 2014 
overview strategic report governance financials other information
exceptional items
exceptional items are those significant items which are separately disclosed by virtue of their size or incidence to enable a full 
understanding of the group’s financial performance transactions which may give rise to exceptional items are principally gains 
or losses on disposal of investments and subsidiaries redundancy integration and other restructuring costs provisions made 
in respect of onerous leases and acquisition costs relating to business combinations
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 cashgenerating units expected to benefit 
from the synergies of the combination cashgenerating 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 
cashgenerating 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 prorata 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
intangible assets
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
intangible assets that are regarded as having indefinite useful lives are not amortised intangible assets that are regarded 
as having limited useful lives are amortised on a straightline basis over those lives assets with indefinite lives are reviewed 
for impairment annually and other assets are reviewed for impairment whenever events or circumstances indicate that the 
carrying amount may not be recoverable the recoverable amount is the higher of value in use or fair value less cost to sell 
amortisation and any impairment write downs are recognised immediately in profit or loss
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 customer relationship assets are being written off on a straight line basis over a remaining 
life of 3 to 10 years except where the relationships have been assessed as having an indefinite life these relationships are 
considered indefinite due to the business having a strong relationship and low attrition rates with its customers the customer 
lists are considered annually to ensure that this classification is still appropriate
trade names
acquired trade names are identified as a separate intangible asset the life of the trade name is assessed annually trade 
names are being written off on a straight line basis over 10 years except where the trade names are assessed as having an 
indefinite life due to the history of trading and the group being a market leader in the services provided
application software and it
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 44 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
2 significant accounting policies continued
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
 per annum
freehold and long leasehold buildings 2–5
long leasehold land over the remaining life of the lease
leasehold improvements over the life of the lease
plant and machinery 5–50
racking 5
office equipment fixtures and fittings 10–40
motor vehicles 20–25
leased assets
leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating 
leases payments made under operating leases net of any incentives received from the lessor are charged to profit or loss on 
a straight line basis over the period of the lease
where property lease contracts contain guaranteed minimum incremental rental payments the total committed cost is 
determined and is amortised on a straight line basis over the life of the lease
leases of property plant and equipment which transfer substantially all the risks and rewards of ownership to the group are 
classified as finance leases finance leases are classified as a financial liability and measured at amortised cost finance leases 
are capitalised at the inception of the lease at the lower of the fair value of the leased property plant and equipment and the 
present value of the minimum lease payments and depreciated over the period of the lease the resulting lease obligations are 
included in liabilities lease payments are apportioned between finance charges and reduction of the lease obligation so as to 
achieve a constant rate of interest on the remaining balance of the liability
investments
loan notes are loans and receivables and measured at amortised cost impairment losses are recognised in profit or loss when 
there is evidence of impairment available for sale investments are non–derivative assets and are initially recognised at fair 
value net of any transaction costs and are subsequently carried at fair value fair value gains and losses are recognised in other 
comprehensive income and are recycled to profit or loss on disposal of the investment if a fair value for an investment cannot 
be reliably measured due to the variability in the range of reasonable fair value estimates being significant or the probabilities 
of the various estimates within the range not being able to be reasonably assessed that investment will be carried at cost 
an impairment test is performed annually on the carrying value of the investment 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 
including significant or prolonged decline in fair value below cost
investments which are held for the long term and which management do not exercise significant control are carried at cost an 
impairment review is carried out annually
investments accounted for using the equity method
investments which are held for the long term and in which the group has a participating interest and exercises joint control 
with one or more other parties under a contractual arrangement are treated as joint ventures and accounted for by the equity 
method the group’s share of the results of investments is included in the consolidated income statement and the group’s 
share of net assets is included in investments in the statement of financial position
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 classified as loans and receivables in accordance with ias 39 ‘financial instruments recognition and 
measurement’ are recorded initially at fair value and subsequently measured at amortised cost a provision for impairment of 
trade receivables is established when there is evidence that the group will not be able to collect all amounts due according to 
the original terms the amount of the provision is the difference between the assets’ carrying amount and the present value 
of future cash flows discounted at the effective interest rate the movement in the provision is recognised in profit or loss any 
other receivables are recognised at their initial fair value less an allowance for any doubtful amounts an allowance is made 
when collection of the full amount is no longer considered probable 45 restore plc report  accounts 2014 
overview strategic report governance financials other information
customer incentives
incentives provided to new customers are in the form of either costs borne on behalf of new 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 the 
period of the contract 
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 other shortterm investments and bank deposits with maturities of three months or less from the date 
of inception less amounts owed under invoice discounting facilities
assets held for sale
assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale 
transaction rather than continuing use this condition is regarded as met only when a sale is highly probable and the asset 
or disposal group is available for immediate sale in its present condition management must be committed to the sale 
which should be expected to qualify for recognition as a completed sale within one year from the date of classification if this 
condition is no longer met and the assets and disposal groups are held for continuing use they are transferred out of assets 
held for sale in the current year disposal groups are groups of assets and liabilities directly associated with those assets that 
are to be disposed of together as a group in a single transaction
non–current assets and disposal groups classified as held for sale are initially measured at the lower of carrying value and 
fair value less costs to sell at subsequent reporting dates noncurrent assets and disposal groups are measured to the 
latest estimate of fair value less costs to sell as a result of this measurement any impairment is recognised by charging to 
profit or loss
trade payables
trade payables classified as other liabilities in accordance with ias 39 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 classified as other liabilities in accordance with ias 39 and are recorded at the fair value of the consideration 
received net of direct transaction costs 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 46 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
2 significant accounting policies continued
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 sharebased payment 
the group issues equitysettled sharebased payments to certain employees equitysettled sharebased payments are 
measured at fair value at the date of grant the fair value determined at the grant date of equitysettled sharebased payments 
is expensed on a straight line basis over the vesting period based on the group’s estimate of shares that will eventually vest 
fair value is measured by use of a stochastic pricing model where employees’ contracts are terminated the options are 
treated as having been forfeited and accordingly previous charges are credited back to profit or loss if the option has not yet 
vested or retained earnings if the option has vested
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 statement of financial position when the group has 
become party to the contractual provisions of the instrument the group uses derivative financial instruments such as interest 
rate caps 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 remeasured 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
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 apart from those 
involving estimates which have the most significant effect on the amounts recognised in the financial statements
acquisitions
the group has made some significant acquisitions in the year mainly the acquisition of cintas note 11 the assessment of the 
fair values of the assets and liabilities at acquisition is inherently judgemental and these are still being assessed so the amounts 
included in these financial statements are included as provisional the key assumptions that have been made are in respect of 
the valuation of customer relationships the reimbursement of costs in relation to lease obligations on an unwanted property 
and the over renting provision see provisions below
as set out in note 11 an amount of £25m was agreed between the company and the vendors of cintas to cover the 
costs associated with one of the premises leased by cintas at acquisition the company did not wish to acquire this lease 
commitment and sought to exclude it from the transaction this proved impractical and therefore it was agreed that the 
vendors would reimburse the company for costs associated with that lease in the view of the directors this reimbursement 
did not form part of the acquisition and was a separate transaction as such it has been reflected in the financial statements as 
a reimbursement of costs with the creation of a liability to be released to the income statement over the period for which the 
related premises costs are to be incurred 
exceptional costs
included within exceptional costs and as disclosed in note 5 are amounts included in respect of restructuring and 
reorganisation and the related duplication of costs the period taken to complete restructuring varies for each acquisition 
and management judgement is applied in determining the level of duplication of costs incurred particularly in relation to 
personnel costs where it can take some time for the optimal levels of staffing to be achieved
estimates and assumptions
the key assumptions concerning the future 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 47 restore plc report  accounts 2014 
overview strategic report governance financials other information
impairment of nonfinancial assets
the group assesses whether there are any indicators of impairment for all non–financial assets at each reporting date goodwill 
and other indefinite life intangibles are 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 
cashgenerating unit and choose a suitable discount rate in order to calculate the present value of those cash flows further 
details are given in note 12
valuation of separable intangibles on acquisition
when valuing the intangibles acquired in a business combination management estimate the expected future cash flows from 
the asset and choose a suitable discount rate in order to calculate the present value of those cash flows separable intangibles 
valued on acquisitions made in the year were £88m 2013 £33m as detailed further in note 11
provisions
included within provisions is an ‘overrenting’ provision which relates to the amount by which future lease rental 
commitments arising as a result of acquisitions exceed the fair market rentals in calculating this provision the key estimates 
are those relating to the fair values of the rentals on the properties concerned the impact of future rent reviews and the 
discount rate applicable 
adoption of new and revised standards
a  new standards amendments and interpretations issued and effective during the financial year commencing 
1 january 2014
  the following relevant new standards amendments to standards and interpretations are mandatory for the first time  
for the financial year commencing 1 january 2014 and have been adopted by the group but had no significant impact
