Restore Secures £140 Million Digital Contract with HMRC

Shares of Restore, a London-listed office-services company, have experienced a significant boost after announcing that it has won a digital contract with His Majesty's Revenue and Customs (HMRC) worth up to £140 million ($175.9 million). The contract is expected to last between five to seven years.

As of 0950 GMT, shares were up by 20.0 pence, or 11%, reaching 200.0 pence.

Restore will begin delivering a cutting-edge communications platform to HMRC in September 2024, with the primary goal of transitioning HMRC's customers towards digital communications. The overall value of the contract depends on transactional volumes.

This new contract comes as a result of a rigorous public procurement process, during which Restore was selected to undertake the responsibility for three key services on behalf of HMRC. While outbound print and messaging services - including SMS, email, and rich messaging - will be managed by Restore, they will be subcontracted to two strategically chosen partners. Additionally, Restore will handle inbound mailroom and scanning services, which are already provided to HMRC under the current contract.

This achievement serves as a testament to Restore's expertise and commitment to delivering top-notch office-services solutions. With this significant contract win, Restore is poised to further solidify its position as a premier player in the industry.