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Data management group Restore confirmed it would reinstated its dividend for the first half, following a strong second quarter. Restore said trading continued to strengthen through the first half, with second-quarter performance ahead of its previous expectations.
It added the positive trend was evident across all of its business units, with each showing strong revenue growth.
Consequently, its 'run rate revenue' for the eight-week period since the acquisition of EDM was more than £250 million per annum, up from £182.7 million in 2020 and £215.6 million in 2019.
'Underlying cash generation in the first half continued to be strong, with net debt anticipated to be in line with expectations at the half year,' the company added.
Restore said EDM had performed ahead of expectations in the eight-week period since acquisition, with synergies expected to be line with previous guidance of at least £2 million.
It added that its pipeline of acquisition opportunities in the medium term totalled more than 100 companies, with active discussions with more than 25 potential targets.
'Restore remains confident in its ability to close a number of acquisitions in the second half of 2021 and also to improve the pipeline quality for potential acquisitions in 2022,' it said.