  ifrs 10 – consolidated financial statements and corresponding amendment to ias 27 – consolidated and separate  
financial statements
  ifrs 10 replaces guidance in ias 27 regarding the principles for the presentation and preparation of consolidated financial 
statements when an entity controls one or more other entities it builds on existing principles by identifying the concept 
of control as the determining factor in whether an entity should be included within the consolidated financial statements 
of the parent company the standard provides additional guidance to assist in the determination of control where this is 
difficult to assess
 ifrs 11 – joint arrangements
  ifrs 11 is a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement 
rather than its legal form there are two types of joint arrangement joint operations and joint ventures proportional 
consolidation of joint ventures is no longer allowed
 amendment to ias 27 – separate financial statements
  the amendment requires an investment entity to account for particular investments in its separate financial statements  
at fair value through profit and loss and provides guidance on accounting when investment entity status changes
 amendment to ias 28 – associates and joint ventures
 ias 28 includes the requirements for joint ventures as well as associates to be equity accounted following the issue of ifrs 11
 ifrs 12 – disclosure of interests in other entities 
  provides disclosure requirements for ifrs 10 ifrs 11 and ias 28 associates and introduces disclosure requirements for 
unconsolidated structured entities
 amendment to ias 32 – offsetting financial assets and financial liabilities
 the amendments clarify existing application issues relating to the offsetting requirements
 amendment to ias 36 – impairment of assets
  amendment to reduce the circumstances in which the recoverable amount of assets or cashgenerating units is required to 
be disclosed clarify the disclosures required and to introduce an explicit requirement to disclose the discount rate used in 
determining impairment or reversals where recoverable amount based on fair value less costs of disposal is determined 
using a present value technique
  48 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
2 significant accounting policies continued
amendment to ias 39 – financial instruments recognition and measurement
amendment to make it clear there is no need to discontinue hedge accounting if a hedging derivative is novated provided 
certain criteria are met
a novation indicates an event where the original parties to a derivative agree that one or more clearing counterparties replace 
their original counterparty to become the new counterparty to each of the parties in order to apply the amendments and 
continue hedge accounting novation to a central counterparty must happen as a consequence of laws or regulations or the 
introduction of laws or regulations
standards issued but not yet effective
the following relevant new standards amendments to standards and interpretations have been issued but are not effective 
for the financial year beginning on 1 january 2014 as adopted by the european union and have not been early adopted
amendment to ias 19 – employee benefits
the amendments address updates on employee contributions
ifrs 9 – financial instruments
the standard is the first standard issued as part of a wider project to replace ias 39 it replaces the parts of ias 39 that relate 
to the classification and measurement of financial instruments ifrs 9 requires financial assets to be classified into two 
measurement categories those measured as at fair value and those measured at amortised cost the classification depends 
on the entity’s business model and the contractual cash flow characteristics of the instrument the guidance in ias 39 on 
impairment of financial assets and hedge accounting continues to apply
ifrs 15 – revenue from contracts with customers
the standard provides guidance on when to recognise revenue and provides a single principlesbased fivestep model to be 
applied to all contracts with customers
the directors anticipate that the adoption of these standards and interpretations in future periods will have no material 
impact on the financial statements of the group when the relevant standards and interpretations come into effect 
3  financial risk management
the group’s activities expose it to a variety of financial risks market risk including fair value interest rate risk and cash 
flow interest rate risk credit risk and liquidity 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 uses 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 the board provides written principles for overall risk management
a  market risk
i foreign exchange risk
the group operates in the uk and is not exposed to foreign exchange risk
ii cash flow and fair value interest rate risk
the group’s interest rate risk arises from longterm borrowings borrowings issued at variable rates expose the group to cash 
flow interest rate risk during 2014 and 2013 the group’s borrowings at variable rates were denominated in the uk pound 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 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 
as shown in note 20 49 restore plc report  accounts 2014 
overview strategic report governance financials other information
b  credit risk
credit risk is managed on a group basis except for credit risk relating to accounts receivable balances each local entity is 
responsible for managing and analysing the credit risk for each of their new clients before standard payment and 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 as disclosed in note 16
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 as also shown in note 16
c 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 eg accounts receivables other financial assets 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 finance 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 20
capital risk management
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 retained earnings and net debt as noted below net debt includes short and long term borrowings including 
overdrafts net of cash and cash equivalents
no changes were made in the objectives policies or processes during the years ending 31 december 2014 and 31 december 2013
the group’s strategy is to strengthen its capital base in order to sustain the future development of the business
debt to capital ratio
2014
£’m
2013
£’m
total debt 378 160
less cash and cash equivalents note 20 69 –
net debt 309 160
total equity 670 471
debt to capital ratio 05 03
the gearing during 2014 increased as a result of the additional debt to acquire the businesses in the year note 11 exceeding 
the equity raised note 23 the group does not have any externally imposed capital requirements
fair value estimation
the fair value of financial instruments is market value 50 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
4  segmental analysis
the group is organised into two main operating segments document management and relocations and incurs head office 
costs services per segment operate as described in the strategic report all trading of the group is undertaken within 
the united kingdom and the company has no foreign operations segment assets include intangibles property plant and 
equipment 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
the revenue from external customers was derived from the group’s principal activities in the uk the company is domiciled in 
england as follows
document 
management 
£’m
relocations 
£’m
head office 
£’m
2014 total 
£’m
revenue 374 301 – 675
segment adjusted operating profitloss 115 33 19 129
exceptional items 31
share based payments charge 10
amortisation of intangible assets 19
operating profit 69
finance costs 08
profit before tax 61
tax charge 12
profit after tax 49
segment assets 1011 274 70 1355
segment liabilities 233 70 382 685
capital expenditure 35 01 – 36
depreciation and amortisation 32 06 – 38
document 
management 
£’m
relocations 
£’m
head office 
£’m
2013 total 
£’m
revenue 277 259 – 536
segment adjusted operating profitloss 103 22 16 109
exceptional items 34
share based payments charge 05
amortisation of intangible assets 13
operating profit 57
finance costs 07
profit before tax 50
tax charge 07
profit after tax 43
segment assets 551 253 59 863
segment liabilities 133 107 152 392
capital expenditure 36 01 – 37
depreciation and amortisation 20 05 – 25
major customers
for the year ended 31 december 2014 no customers individually accounted for more than 4 2013 3 of the group’s  
total revenue 51 restore plc report  accounts 2014 
overview strategic report governance financials other information
5  exceptional items
2014 
£’m
2013 
£’m
acquisition – transaction costs 04 02
acquisition – box relocation and transport costs 04 07
restructuring and redundancy costs 25 14
release of deferred consideration provisions 10 –
additional consideration on sale of peter cox note 11 06 –
other exceptional items 14 11
total 31 34
the group completed six acquisitions in the year and these are the key driver of exceptional costs this is a significant increase 
in both number and scale over 2013 whilst overall exceptional costs have fallen the acquisition related exceptional costs have 
increased as a direct result of 2014 activity
transaction costs include the cost of and legal and professional fees incurred as part of the acquisition
box relocation and transport costs include the cost of uplifting boxes to the existing facilities and duplicated transport costs 
incurred during the integration of the cannon confidential acquisition this cost is significantly lower in 2014 due to the lower 
requirement to relocate boxes from the 2014 acquisitions compared to 2013
restructuring and redundancy costs have increased to £25m in 2014 this is a result of acquiring four businesses whose 
profitability at acquisition has been materially lower than our expectations once fully integrated as a result the group has 
undertaken a period of restructuring in each of those businesses which was largely complete by the end of the period with the 
exception of the cintas acquisition which completed in october 2014 and was our largest acquisition to date
deferred consideration provisions of £10m have been released in the year due to acquisitions not meeting performance 
targets set to trigger such payments note 11
other exceptional costs include the write down of certain balances brought forward from prior periods during the year the 
group has undertaken a thorough review of the accounting treatment of certain accounting estimates made in prior periods 
which were largely related to historic acquisitions and has made adjustments to ensure these are reflected at recoverable 
amounts in the closing statement of financial position 52 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
6 operating profit
2014 
£’m
2013 
£’m
the following items have been included in arriving at operating profit
amortisation of intangible assets 19 13
depreciation of property plant and equipment 19 12
share based payments charge 10 05
operating leases – plant and machinery 18 16
operating leases – land and buildings 45 47
auditors’ remuneration
– parent and consolidated financial statements 01 01
– audit of company’s subsidiaries pursuant to legislation 01 01
– corporate finance services 01 –
– tax compliance services 01 01
expenses by function
staff costs note 30 202 156
depreciation 19 12
premises costs 92 78
materials 31 15
subcontractors 112 83
selling and distribution expenses 02 02
transport costs 35 29
computer costs 08 05
audit and tax services 03 03
legal and professional 03 02
telecommunication costs 04 04
exceptional items 31 34
other expenses 45 43
total cost of sales and administrative expenses 587 466
amortisation of intangible assets 19 13
total operating costs 606 479
7 finance costs
2014 
£’m
2013 
£’m
interest on bank loans and overdrafts 09 09
interest rate swap 01 02
total 08 07 53 restore plc report  accounts 2014 
overview strategic report governance financials other information
8  taxation
2014 
£’m
2013 
£’m
current tax
uk corporation tax on profit for the year 11 05
adjustments in respect of previous periods 01 –
total current tax 12 05
deferred tax note 22
current year – 01
adjustments in respect of previous periods – 03
total deferred tax – 02
total tax charge 12 07
the charge for the year can be reconciled to the profit per the consolidated statement of comprehensive income as follows
2014
 £’m
2013 
£’m
profit before tax 61 50
profit before tax multiplied by the rate of corporation tax of 215 2013 2325 13 12
effects of
expenses not deductible for tax purposes 02 02
losses previously not recognised for deferred tax – 06
tax losses utilised 03 –
effect of change in rate used for deferred tax 01 02
non taxable income – 02
adjustments in respect of corporation tax for previous periods 01 –
adjustments in respect of deferred tax for previous periods – 03
tax charge 12 07 54 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
9 earnings per ordinary share
basic earnings per share have been calculated on the profit for the year after taxation and the weighted average number of 
ordinary shares in issue during the year
2014 2013
weighted average number of shares in issue 76624278 73222082
profit for the year £49m £43m
total basic earnings per ordinary share pence 64p 59p
weighted average number of shares in issue 76624278 73222082
