- Restore said trading in the first six months of 2016 was encouraging and in line with expectations, separately agreeing to acquire PHS Data Solutions for a total of £83.1m, on a cash and debt free basis.

The acquisition, expected to complete on August 26, will be financed from funds raised through a placing with certain institutional investors (the "Placing") and from Restore's existing debt facilities, the company said.

Returning to its trading statement, Restore said its records management business traded well and the integration of Wincanton Records Management ("WRM") continues to proceed to plan.

"Net box growth was, as expected, below our usual rate of increase, reflecting an anticipated major customer exit from WRM. Margins within the records management business increased during the period in line with our expectations.

"Restore Scan traded well and its major seasonal contract was executed successfully. Restore Shred traded broadly in line with expectations but continued to lack sufficient scale to make an appropriate contribution to the Group.

"However, our position in this market segment will be transformed following on from the acquisition also announced today.

"Within the Relocation division, Harrow Green performed in line with expectations and enters the second half of the year with a strong order book. Relocom and IT Efficient also performed satisfactorily.

"ITP Group, our printer cartridge recycling business, experienced weaker trading conditions during the period, reflecting a recent softening in global demand for its product."

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