Restore plc: Impressive H1 results and CEO succession

Strong H1 performance. Revenue increased 21%, driven by a broadly equal mix of organic and acquisitive growth, with adjusted PBT up 23% and adjusted EPS up 24%, supporting full-year expectations. Orderly CEO succession. CFO Dan Baker will succeed Charles Skinner as CEO from January 2027, with Skinner moving to Non-Executive Chair, providing leadership continuity as the Group builds on recent operational progress. Cash generation supports capital allocation. Free cash flow increased to £21.3m, funding four bolt-on acquisitions, £4.6m of share buybacks and an 18% increase in the interim dividend to 2.6p. Valuation remains undemanding. Despite sustained earnings momentum and recent upgrades, Restore continues to trade at a c.20% discount to peers and c.30% below its 10-year average rating. We reiterate our 400p/ share Fair Value estimate, based on a conservative 16x P/E multiple.