share options 4490487 3454303
executive incentive plan 616035 –
weighted average fully diluted number of shares in issue 81730800 76676385
total fully diluted earnings per share pence 60p 56p
adjusted earnings per share
the directors believe that the adjusted earnings per share provide a more appropriate representation of the underlying 
earnings derived from the group’s business the adjusting items are shown in the table below
£’m £’m
profit before tax 61 50
adjustments
amortisation of intangible assets 19 13
exceptional items 31 34
share based payments charge 10 05
other finance costs 01 02
adjusted profit for the year 120 100
the adjusted earnings per share based on the weighted average number of shares in issue during the year 766m 2013 
732m is calculated below
2014 2013
adjusted profit before taxation £’m 120 100
tax at 2152325 £’m 26 23
adjusted profit after taxation £’m 94 77
adjusted basic earnings per share pence 123p 105p
adjusted fully diluted earnings per share pence 115p 100p
10 dividends
in respect of the current year the directors propose a final dividend of 16p per share 2013 13p will be paid to ordinary 
shareholders on 9 july 2015 this dividend is subject to approval by shareholders at the annual general meeting and has not been 
included as a liability in these financial statements an interim dividend of 08p per share 2013 06p was paid during the year
the proposed final dividend for 2014 is payable to all shareholders on the register of members on 12 june 2015 the final 
estimated dividend to be paid is £13m 2013 £10m 55 restore plc report  accounts 2014 
overview strategic report governance financials other information
11 business combinations
on 17 april 2014 the group acquired 100 of the share capital of magnum secure limited a records management business 
for cash of £32m
fair value  
at acquisition 
£’m
intangible assets – customer relationships 12
property plant and equipment 09
trade receivables 05
other receivables 01
cash 07
trade and other payables 28
deferred tax liabilities 03
other financial liabilities 01
net assets acquired 02
goodwill 30
consideration 32
satisfied by
cash to vendors 32
the goodwill represents the value attributable to new business and the assembled and trained workforce deferred tax at 
20 has been provided on the value of intangible assets acquisition costs of £87000 were incurred and have been charged to 
exceptional items in the income statement
on 17 april 2014 the group acquired a further 33 of relocom limited an it relocation business the additional shares 
were purchased for a cash consideration of £035m prior to this date the group owned a 50 investment in relocom held 
at historical cost of £05m note 14 as the shareholder structure at that time did not allow the directors to have significant 
influence over the operations of the business
fair value  
at acquisition 
£’m
intangible assets – customer relationships 02
trade receivables 06
other receivables 01
overdraft 01
trade and other payables 04
current tax liabilities 01
net assets acquired 03
goodwill 06
consideration
fair value of consideration transferred 04
fair value of previously held equity interest 05
satisfied by
cash to vendors 04
the goodwill represents the value attributable to new business and the assembled and trained workforce deferred tax at 
20 has been provided on the value of intangible assets acquisition costs of £3000 were incurred and have been charged to 
exceptional items in the income statement
the noncontrolling interest in relocom has not been disclosed separately as it is not considered to be material 56 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
11  business combinations continued
on 12 may 2014 the group acquired 100 of the share capital of filebase limited a records management business for cash  
of £04m 
fair value  
at acquisition 
£’m
intangible assets – customer relationships 02
property plant and equipment 03
trade receivables 02
other receivables 01
overdraft 02
trade and other payables 06
net assets acquired –
goodwill 04
consideration 04
satisfied by
cash to vendors 04
the goodwill represents the value attributable to new business and the assembled and trained workforce deferred tax at 20 
has been provided on the value of intangible assets acquisition costs of £19000 were incurred and have been charged to 
exceptional items in the income statement
on 16 june 2014 the group acquired the business and assets of cannon confidential a recycling and shredding business for 
cash of £09m
fair value  
at acquisition  
£’m
intangible assets – customer relationships 03
deferred tax liabilities 01
net assets acquired 02
goodwill 07
consideration 09
satisfied by
cash to vendors 09
the goodwill represents the value attributable to new business and the assembled and trained workforce deferred tax at 20 
has been provided on the value of intangible assets acquisition costs of £31000 were incurred and have been charged to 
exceptional items in the income statement 57 restore plc report  accounts 2014 
overview strategic report governance financials other information
on 23 june 2014 the group acquired 100 of the share capital of papersafe uk limited a records management business 
the initial cash consideration was £015m a further £005m contingent consideration is payable in 2015 depending on 
contract renewals
fair value 
 at acquisition  
£’m
intangible assets – customer relationships 02
deferred tax liabilities 01
net assets acquired 01
goodwill 01
consideration 02
satisfied by
cash to vendors 01
contingent consideration 01
the goodwill represents the value attributable to new business and the assembled and trained workforce deferred tax at 
20 has been provided on the value of intangible assets acquisition costs of £5000 were incurred and have been charged to 
exceptional items in the income statement
on 7 october 2014 the company acquired 100 of the share capital of cintas uk document management limited a records 
management business for cash consideration of £260m on 22 january 2015 a purchase price adjustment of £06m in relation 
to working capital was settled in cash due to the limited time available between acquisition and the approval of these 
financial statements the group is still in the process of establishing the fair value of the assets and liabilities acquired and the 
amounts shown in the table below are provisional
provisional  
fair value  
at acquisition 
£’m
intangible assets – customer relationships 67
property plant and equipment 82
deferred tax asset 11
inventories 01
trade receivables 20
other receivables 20
cash 25
trade and other payables 36
deferred tax liabilities 13
provisions 54
net assets acquired 123
goodwill 143
consideration 266
satisfied by
cash to vendors 235
purchase price adjustment 06
reimbursement – less than 1 year 10
reimbursement – more than 1 year 15
the reimbursement amounts cover rents to the end of the lease for a site which was acquired as it could not be excluded from 
the acquisition and was surplus to requirements the reimbursement of these costs is separate to the business acquisition 
these amounts are included as a deferred income creditor and will be released against costs incurred and is expected to be 
used by 2017 at 31 december 2014 £12m was classified as due after more than 1 year
the goodwill represents the value attributable to new business and the assembled and trained workforce deferred tax at 20 
has been provided on the value of intangible assets acquisition costs of £302000 were incurred and have been charged to 
exceptional items in the income statement 58 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
11  business combinations continued
contingent consideration
on 2 january 2014 £150000 deferred consideration was paid in respect of archive solutions and £50000 contingent 
consideration was paid in respect of ml document destruction limited on 26 march 2014 £170000 was paid in respect  
of the first tranche of contingent consideration in respect of it efficient limited
contingent consideration of £10m in respect of harrow green limited and file and data storage limited has been released 
during the year as this was not payable based upon the performance in 2014 note 5
deferred consideration
on 29 september 2014 the company received £03m in respect of the deferred consideration due in respect of peter cox 
limited which was sold in 2012 on 16 december 2014 the company received the final deferred consideration of £03m  
and £06m in final settlement of all amounts due following the sale of peter cox limited note 5
post acquisition results
magnum 
£’m
relocom 
£’m
filebase 
£’m
cannon 
confidential 
£’m
papersafe 
£’m
cintas
 £’m
revenue 09 22 07 08 01 42
profitloss before tax since acquisition 
included in the consolidated statement  
of comprehensive income 01 02 01 – – 08
if the acquisitions had been completed on the first day of the financial year group revenues would have been £857m and 
group profit before tax would have been £36m as explained in note 5 following acquisition a number of restructuring costs 
are incurred and after this post acquisition restructuring the acquisitions have a positive impact on group profit before tax
the acquisitions of the document management businesses were made to extend national coverage and increase the group’s 
market share the acquisition of the additional shareholding in relocom has enabled the group to integrate relocom’s 
activities more closely with our relocations subsidiary harrow green 59 restore plc report  accounts 2014 
overview strategic report governance financials other information
12 intangible assets
goodwill 
£’m
customer 
relationships 
£’m
trade 
names
 £’m
applications 
software  it 
£’m
 total 
£’m
cost
1 january 2013 330 100 20 20 470
additions – external – – – 08 08
arising on acquisition of subsidiaries 64 33 – – 97
31 december 2013 394 133 20 28 575
cost
1 january 2014 394 133 20 28 575
additions – external – – – 07 07
acquisitions – – – 03 03
arising on acquisition of subsidiaries 191 88 – – 279
31 december 2014 585 221 20 38 864
accumulated amortisation and impairment
1 january 2013 106 19 05 13 143
charge for the year – 08 02 03 13
31 december 2013 106 27 07 16 156
accumulated amortisation and impairment
1 january 2014 106 27 07 16 156
charge for the year – 12 02 05 19
31 december 2014 106 39 09 21 175
carrying amount
31 december 2014 479 182 11 17 689
31 december 2013 288 106 13 12 419
1 january 2013 224 81 15 07 327
customer relationships include assets which are considered to have an indefinite life due to the business having a strong 
relationship and low attrition rates with its customer groups the carrying amount of these assets is £29m 2013 £29m  
the remaining relationships have a life of 3–10 years 60 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
12 intangible assets continued
the changes to goodwill during the year were as follows
£’m
cost
1 january 2013 330
acquired – file and data 42
acquired – atix 06
acquired – it efficient 16
31 december 2013 394
acquired – magnum 30
acquired – relocom 06
acquired – filebase 04
acquired – cannon confidential 07
acquired – papersafe 01
acquired – cintas 143
31 december 2014 585
accumulated impairment
1 january 2013 106
31 december 2013 and 31 december 2014 106
carrying amount at 31 december 2014 479
carrying amount at 31 december 2013 288
carrying amount at 1 january 2013 224
allocation to cashgenerating units
goodwill and indefinite life intangible assets have been allocated for impairment testing purposes to the following cash
generating units
the carrying value is as follows
goodwill indefinite life intangibles 
2014 
£’m
2013 
£’m
2014 
£’m
2013 
£’m
document management 425 240 29 29
relocations 54 48 – –
479 288 29 29 61 restore plc report  accounts 2014 
overview strategic report governance financials other information
annual test for impairment
for the purpose of impairment testing goodwill and other intangibles are allocated to business segments which represent 
the lowest level that those assets are monitored for internal management purposes the recoverable amount of each cash
generating unit is determined from valueinuse calculations the calculations use pre tax cash flow projections based on 
financial budgets approved by the directors for year one and cash flow projections for years two and three using growth rates 
that are considered to be in line with the general trends in which each cashgenerating unit operates terminal cash flows are 
based on these 3 year projections assumed to grow perpetually at 1 in accordance with ias 36 the growth rates for beyond 
the forecasted three years do not exceed the long term average growth rate for the industry the key assumptions forming 
inputs to the cash flows are in revenues and margins revenues for 2015 have been assessed by reference to existing contracts 
and market volumes margins have been assumed to be consistent in the document management and relocations divisions 
the forecasts have been discounted at a pretax rate of 135 2013 135 this discount rate was calculated using a pretax 
rate based on the weighted average cost of capital for the group
the key assumptions used for the value in use calculations are as follows
document 
management 

relocations 

revenue growth – average over 3 years 4 2
revenue growth – remainder 1 1
cost growth – employeeoverheads 4 1
sensitivity
the key sensitivity concerns the first scanning acquisition where the recoverable amount calculated as value in use exceeded 
