The Restore plc half-year results for the six months ended 30 June 2026 show group revenue of £175.4m, up 21% on the same period last year, with adjusted earnings per share rising 24% to 12.4p. The board says it is ‘confident of delivering full year result at least in line with market expectations,’ leaving investors in RST asking whether those numbers justify a 288p share price and a market capitalisation of £387.7m.
What the Restore plc half-year results actually show
Behind the headline figures, adjusted operating profit rose 19% to £29.9m (H1 2025: £25.2m), with the adjusted operating margin edging up 50 basis points (one basis point is a hundredth of a percentage point) to 20.1%. Adjusted profit before tax grew 23% to £22.3m, from £18.1m a year earlier.
Free cash flow (cash generated by the business after routine capital spending) from continuing operations came in at £21.3m, up from £20.6m in H1 2025, with cash conversion of 95%. That is a slight softening from the 109% conversion rate a year ago, though 95% remains robust by most measures.
Growth in the period was split roughly evenly between organic (underlying business expansion) and inorganic (acquisitions) sources, according to the Restore plc newsroom. The Information Management Digital Services and Outbound Communications division, along with the Technology division, both delivered double-digit organic revenue growth in the half.
For those weighing the valuation, Hargreaves Lansdown shows a projected full-year 2026 EPS of 25p. At 288p, that implies a forward price-to-earnings ratio of around 11.5 times. Whether that is cheap or fair for a business with contracted, recurring revenue streams depends on your view of growth durability.
On income, the most recent dividend per share was 4.7p, with an ex-dividend date of 11 June 2026 and a payment date of 16 July 2026. On a 288p share price, that equates to a trailing yield of roughly 1.6%, so Restore is not primarily an income stock. The attraction here, if there is one, sits more with earnings growth and cash generation.
One feature of Restore’s results that holders should understand is the gap between adjusted and statutory figures. Acquisition-related costs, particularly the Synertec earn-out (a payment made to former owners tied to post-deal performance, recognised as remuneration over time), continue to suppress the statutory profit before tax and basic EPS below their adjusted equivalents. The Restore plc half-year results document sets this out clearly, but it is worth keeping in mind when reading headline profit figures.
Leadership change and the buyback backdrop
On 28 July 2026, Restore announced board changes that take effect in January 2027. Charles Skinner will become Non-Executive Chair and Dan Baker will step up as Chief Executive Officer. The transition is planned well in advance, which reduces execution risk, though any leadership handover at a company mid-earnings-cycle warrants monitoring.
The company also completed four bolt-on acquisitions in the half for a combined consideration of £6.0m, describing a healthy pipeline of further targets. Bolt-on deals of this size are unlikely to move the needle individually, but Restore’s track record of integrating smaller purchases has been a consistent feature of its growth story.
Separately, Restore commenced a £20m share buyback programme on 16 March 2026, as announced via the Regulatory News Service. A buyback (where a company buys its own shares in the open market, reducing the number in circulation) is modestly earnings-per-share enhancing over time, and signals board confidence in the valuation. You can track announcements through Restore plc’s RNS feed on Investegate.
Perhaps the most underappreciated detail for those assessing downside risk is revenue visibility. According to Restore’s investor relations pages, the company has visibility on over 90% of its 2026 revenue, with the majority of revenues contracted. For a business trading at 11-odd times forward earnings, that contracted revenue base provides a meaningful floor beneath the earnings forecast, making a large miss less likely than it might be for a cyclical peer.
The key question ahead of the full-year results is whether organic growth momentum holds in H2 and whether the acquisition pipeline converts. If the 25p full-year EPS consensus proves accurate, the buyback is running, and management transition lands cleanly in January, the current price may look conservative in retrospect. If any of those three moves against expectations, the multiple will be tested.
