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#RST Restore plc (AIM:RST) H124 results confirm early signs of improvement under the new strategy; revenue was flat but margins improved 140bps to 16.9%. Restore is a high-quality business operating in markets characterised by high barriers to entry, recurring revenues, attractive margins and sticky customer relationships. We initiate coverage this morning with a fair value of 400p/ share. Under a proven, driven and experienced management team, we see scope for consistent earnings growth over the medium term, which in-turn should see a rerating of the shares. https://bit.ly/3AgRA1S

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