the carrying value by £06m a 10 worsening of the key assumptions would not cause the value in use to fall below the 
carrying value the group has not identified any reasonably possible changes to key assumptions that would cause the carrying 
value of the remaining goodwill or intangible to exceed its recoverable amount 62 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
13 property plant and equipment
freehold and 
long leasehold 
land  buildings 
£’m
leasehold 
improvements 
£’m
racking plant  
 machinery 
£’m
office 
equipment 
fixtures  
 fittings 
£’m
motor 
vehicles 
£’m
total 
£’m
cost
1 january 2013 109 12 82 23 09 235
reclassification – 04 06 06 03 13
transfer from subsidiaries 01 – 04 04 – 01
additions 02 08 11 08 01 30
disposals – – – – 02 02
acquisitions 01 01 06 – – 08
31 december 2013 111 25 101 41 05 283
at 1 january 2014
reclassification – – 08 13 01 06
additions 04 06 12 03 04 29
acquisitions – 39 42 08 02 91
31 december 2014 115 70 163 39 10 397
accumulated 
depreciation
1 january 2013 08 03 34 11 03 59
reclassification 01 05 02 11 – 13
transfer from 
subsidiaries 01 – 01 01 – 01
charged in the year 01 01 07 02 01 12
disposals – – – – 01 01
31 december 2013 07 09 38 25 03 82
at 1 january 2014
reclassification – – – 05 01 06
charged in the year 01 03 10 03 02 19
31 december 2014 08 12 48 23 04 95
net book value
31 december 2014 107 58 115 16 06 302
31 december 2013 104 16 63 16 02 201
1 january 2013 101 09 48 12 06 176
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 £02m 2013 £02m of plant and machinery is held 
under a finance lease
management have made certain reclassifications in the year to better reflect the substance of the assets 63 restore plc report  accounts 2014 
overview strategic report governance financials other information
14 investments
2014 
£’m
2013 
£’m
investments – 05
the group previously held a 50 investment in relocom limited a specialist it relocations company this shareholding 
was being held as an investment at historic cost as due to the shareholder structure the directors did not have the ability 
to exhibit significant influence over the operations of the business on 17 april 2014 the group acquired a further 33 in 
relocom note 11
15 inventories
2014 
£’m
2013 
£’m
finished goods and goods for resale 06 04
£02m 2013£01m of inventories were recognised as an expense in cost of sales in the year
16 trade and other receivables
2014 
£’m
2013 
£’m
trade receivables 165 113
less provision for impairment of trade receivables 01 01
trade receivables – net 164 112
other receivables 16 16
prepayments and accrued income 67 47
247 175
the average credit period is 74 days 2013 75 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 at 2 per annum on the outstanding balance trade receivables 
are provided for based on estimated irrecoverable amounts determined by reference to past payment history and the current 
financial status of the customers
movement in the allowance for impairment
2014 
£’m
2013 
£’m
balance at beginning and end of the year 01 01
in determining the recoverability of the trade receivables the group considers any change in the credit quality of the trade 
receivable from the date credit was initially granted up to the reporting date see note 20 for an analysis of trade receivables 
that were past due but not impaired
17 trade and other payables
2014 
£’m
2013 
£’m
trade payables 58 47
other taxation and social security 28 19
other payables 08 46
accruals and deferred income 58 36
152 148
other payables include the fair value of the interest rate swap of £01m 2013 £02m see note 20
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 60 days 2013 63 days 64 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
18 loans and overdrafts
2014 
£’m
2013 
£’m
current
bank loans and overdrafts due within one year
overdrafts on demand 12 03
bank loans – secured 26 57
deferred financing costs 01 –
37 60
noncurrent
bank loans – secured 344 100
deferred financing costs 03 –
341 100
the bank debt is due to barclays bank plc and is secured by a fixed and floating charge over the assets of the group the 
interest rate profile and an analysis of borrowings is given in note 20 under the bank facility the group is required to meet 
quarterly covenant tests in respect of cashflow cover interest cover and leverage all tests were met during the year and the 
directors expect to continue to meet these tests
analysis of net debt
2014
 £’m
2013
 £’m
cash at bank and in hand 69 39
balance on invoice discounting facility – 39
bank loans and overdrafts due within one year 37 60
bank loans due after one year 341 100
309 160
19 other financial liabilities
2014
 £’m
2013 
£’m
obligations under finance leases – present value of finance lease liabilities 03 02
repayable by instalments
in less than one year – 01
in two to five years 01 01
over five years 02 –
03 02 65 restore plc report  accounts 2014 
overview strategic report governance financials other information
20 financial instruments
the group’s financial instruments comprise cash bank 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
cash and cash equivalents net of invoice discounting
2014
 £’m
2013 
£’m
cash at bank and in hand 69 39
invoice discounting facility – 39
69 –
as at 31 december 2014 trade receivables of £33m 2013 £30m 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
2014
 £’m
2013 
£’m
60–90 days 14 14 
greater than 90 days 19 16
the main financial risks arising from the group’s financial instruments are interest rate risk and liquidity risk the directors 
review and agree policies for managing each of these risks interest rates are regularly reviewed to ensure competitive rates 
are paid detailed cash flows are produced on a regular basis to minimise liquidity risks
carrying value of financial assets and liabilities excluding cash and borrowings
2014 
£’m
2013 
£’m
loans and receivables 181 131
derivatives used for hedging 01 02
financial liabilities measured at amortised cost 135 104
currency and interest rate risk profile of financial liabilities
all bank borrowings are subject to floating interest rates at libor plus a margin of between 15 and 225 on the rcf and 
175 and 25 on the term facility depending on the leverage covenant and 35 on the overdraft
the interest rate risk profile of the group’s gross borrowings for the year was
currency
total 
 £’m
fixed rate 
financial 
liabilities 
 £’m
floating rate 
financial 
liabilities
  £’m
subject to 
interest rate 
collar 
 £’m
weighted 
average  
interest rates 

sterling at 31 december 2014 382 – 337 45 27
sterling at 31 december 2013 160 – 102 58 35
the exposure of group borrowings to interest rate changes and contractual pricing dates at the end of the year are as follows
2014 
£’m
2013 
£’m
6 months or less 382 160 66 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
20 financial instruments continued
interest rate sensitivity
at 31 december 2014 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 £01m 2013 £01m lower 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
the group’s sensitivity to future interest rates changes has increased during the current year due to the increased debt
financial assets recognised in the statement of financial position and interest rate profile
all financial assets are short term receivables and cash in hand the cash in hand 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 including interest payments other than short 
term trade payables and accruals which are due within one year was as follows
bank  
debt
 £’m
other 
financial 
liabilities
 £’m
 2014  
total 
£’m
 bank  
debt 
£’m
other 
financial 
liabilities
 £’m
 2013  
total 
£’m
within one year or on demand 12 04 16 98 07 105
between one and two years 01 – 01 28 12 40
between two and five years 372 – 372 74 – 74
385 04 389 200 19 219
borrowing facilities
the group has a finance facility with barclays bank plc this facility comprises a term loan of £150m expiring on 11 march 
2019 a 3 year revolving credit facility rcf of £300m expiring on 11 march 2017 and an on demand net overdraft facility of 
£15m 2013 a term loan of £127m expiring on 30 june 2016 a 3 year revolving credit facility rcf of £30m an on demand 
net overdraft facility of £15m and an invoice discounting facility of £53m an offset facility is in place and on a gross basis 
£72m of the overdraft facility was unutilised at 31 december 2014 2013 £42m details of security are given in note 18 
committed but undrawn borrowing facilities as at 31 december 2014 amounted to £83m 2013 £26m
all of the group’s borrowings are in sterling
fair values of financial assets and financial liabilities
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 67 restore plc report  accounts 2014 
overview strategic report governance financials other information
interest rate management
the group holds two interest rate swaps the group exchanges the difference between fixed and floating rate interest 
amounts calculated on agreed notional principal amounts such contracts enable the group to mitigate the risk of changing 
interest rates on the issued variable rate debt held the fair value of the interest rate swaps at the year end is as follows
average contracted  
fixed interest rate
notional  
principal amount fair value
2014
 
2013 

2014 
£’m
2013 
£’m
2014 
£’m
2013 
£’m
1 to 2 years 28 28 33 36 – –
2 to 5 years 28 28 06 09 01 02
2 to 5 years 15 15 06 11 – –
the interest rate swap of 28 was entered into on 13 july 2011 expires on 30 june 2016 and settles on a quarterly basis 
the swap was for £50m and decreases on a straight line basis so that it totals 50 of the original term loan facility a further 
swap was entered into on 13 march 2013 for £15m in order to hedge the additional £15m term loan put in place to fund the 
acquisition of harrow green both of these term facilities were repaid in 2014 as the hedge was not designated as effective on 
inception the movement in fair value has been taken to profit or loss the valuation of derivatives is within level 2 of the fair 
value hierarchy as the significant inputs to the valuation are observable
the hierarchy levels have been defined as follows
• quoted prices unadjusted in active markets for identical assets or liabilities level 1
• inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly that is as 
prices or indirectly that is derived from prices level 2
• inputs for the asset or liability that are not based on observable market data that is unobservable inputs
21 provisions
onerous lease provisions
2014 
£’m
2013 
£’m
1 january 2014 24 31
used during the year 06 05
released during the year – 02
arising on the acquisition of cintas 54 –
31 december 2014 72 24
the onerous leases provision relates to future payments on onerous leases as required in the lease agreements £13m of costs 
are expected to be incurred within one year and the balance over the next 8 years this provision has been discounted at 8
provisions are analysed as follows
2014 
£’m
2013 
£’m
current 10 04
noncurrent 62 20
total 72 24
the provision arising on the acquisition of cintas relates to a number of onerous leases expiring between march 2015 and 
march 2030 in relation to paying over market rent the provision has been discounted at 8 68 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
22 deferred tax
summary of balances
2014 
£’m
2013 
£’m
deferred tax liabilities 62 45
deferred tax asset 42 20
net position at 31 december 20 25
the movement in the year in the group’s net deferred tax position is as follows
2014 
£’m
2013 
£’m
1 january 25 19
charge to profit or loss for the year – 02
tax credited directly to equity 12 03
acquisitions 07 07
31 december 20 25
the following are the major deferred tax liabilities and assets recognised by the group and the movements thereon during  
the year
deferred tax liabilities
accelerated 
capital 
allowances 
£’m
on intangible 
assets 
£’m
properties 
£’m
total 
£’m
1 january 2013 05 22 12 39
chargecredit to income for the year 04 04 01 01
acquisitions – 07 – 07
31 december 2013 09 25 11 45
chargecredit to income for the year 03 03 01 01
acquisitions 01 17 – 18
31 december 2014 13 39 10 62
deferred tax assets
share based 
payments 
£’m
losses 
£’m
depreciation in 
excess of capital 
allowances 
£’m
provisions 
£’m
total 
£’m
1 january 2013 08 05 03 04 20
creditcharge to income for the year 01 02 02 – 03
transactions with owners 03 – – – 03
31 december 2013 12 03 01 04 20
creditcharge to income for the year 02 01 – 02 01
acquisitions – – – 11 11
transactions with owners 12 – – – 12
31 december 2014 26 02 01 13 42
a deferred tax asset has been recognised on the share based payments charge an amount of £12m 2013 £03m has been 
taken directly to equity
a deferred tax asset of £02m 2013 £03m has been recognised on brought forward tax losses due to greater certainty over 
recoverability of the asset a potential deferred tax asset amounting to £12m 2013 £nil on tax losses of £59m 2013 £nil 
has not been recognised due to uncertainty over the recoverability of the asset 69 restore plc report  accounts 2014 
overview strategic report governance financials other information
23 called up share capital
2014 
£’m
2013 
£’m
authorised
199000000 ordinary shares of 5p each 100 99
allotted issued and fully paid
82213540 2013 74900491 ordinary shares of 5p each 41 37
the issued ordinary share capital is as follows
date
number of 
ordinary shares issue price
1 january 2013 68207932
21 march 2013 – equity raised to acquire file and data and placing of new shares 3033404 1110p
26 march 2013 – exercise of share options 34000 325p
9 april 2013 – equity raised to acquire file and data and placing of new shares 3525155 1110p
18 october 2013 – exercise of share options 100000 830p
31 december 2013 74900491
3 july 2014 – exercise of share options 80000 830p
18 august 2014 – exercise of share options 20000 830p
7 october 2014 – equity raised to acquire cintas 7090049 2100p
16 october 2014 – exercise of share options 123000 325p
31 december 2014 82213540
24 share premium account
2014 
£’m
2013 
£’m
1 january 213 146
premium on shares issued during the year 146 70
share issue costs 06 03
31 december 353 213
the company may use the reserve to reduce a deficit in the profit and loss account 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 nonconsenting creditors that existed at the date of the capital reduction 70 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
25 other reserves
share based 
payments 
reserve 
£’m
capital 
contribution 
reserve 
£’m
total 
 other  
reserves 
£m
1 january 2013 09 20 29
charge for the year 05 – 05
deferred tax on share based payments charge 03 – 03
transfers 02 20 18
31 december 2013 19 – 19
charge for the year 10 – 10
deferred tax on share based payments charge 12 – 12
transfers 03 – 03
31 december 2014 38 – 38
  a net amount of £03m has been reclassified from share based payments reserve to retained earnings in respect of lapsed and exercised options 2013 £02m 
in respect of lapsed options £04m and deferred tax £06m the capital contribution has been transferred to retained earnings following settlement of the 
management incentive scheme in 2013
since 30 june 2005 the share based payments reserve comprises charges made to the income statement in respect of share 
based payments under the group’s equity compensation scheme
26  retained earnings
2014
 £’m
2013 
£’m
1 january 202 154
profit for the year 49 43
dividends paid 16 13
transfers 03 18
31 december 238 202
  a net amount of £03m has been reclassified from share based payments reserve to retained earnings in respect of lapsed and exercised options 2013 £02m 
in respect of lapsed options £04m and deferred tax £06m the capital contribution has been transferred to retained earnings following settlement of the 
management incentive scheme in 2013 
retained earnings are the balance of income retained by the group retained earnings may be distributed to shareholders by a 
dividend payment 71 restore plc report  accounts 2014 
overview strategic report governance financials other information
27 cash inflow from operations
year ended 
31 december 
2014 
£’m
year ended 
31 december 
2013 
£’m
profit before tax 61 50
depreciation of property plant and equipment 19 12
amortisation of intangible assets 19 13
net finance costs 08 07
share based payments charge 10 05
increase in inventories 02 02
increasedecrease in trade and other receivables 24 12
decreaseincrease in trade and other payables 35 05
net cash generated from operations 56 102
28 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 income of £03m 
2013 £02m represents contributions payable to these schemes by the group at rates specified in the rules of the plan
29  share based payments
share options scheme
the restore share option scheme was introduced in may 2005 under the scheme the remuneration committee can grant 
options over shares in the company to directors and employees of the group options are granted at a fixed price equal to the 
market price of the shares under option at the date of grant the contractual life of the option is 10 years awards under the 
scheme are generally reserved for employees at senior management level and above
between 2010 and 2014 the company made a grant of options to senior management and directors on which there are no 
performance conditions and which are exercisable within 2–10 years 
options were valued using a stochastic model the fair value per option and the assumptions used in the calculation are  
as follows
grant date
2 december 
2014
27 november 
2013
21 june 
2012
30 july 
2011
3 may 
2011
16 april 
2010
share price at grant date 2400p 1495p 830p 600p 530p 410p
exercise price 2400p 1495p 830p 695p 500p 325p
number of employees 2 10 13 1 4 7
share options granted 200000 675000 3422588 400000 1160000 3360000
vesting period years 3 3 2 2 2 2
expected volatility 30 30 30 30 30 30
option life years 10 10 10 10 10 10
expected life years 6 6 6 6 6 6
risk free rate 40 40 40 40 40 56
expected dividends  
expressed as a dividend yield 0 0 0 0 0 0
fair value per option 902p 559p 304p 189p 210p 50p
the total fair value of options issued in the year was £02m 2013 £04m the volatility is measured by calculating the 
standard deviation of the natural logarithm of share price movements 72 restore plc report  accounts 2014 
notes to the group financial statements continued
for the year ended 31 december 2014
29  share based payments continued
a reconciliation of share option movements over the two years to 31 december 2014 is
grant date number
2014  
weighted average  
exercise price number
2013  
weighted average  
exercise price
outstanding at 1 january 7084588 68p 8666176 51p
granted 200000 240p 675000 1495p
exercised 223000 365p 2256588 4p
lapsed 25000 1495p – –
outstanding at 31 december 7036588 731p 7084588 68p
exercisable at 31 december 6186588 597p 3087000 343p
the options outstanding at 1 january 2013 have been restated to include the options in issue under the management incentive 
scheme which was settled in 2013 
the options outstanding at 31 december 2014 had an exercise price of between 325p and 2400p and a weighted average 
remaining contractual life of 56 years 2013 66 years the weighted average share price at exercise date for options 
exercised in the year was 2080p
executive incentive plan eip
the directors interests in the performance units of the eip is as follows 
2014 2013
charles skinner 66667 66667
adam councell 16666 16667
no payment has been made for the grant of these awards performance units will convert into a certain number of ordinary 
shares in the form of nilcost options at the end of a three year performance period provided that the value created for 
shareholders is in excess of a hurdle “threshold hurdle” calculated by reference to 10 annualised growth in the market 
capitalisation of the company plus dividend payments minus net shareholder investments from the start of the performance 
period being 26 november 2013 providing the threshold hurdle has been achieved by the end of the performance period 
participants will be entitled to receive in aggregate 10 of the value created for shareholders above the hurdle 50 of the 
entitlement will vest at the end of the performance period with 25 at the end of each of the following two years 
the fair value per unit and the assumptions used in the calculation are as follows
date of grant
share price at 
date of grant 
pence
exercise price 
pence
expected 
dividend yield 

expected 
volatility
 
riskfree rate
 
term 
years
fair value 
per unit 
£
26 november 2013 1495 – 11 377 07 3 18 73 restore plc report  accounts 2014 
overview strategic report governance financials other information
30 directors and employees
staff costs during the year
2014
 £’m
2013
 £’m
wages and salaries 172 135
social security costs 17 14
pension costs 03 02
share based payments charge 10 05
202 156
average monthly number of employees during the year number number
directors 2 2
management 107 57
administration 66 89
operatives 561 398
736 546
no directors exercised share options during the year
total amounts for directors’ remuneration and other benefits
2014
£’m
2013 
£’m
emoluments for directors’ services 08 07
directors’ remuneration shown above included the following  
amounts in respect of the highest paid director
salary and benefits 04 04
2014 
£’m
2013
 £’m
key management compensation
shortterm employment benefits 20 17
post employment benefits 01 01
share based payments 10 05
31 23
the key management of the group are management attending divisional board meetings within each division
31 leasing commitments
the group leases various premises and assets under noncancellable operating lease agreements of varying terms the 
majority of the lease agreements are renewable at the end of the lease period at market rate
future aggregate minimum lease payments under noncancellable 
operating leases
land and buildings plant and machinery 
2014 
£’m
2013 
£’m
2014 
£’m
2013 
£’m
– within one year 54 45 10 10
– within two to five years 216 162 17 21
– over five years 519 157 – 01
789 364 27 32
the operating leases represent rentals payable by the group for certain properties vehicles and equipment 74 restore plc report  accounts 2014 
32 capital commitments
capital expenditure
2014 
£’m
2013 
£’m
contracted for but not provided in the financial statements 01 01
33 contingent liabilities
the company has entered into a bank cross guarantee with its subsidiaries the guarantee amounts to £308m at 31 december 
2014 2013 £167m the assets of the company and its subsidiaries are pledged as security for the bank borrowings by way of 
a fixed and floating charge
34 related party transactions and controlling party
the remuneration of key management personnel and details of the directors’ emoluments are shown in note 30 dividends of 
£11370 and £7404 2013 £9204 and £5993 were paid to charles skinner and sir william wells respectively
the directors do not consider there to be a controlling party
35 post balance sheet events
on 2 january 2015 the group acquired the business and assets of ancora solutions a records management business for cash 
consideration of £05m and is still in the process of establishing the fair value of the assets and liabilities acquired
on 2 march 2015 the group paid the final tranche of contingent consideration of £02m in respect of it efficient limited
notes to the group financial statements continued
for the year ended 31 december 2014 75 restore plc report  accounts 2014 
overview strategic report governance financials other information
company balance sheet
as at 31 december 2014
company registered no 05169780
note
2014 
£’m
2013 
£’m
fixed assets
intangible assets 36 185 172
tangible fixed assets 37 139 123
investments 38 538 263
862 558
current assets
stock 39 01 01
debtors due within one year 40 84 76
debtors due after more than one year 40 138 105
cash at bank 27 10
250 192
creditors amounts falling due within one year 41 90 121
net current assets 160 71
total assets less current liabilities 1022 629
creditors due after more than one year 42 515 266
provisions for liabilities 43 10 08
net assets 497 355
capital and reserves
called up share capital 44 41 37
share premium account 45 353 213
other reserves 46 16 10
profit and loss account 47 87 95
shareholders’ funds 48 497 355
these financial statements were approved by the board of directors and authorised for issue on 24 march 2015 and were 
signed on its behalf by
charles skinner  adam councell
chief executive   group finance director 76 restore plc report  accounts 2014 
these financial statements for the company have been prepared under the historical cost convention and in accordance with 
the companies act 2006 and applicable accounting standards in the united kingdom uk gaap the directors consider that 
the accounting policies set out below are suitable are supported by reasonable judgements and estimates and have been 
consistently applied except where stated below a summary of the more important accounting policies is set out below
going concern
the going concern basis has been applied in these accounts on the basis that funds will be made available from other  
group companies
the going concern position is discussed further in the consolidated financial statements of the group on page 41 and applies  
to the company
company profit and loss account
in accordance with section 408 of the companies act 2006 the company is exempt from the requirement to present its own 
profit and loss account the result for the financial year of the company is disclosed in note 48 to these financial statements
dividend income
in the company’s financial statements dividends received and receivable are recognised when the right to receive payment  
is established
investments
the company’s investment in shares in group companies are stated at cost less provision for impairment plus capital 
contributions in respect of share based payments
tangible fixed assets
the costs of tangible fixed assets are stated at their purchase price together with any incidental expenses of acquisition 
depreciation is provided on a straight line basis on all property plant and equipment except freehold land
per annum
freehold and long leasehold buildings 2–5
long leasehold land over the remaining life of the lease
leasehold improvements over the life of the lease
plant and machinery 5–50
racking 5
office equipment fixtures and fittings 10–40
motor vehicles 20–25
software 20–33
deferred taxation
deferred taxation is recognised in respect of timing differences which have originated but not reversed at the balance sheet 
date based on tax rates enacted or substantively enacted deferred tax assets are recognised when their recovery is assessed 
as more likely than not deferred tax assets and liabilities are not discounted
share based payments
the fair value of share based payments granted to employees is charged over the vesting period of the related share options 
or share allocations the charge is based on the fair value of the options and shares allocated determined using a stochastic 
pricing model which is appropriate given the vesting and other conditions attached to the options the value of the charge is 
adjusted at each balance sheet date to reflect expected and actual levels of vesting
provisions for liabilities
provisions are recognised when the company 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  
pretax discount rate
goodwill
purchased goodwill representing the excess of the fair value of the consideration given over the fair values of the identifiable 
net assets acquired is capitalised and is amortised on a straight line basis over its useful economic life of 10 years
 
company accounting policies 77 restore plc report  accounts 2014 
overview strategic report governance financials other information
notes to the company financial statements
for the year ended 31 december 2014
36 intangible assets
goodwill
£’m
cost
1 january 2014 203
acquired – magnum 33
acquired – papersafe 03
31 december 2014 239
accumulated amortisation
1 january 2014 31
charge for the year 23
31 december 2014 54
carrying amount
31 december 2014 185
31 december 2013 172
37 tangible fixed assets
freehold and 
long leasehold 
and buildings 
£’m
leasehold 
improvements 
£’m
racking 
plant and 
machinery 
£’m
office 
equipment 
fixtures and 
fittings 
£’m
motor 
vehicles 
£’m
software 
£’m
total
£’m
cost 
1 january 2014 50 12 37 22 01 12 134
reclassification – – 19 19 – – –
additions – 03 09 01 – 03 16
acquisitions 03 02 05 01 – 01 12
31 december 2014 53 17 70 05 01 16 162
accumulated depreciation
1 january 2014 01 02 04 – – 04 11
charged in the year – 01 05 02 – 04 12
31 december 2014 01 03 09 02 – 08 23
net book value
31 december 2014 52 14 61 03 01 08 139
31 december 2013 49 10 33 22 01 08 123
management have made certain reclassifications in the year to better reflect the substance of the assets 78 restore plc report  accounts 2014 
notes to the company financial statements continued
for the year ended 31 december 2014
38  investments
shares in subsidiary undertakings
£’m
cost
1 january 2014 551
acquired – magnum 33
acquired – filebase 04
acquired – papersafe 02
acquired – cintas 269
capital contribution  subsidiary share based payments 01
transfer to goodwill less deferred taxation 34
31 december 2014 826
provision for impairment
at 1 january and 31 december 2014 288
net book value
31 december 2014 538
31 december 2013 263
at 31 december 2014 the company held directly and indirectly equity and voting rights of the following undertakings
company class of holding  held country of incorporation nature of business
document management division
wansdyke security limited ordinary 100 england and wales records management
document control services limited ordinary 100 england and wales document scanning
stapledon holdings limited ordinary 100 england and wales holding company
restore shred limited ordinary 100 england and wales shredding services
file and data storage limited ordinary 100 england and wales records management
 magnum secure limited ordinary 100 england and wales holding company
magnum docstore limited ordinary 100 england and wales records management
filebase limited  ordinary 100 england and wales records management
papersafe uk limited ordinary 100 england and wales dormant
restore 2 limited ordinary 100 england and wales records management 
and document scanning
preview services limited ordinary 100 england and wales dormant
keymorr imaging services limited ordinary 100 england and wales dormant
relocations division
sargents trading limited ordinary 100 england and wales dormant
harrow green limited ordinary 100 england and wales relocations
relocom limited ordinary 83 england and wales relocations
it efficient limited ordinary 100 england and wales it asset disposal
 held directly 
 the company has taken the exemption from audit under section 479a of the companies act 2006
dormant companies are exempt from filing accounts under section 394 of the companies act 2006 79 restore plc report  accounts 2014 
overview strategic report governance financials other information
39 inventories
2014 
£’m
2013
 £’m
finished goods and goods for resale 01 01
40 debtors
2014
 £’m
2013 
£’m
trade debtors 50 39
amounts due from group undertakings 04 01
other debtors 01 08
prepayments and accrued income 29 28
84 76
due after more than one year
amounts due from group undertakings 138 105
total 222 181
41 creditors amounts falling due within one year
2014
 £’m
2013 
£’m
bank overdraft – 01
bank loans 25 57
trade creditors 19 25
amounts due to group undertakings 03 02
other taxation and social security 12 07
corporation tax 05 02
other creditors 07 13
accruals and deferred income 19 14
90 121
bank overdrafts and loans are classified as follows
2014
 £’m
2013 
£’m
current
bank loans and overdrafts due within one year
overdrafts on demand – 01
bank loans – secured 25 57
25 58
noncurrent note 42
bank loans – secured 341 100 80 restore plc report  accounts 2014 
notes to the company financial statements continued
for the year ended 31 december 2014
42 creditors amounts falling due after more than one year
2014 
£’m
2013 
£’m
bank loans 341 100
other long term liabilities – 10
amounts due to group undertakings 174 156
515 266
amounts falling due
after one and within two years 21 27
between two years and five years 494 239
515 266
the bank debt is due to barclays bank plc and is secured by a fixed and floating charge over the assets of the group the 
interest rates applied to the amounts due to group undertakings ranged from 223 above base rates to 338 above base 
rates an analysis of group borrowings is given in note 20
43 provisions for liabilities 
deferred 
 tax
 £’m
property 
provision 
£’m
2014 
£’m
1 january 2014 07 01 08
acquired 01 – 01
charged to profit and loss 01 – 01
31 december 2014 09 01 10
44 share capital
2014 
£’m
2013
 £’m
authorised
199000000 ordinary shares of 5p each 100 99
allotted issued and fully paid
82213540 2013 74900491 ordinary shares of 5p each 41 37
the issued ordinary share capital is as follows
date
number of 
ordinary shares
issue 
 price
1 january 2013 68207932
21 march 2013 – equity raised to acquire file and data and placing of new shares 3033404 1110p
26 march 2013 – exercise of share options 34000 325p
9 april 2013 – equity raised to acquire file and data and placing of new shares 3525155 1110p
18 october 2013 – exercise of share options 100000 830p
31 december 2013 74900491
3 july 2014 – exercise of share options 80000 830p
18 august 2014 – exercise of share options 20000 830p
7 october 2014 – equity raised to acquire cintas 7090049 2100p
16 october 2014 – exercise of share options 123000 325p
31 december 2014 82213540 81 restore plc report  accounts 2014 
overview strategic report governance financials other information
45 share premium account
2014
 £’m
2013
 £’m
1 january 213 146
premium on shares issued during the year 146 70
share issue costs 06 03
31 december 353 213
the company may use the reserve to reduce a deficit in the profit and loss account 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 nonconsenting creditors that existed at the date of the  
capital reduction
46 other reserves
share based 
payments 
reserve 
£’m
capital 
contribution 
reserve 
£’m
total other 
reserves 
£m
1 january 2013 09 20 29
charge for the year 05 – 05
transfers 04 20 24
31 december 2013 10 – 10
charge for year 09 – 09
transfers 03 – 03
31 december 2014 16 – 16
  in 2014 a net amount of £03m has been reclassified from share based payments reserve to retained earnings in respect of lapsed and exercised options  in 
2013 an amount of £04m has been reclassified from share based payments reserve to retained earnings in respect of lapsed options a capital contribution 
was transferred to retained earnings following settlement of the management incentive scheme in 2013
47  profit and loss account
2014 
£’m
2013
 £’m
1 january 95 84
profit for the year 05 –
transfers  03 24
dividends 16 13
31 december 87 95
  in 2014 a net amount of £03m has been reclassified from share based payments reserve to retained earnings in respect of lapsed and exercised options  in 
2013 an amount of £04m has been reclassified from share based payments reserve to retained earnings in respect of lapsed options a capital contribution 
was transferred to retained earnings following settlement of the management incentive scheme in 2013
the company has taken advantage of section 408 of the companies act 2006 and has not included its own profit and loss 
account in these financial statements the company’s profit for the financial year was £546000 2013 loss £15000 82 restore plc report  accounts 2014 
notes to the company financial statements continued
for the year ended 31 december 2014
48 reconciliation of movement in shareholders’ funds
2014 
£’m
2013 
£’m
profit for the financial year 05 –
issue of shares 150 73
share issue costs 06 03
share based payments charge 09 05
dividends 16 13
net addition to shareholders’ funds 142 62
opening shareholders’ funds 355 293
closing shareholders’ funds 497 355
49 leasing commitments
annual commitment under  
noncancellable operating leases
land and buildings plant and machinery
2014 
£’m
2013 
£’m
2014
 £’m
2013 
£’m
– operating leases which expire
– within one year 01 01 – –
– within two to five years 06 07 03 02
– over five years 31 26 – –
38 34 03 02
50 contingent liabilities
the company has entered into a bank cross guarantee with its subsidiaries the guarantee amounts to £308m at 31 december 
2014 2013 £167m the assets of the company and its subsidiaries are pledged as security for the bank borrowings by way of 
a fixed and floating charge 83 restore plc report  accounts 2014 
overview strategic report governance financials other information
notice of annual general meeting
restore plc
notice is hereby given that the annual general meeting of restore plc “the company” will be held at 66 grosvenor street 
london w1k 3jl on 15 may 2015 at 12 pm for the following purposes
ordinary business
1 to receive the company’s annual accounts for the financial year ended 31 december 2014 together with the directors’ report 
and the auditors’ report on those accounts
2 to reappoint baker tilly uk audit 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 accounts are laid
3 to authorise the directors to set the auditors’ remuneration
4 to reappoint sharon baylay who has been appointed by the board since the last annual general meeting as a director of  
the company
5 to reappoint james christie falconer wilde who has been appointed by the board since the last annual general meeting as 
a director of the company
6 to reappoint charles antony lawrence skinner who retires by rotation pursuant to the company’s articles of association as 
a director of the company
7 to reappoint sir william henry weston wells who retires by rotation pursuant to the company’s articles of association as a 
director of the company
8 to declare a final dividend of 16 pence per ordinary share in respect of the year ended 31 december 2014 this dividend will 
be paid on 9 july 2015 to the holders of ordinary shares at 6 pm on 12 june 2015 the ex dividend date being 11 june 2015
special business
as special business to consider and if thought fit to pass the following resolutions which will be proposed as to resolution 9 
as an ordinary resolution and as to resolutions 10 and 11 as special resolutions
9 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 £137022565 being 27404513 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
10 that subject to the passing of resolution number 9 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 9 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
101 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 and
102 the allotment otherwise than pursuant to paragraph 101 above of equity securities up to an aggregate nominal 
amount of £41106770 and shall expire upon the expiry of the general authority conferred by resolution 9 above except 
that the company may before such expiry make offers or agreements which would or might require equity securities to 
be allotted andor shares held by the company in treasury to be sold or transferred after such expiry and the directors 
may allot equity securities andor 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 84 restore plc report  accounts 2014 
notice of annual general meeting continued
special business continued
11 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 6934 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
111 the maximum number of ordinary shares authorised to be purchased is 8221354
112 the minimum price which may be paid for each ordinary share is 5 pence exclusive of expenses payable by  
the company
113 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
 the databank
 unit 5
 redhill distribution centre 
 salbrook road
 redhill
 surrey rh1 5dy
sarah waudby 
company secretary 
24 march 2015
  85 restore plc report  accounts 2014 
overview strategic report governance financials other information
notes these notes are important and require your immediate attention
1 a shareholder entitled to attend and vote at the annual general meeting is entitled to appoint another person of hisher 
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 hisher 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
2 a form of proxy for use in connection with the meeting is enclosed with the document of which this notice forms part 
completion and return of a form of proxy will not prevent a shareholder from attending and voting in person at the meeting 
addresses including electronic addresses in this document are included strictly for the purposes specified and not for any 
other purpose
3 to appoint a proxy or proxies shareholders must complete a form of proxy sign it and return it together with the power of 
attorney or any other authority under which it is signed or a notarially certified copy of such authority to the company’s 
registrars capita asset services pxs1 the registry 34 beckenham road beckenham kent br3 4zf so that it is received no 
later than 12 pm on 13 may 2015
4 only those members entered on the register of members of the company at 6 pm on 13 may 2015 or in the event that this 
meeting is adjourned in the register of members as at 6 pm 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 13 may 2015 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
5 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 12 pm on 15 may 2015 and any adjournments 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 providers who will be 
able to take the appropriate action on their behalf 
 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  ireland 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 capita registrars limited 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 
 crest members and where applicable their crest sponsor or voting service provider should note that euroclear uk  
ireland 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 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 355a of the 
uncertificated securities regulations 2001
6 you may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares in the 
event of a conflict between a blank proxy form and a proxy form which states the number of shares to which it applies the 
specific proxy form shall be counted first regardless of whether it was sent or received before or after the blank proxy form 
and any remaining shares in respect of which you are the registered holder will be apportioned to the blank proxy form you 
may not appoint more than one proxy to exercise rights attached to any one share to appoint more than one proxy you 
should contact capita asset services the registry 34 beckenham road beckenham kent br3 4tu
7 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
8 copies of the following documents will be available for inspection at the company’s registered office during normal working 
hours on any week day 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
a copies of all service agreements or letters of appointment under which the directors of the company are employed by 
the company
9 biographical details of each director who is being proposed for reappointment or reelection by shareholders can be found by 
visiting the company’s website wwwrestoreplccom  86 restore plc report  accounts 2014 
explanation of resolutions
resolution 9 – authority to allot shares
at the last agm of the company held on 22 may 2014 the directors were given authority to allot ordinary shares in the capital 
of the company up to a maximum nominal amount of £124834150 representing approximately one third of the company’s 
then issued ordinary share capital
the directors consider it appropriate that a further similar authority be granted to allot ordinary shares in the capital of the 
company up to a maximum nominal amount of £137022565 representing approximately one third of the company’s issued 
ordinary share capital as at 24 march 2015 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 2016 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 10 – disapplication of statutory preemption rights
resolution 10 will empower the directors to allot ordinary shares in the capital of the company for cash on a nonpreemptive basis
• in connection with a rights issue or other prorata offer to existing shareholders and
• otherwise than in connection with a rights issue or other prorata offer to existing shareholders up to a maximum nominal 
value of £41106770 representing approximately 10 per cent of the issued ordinary share capital of the company as at 
24 march 2015 the latest practicable date before publication of this document
resolution 11 – authority to make market purchases of own shares
resolution 11 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 8221354 representing 
approximately 10 per cent of the company’s issued ordinary share capital as at 24 march 2015 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 alterative to cancelling them no dividends 
are paid on shares whilst held in treasury and no voting rights attach to treasury shares 
notice of annual general meeting continued 87 restore plc report  accounts 2014 
overview strategic report governance financials other information
form of proxy for use at the annual general meeting 
to be held on 15 may 2015 at 12 pm
iwe 
name in full in block capitals please
of 
being a members of restore plc appoint the chairman of the meeting or
as myour proxy to vote for meus on myour behalf at the annual general meeting of the company to be held on 15 may 2015 
at 12 pm and at any adjournment of the meeting on the resolutions listed below as indicated by an ‘x’ in the appropriate box 
and on any other resolutions as he thinks fit
please tick here if this proxy appointment is one of multiple appointments being made
resolution business for against
vote 
withheld
ordinary resolutions
1 to receive the company’s annual accounts for the financial year ended  
31 december 2014 together with the directors’ report and the auditor’s 
report on those accounts
2 to reappoint baker tilly uk audit llp as auditors
3 to authorise the directors to set the auditors’ remuneration
4 to reappoint sharon baylay as a director of the company
5 to reappoint james wilde as a director of the company
6 to reappoint charles skinner as a director of the company
7 to reappoint sir william wells as a director of the company
8 to declare a dividend of 16 pence per ordinary share
9 to authorise the directors to allot shares pursuant to section  
551 companies act 2006
special resolutions
10 to disapply section 561 companies act 2006
11 to authorise the company to make market purchases of its own shares
signature date  2015
restore plc
the “company”
registered in england – no 5169780
to return your completed proxy form
please use the reply paid envelope provided 88 restore plc report  accounts 2014 
notes 
1 a member who is entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend speak and 
to vote instead of himher provided each proxy is appointed to exercise rights in respect of different shares to appoint more 
than one proxy an additional proxy forms may be obtained by contacting capita asset services pxs1 the registry 34 
beckenham road beckenham kent br3 4zf or you may photocopy this page indicating on each copy the name of the proxy 
you wish to appoint and the number of shares in respect of which the proxy is appointed all forms must be signed and should 
be returned to capita asset services in the same envelope 
2 a proxy need not be a member of the company but must attend the meeting to represent you to appoint as your proxy a 
person other than the chairman of the meeting insert their full name in the space provided if you sign and return this proxy 
form with no name inserted as such the chairman of the meeting will be deemed to be your proxy where you appoint as 
your proxy someone other than the chairman you are responsible for ensuring that they attend the meeting and are aware of 
your voting intentions
3 if someone else signed the form on your behalf you or that person must send the power of attorney or other written 
authority under which it is signed to the address detailed in note 6 below 
4 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
5 in the case of a corporation this form of proxy must be executed under its common seal or signed on its behalf by a duly 
authorised officer 
6 to be valid any proxy form or other instrument appointing a proxy must be
a completed and signed
b sent or delivered to capita asset services pxs1 the registry 34 beckenham road beckenham kent br3 4zf and
c received by capita asset services no later than 12 pm on 13 may 2015
7 completion of a form of proxy will not affect the right of a member to attend and vote at the annual general meeting
8 to direct your proxy how to vote on the resolutions mark the appropriate box on your proxy form with an ‘x’ to abstain from 
voting on a resolution select the relevant “vote withheld” box 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 meeting
9 shares held in uncertificated form ie in crest may be voted through the crest proxy voting service in accordance with 
the procedures set out in the crest manual the message must be transmitted so as to be received by the company’s agent 
capita asset services limited 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 you may not use any electronic address provided either in this form of proxy or any related documents including the notice of 
meeting to communicate with the company for any purposes other than those expressly stated an increasingly important 
supplier to the uk office services 
market with considerable scope 
to grow both organically and 
through acquisition
overview 
highlights  01
what we do 02
strategic report  
how we work 04
historical performance  08
our markets 12
corporate social responsibility  14
chairman’s statement 16
chief executive’s statement 20
group finance director’s statement 22
governance
board of directors 26
directors’ report 28
corporate governance statement 30
directors’ remuneration report 32
statement of directors’ responsibilities 35
independent auditor’s report 36
financial statements
consolidated statement of  
comprehensive income 37
consolidated statement of changes in equity  38
consolidated statement of financial position  39
consolidated statement of cash flows  40
notes to the group financial statements  41
company balance sheet  75
company accounting policies  76
notes to the company financial statements 77
other information
notice of annual general meeting 83
officers and advisers 89
trading record  89
89 restore plc report  accounts 2014 
officers and advisers
company secretary 
sarah waudby
registered number and office
05169780
the databank unit 5
redhill distribution centre
salbrook road
redhill
surrey
rh1 5dy
nominated adviser  broker
cenkos securities plc
6–8 tokenhouse yard
london
ec2r 7as 
public relations
fti consulting
200 aldersgate
aldersgate street
london
ec1a 4hd
investor relations consultants
broker profile
augustine house
6a austin friars
london 
ec2n 2ha
independent auditor 
baker tilly uk audit llp 
chartered accountants
25 farringdon street
london
ec4a 4ab
solicitors
brabners llp
55 king street
manchester
m2 4lq
bankers
barclays bank plc
1 churchill place
london 
e14 5hp
registrars 
capita asset services
the registry
34 beckenham road
beckenham kent
br3 4tu
trading record 
year ended 31 december
2014
£’m
2013
£’m
2012
£’m
2011
£’m
2010
£’m
revenue 675 536 433 188 127
adjusted profit before taxation 120 100 62 37 24
adjusted earnings per share 123p 105p 74p 43p 27p
net debt 309 160 178 116 123
net assets 670 471 363 233 167
  before exceptional items amortisation of intangible assets share based payments and other finance costs
financial calendar
annual general meeting held in may
half year results september
financial year end 31 december
full year results march
overview strategic report governance financials other information head oﬃce 
66 grosvenor street 
london w1k 3jl 
t 020 7409 2420 
e inforestoreplccom 
w wwwrestoreplccom 
locations 
restore document management 
the databank 
unit 5 redhill distribu ti on centre 
salbrook road 
redhill   surrey 
rh1 5dy 
t 0844 725 5540 
e adminrestorecouk  
w wwwrestorecouk 
restore shred  
234 heyford park 
upper heyford 
oxfordshire 
ox25 5ha 
t 01869 238 521 
e adminrestoreshredcom 
w wwwrestorecoukshred 
restore scan 
unit 3 the links
popham close
feltham
tw13 6je
t 0844 725 5540
e enquiriesrestorescancouk  
w wwwrestorecoukscan 
harrow green 
2 oriental road 
silvertown 
london 
e16 2bz 
t 0845 603 8774 
e  infoharrowgreencom  
w wwwharrowgreencom 
relocom 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire  
sg17 5dz 
t 0845 313 1491 
e contactusrelocomcouk  
w wwwrelocomcouk 
restore it e ﬃcient 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire 
sg17 5dz 
t 01462 813 132 
e iteite ﬃ cientcom  
w wwwrestorecoukitdisposal 
report  financial statements 
for the year ended 31 december 2014 
restore plc    report  financial statements  for the year ended 31 december 2014 
head oﬃce 
66 grosvenor street 
london w1k 3jl 
t 020 7409 2420 
e inforestoreplccom 
w wwwrestoreplccom 
locations 
restore document management 
the databank 
unit 5 redhill distribu ti on centre 
salbrook road 
redhill   surrey 
rh1 5dy 
t 0844 725 5540 
e adminrestorecouk  
w wwwrestorecouk 
restore shred  
234 heyford park 
upper heyford 
oxfordshire 
ox25 5ha 
t 01869 238 521 
e adminrestoreshredcom 
w wwwrestorecoukshred 
restore scan 
unit 3 the links
popham close
feltham
tw13 6je
t 0844 725 5540
e enquiriesrestorescancouk  
w wwwrestorecoukscan 
harrow green 
2 oriental road 
silvertown 
london 
e16 2bz 
t 0845 603 8774 
e  infoharrowgreencom  
w wwwharrowgreencom 
relocom 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire  
sg17 5dz 
t 0845 313 1491 
e contactusrelocomcouk  
w wwwrelocomcouk 
restore it e ﬃcient 
unit 4b4f 
she ﬀord industrial park 
st francis way 
she ﬀord   bedfordshire 
sg17 5dz 
t 01462 813 132 
e iteite ﬃ cientcom  
w wwwrestorecoukitdisposal 
report  financial statements 
for the year ended 31 december 2014 
restore plc    report  financial statements  for the year ended 31 december 2014 


Summary:
 16 restore plc report  accounts 2014 
results
i am pleased to report another strong performance by 
your company for the year to 31 december 2014 profit 
before tax exceptional items amortisation and sharebased 
payment charges was £120 million a yearonyear increase 
of 20 2013 £100 million turnover was £675 million 
2013 £536 million with a large part of the yearonyear 
increase reflecting the effect of acquisitions made in both 
2013 and 2014 earnings per share on an adjusted basis were 
up 17 at 123 pence 2013 105 pence a final dividend 
of 16p is recommended giving a total dividend for 2014 of 
24p up 26 2013 19p
strategy
we aim to be a market leader in the segments in which 
we operate and to offer truly national coverage across 
mainland britain document storage provides a strong 
source of predictable recurring revenues as the volume 
of documents requiring storage tends not to vary with the 
economic climate nor with advances in technology in all 
our business streams particularly records management 
customers tend to retain their existing suppliers and 
only infrequently change suppliers due to the complexity 
and disruption of switching this means market share 
and revenue growth above the longterm organic growth 
rate is often best achieved through acquisition this way 
we can also offer customers with national presence the 
opportunity to consolidate their supplier base we have a 
proven record of acquiring and integrating businesses and 
creating efficiencies of scale with a commensurate increase 
in profitability 
we have also been successful in increasing the range 
of services we supply to our customer base which was 
earlier limited to records management and scanning we 
understand what it takes for uk offices to work well and 
we understand the requirements of our customers who 
in the main are the it and facilities managers responsible 
for keeping their offices running smoothly as all our 
activities have this similar channel to market once we gain 
a customer we focus on retaining them through exceptional 
customer service and crossselling the services we offer 
thereby helping them achieve their objectives over the 
last three years we have invested substantial management 
time in establishing a groupwide customer relationship 
management system in support of this
2014 was another  
key year in 
the strategic 
development  
of the group
chairman’s statement
 
relocom® 
multisite server relocation 
relocom undertook the task for one of the uk’s leading 
managed it service providers of relocating three data 
centres to one new 88000 sq ft facility in southeast 
england the project included moving new and existing 
clients to the new facility and was structured in multiple 
weekend phases of up to 100 servers at a time to ensure 
business continuity 
strong predictable 
and high customer 
retention profile
recurring 
revenues 
16 restore plc report  accounts 2014  17 restore plc report  accounts 2014 
overview strategic report governance financials other information
as a result of building on our records management 
activities we have steadily diversified into related markets 
and increased our market share through a combination 
of acquisition and investment in sales locations and 
technology overall we aim to consolidate those uk office 
services where there are benefits of scale and consistency 
of demand
in summary and as i noted last year we have clearly 
identified the characteristics of the areas in which we 
operate and seek to operate
• a strong element of recurring revenues
• a degree of operational complexity which enables good 
margins to be achieved
• a similar channel to market typically through our 
customers’ facilities managers or it managers
• services where customers appreciate that it is neither 
desirable nor practical to switch away from a well
performing supplier
• a channel to market where we can maximise our cross
selling opportunities through our groupwide customer 
relationship management system
trading
the document management division performed well 
with the core records management activity continuing to 
demonstrate the strength of its robust operational and 
financial model the division’s turnover was £374 million 
2013 £277 million and operating profit was £115 million 
2013 £103 million the decline in operating margin 
is largely attributable to the acquisition of businesses 
particularly cintas and cannon confidential whose 
operating margins were much lower than those achieved 
in our existing operations – as their integration continues 
their operating margins are being significantly improved 
in records management overall box growth excluding 
acquisitions totalled just over 6 2013 5 the effect of 
strong new box growth especially towards the end of the 
year and good organic growth was partially offset by higher 
than anticipated destruction rates restore shred continued 
to show strong organic growth with its overall revenue 
growth significantly enhanced following the acquisition of 
cannon confidential restore scan operated satisfactorily 
this business stream now largely comprises cintas’s 
scanning business 
the relocations division benefited from an upturn  
in market conditions as well as further operational 
improvements the division’s turnover was £301 million 
2013 £259 million and operating profit was £33 million 
2013 £22 million these figures include relocom whose 
results are now consolidated into the group’s results 
following the acquisition by the group of a majority stake 
in relocom during the year the major constituent of the 
division is harrow green the uk’s leading office relocation 
business where revenues were ahead by 7 yearonyear 
and operating margins increased sharply because of tighter 
controls relocom which during the year worked more 
closely with harrow green performed well while restore  
it efficient continued to perform satisfactorily 
head office costs increased to £19 million 2013 £16 
million reflecting the increased size of the group and a 
higher level of corporate activity than the prior year
corporate transactions
2014 was another key year in the strategic development 
of the group the cintas acquisition significantly increased 
our share of the uk’s records management market and 
gave us a substantial presence in the uk scanning market 
the cannon confidential acquisition greatly enhanced our 
capability and coverage within the uk shredding market 
these businesses are becoming strongly profitable as a 
result of their integration into the group as a whole
in total six acquisitions were made in the year
• in april we acquired magnum secure a records 
management business operating from 2 locations in 
north east england for £32 million the postacquisition 
management involved a significant costsaving exercise
• in april we acquired a majority stake in relocom the  
it relocation business in which we were previously a  
50 per cent shareholder this has enabled us to integrate 
relocom’s activities more closely with harrow green to 
improve profitability
• in may we acquired filebase a records management 
business also in north east england for a consideration 
of £04 million operational changes have been made to 
increase the profitability of the business
chairman’s statement 18 restore plc report  accounts 2014 
• in june we acquired the trade and assets of cannon 
confidential a lossmaking shredding business operating 
from 4 sites in mainland britain for £09 million the 
integration has been completed and the outcome has been 
transformational in providing restore shred with critical 
mass additional locations and increased profit
• in june we acquired papersafe a small records 
management business and subsequently transferred its 
boxes in store to our sites
• in october we acquired cintas uk one of the larger  
records management and scanning businesses in the 
uk for £266 million partly funded by a share placing 
the business was operating at low profitability but there 
are significant synergies which we are realising to bring 
operating margins towards those achieved by restore 
in addition on 1 january 2015 we acquired ancora  
a records management business in east anglia for  
£05 million giving us coverage in an area in which we  
were underrepresented 
funding 
net debt at the yearend was £309 million 2013 
£160 million the increase in debt reflects the cost of 
acquisitions made during the year in march we announced 
a refinancing of our bank debt with barclays comprising 
a 5year revolving credit facility of £30 million with an 
additional £75 million accordion facility available following 
the acquisition of cintas this facility was increased by 
a further £15 million the cintas acquisition was partly 
funded by the placing of 71 million shares at 210p
the current bank facility coupled with internal cash 
generation gives us considerable scope to continue to 
develop the company through acquisitions
dividends
your board is recommending a final dividend of 16p 
payable on 9 july 2015 to shareholders on the register on  
12 june 2015 this gives a total dividend for the year of 
24p a 26 yearonyear increase it remains the board’s 
firm intention to follow a progressive dividend policy
board
during 2014 we appointed three new nonexecutive 
directors in january stephen davidson joined the board 
bringing his investment banking and public company 
experience in june james wilde joined the board bringing 
his extensive experience of the businesstobusiness service 
sector in september sharon baylay joined the board 
bringing her experience of business services media and 
technology 
sir paul stephenson and john forrest stepped down from 
the board during the year i thank them for their support 
and commitment which played an important role in the 
development of the group
we have a very strong and capable board particularly 
for an aimlisted company for many reasons not least 
the quality of our customer base and the breadth of our 
shareholder base we regard good corporate governance as 
key to the ongoing success of the company the quality of 
our board reflects this
people
as i have previously noted the success of a provider of 
business services depends first and foremost upon the 
people who work in the organisation 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 accordingly they 
accept responsibility for their actions this is crucial in a 
business where exceptional customer service is the only 
way to satisfy and retain customers
we achieve this success through wellmotivated capable 
people doing their jobs to the best of their ability i thank 
all our people for their commitment over the last year and 
look forward to them continuing to share in the success 
of the group in addition i am delighted to welcome the 
people who have joined us through acquisitions made over 
the year
outlook
the current year has started satisfactorily
our principal nearterm focus in 2015 is to integrate into the 
group the acquisitions made in 2014 and to drive operating 
margins in the integrated businesses towards those we have 
historically achieved we are making good progress in this 
and we are realising the efficiencies anticipated at the time 
of acquisition at the same time our established businesses 
continue to trade strongly
chairman’s statement continued 19 restore plc report  accounts 2014 
overview strategic report governance financials other information
our document management division has started the year 
well in our records management business the improving 
trend in new box intake seen towards the end of last year 
has continued we believe this reflects our significant 
investment in our sales operations over the last two years 
the integration of the cintas business is proceeding to plan 
with significant cost reductions being achieved we are 
also steadily rationalising our property portfolio to increase 
capacity usage towards our target of at least 90 per cent 
such that we are able to achieve the appropriate operating 
margins restore scan which primarily comprises the cintas 
scanning business has had an excellent start to the year 
having secured several large contract wins and increased its 
base of recurring revenues restore shred has successfully 
integrated cannon confidential where we are achieving 
improved operating margins on increasing revenues
our relocations division has started the year well the 
core harrow green business has seen strong yearonyear 
growth in revenues particularly in london and we expect 
good opportunities to become available later in the year 
the mobilisation of our recentlyawarded contract with 
carillion amey for furniture moving and storage services to 
the ministry of defence is progressing smoothly and to plan 
relocom and restore it efficient are operating much more 
closely within the division and this is generating both new 
business and improved efficiencies 
the group remains focused on the uk office services 
market this is an attractive sector in which we hold an 
increasingly important position as a key supplier we 
have a wellbalanced business which continues to have 
considerable scope to grow both organically and through 
acquisition we have a strong record of creating shareholder 
value which we intend to continue i look forward to 
another exciting year in the development and performance 
of your company
sir william wells
chairman
24 march 2015