The disposal of Harrow Green (Restore’s office relocations business) refocuses Restore on its core services and enhances the Group’s margin profile going forwards. With strong underlying trading offsetting the impact of the disposal’s marginal earnings dilution, as well as a c.£1m impact of increased business rates (from Apr. ’26), we leave our forecasts largely unchanged across the forecast period. The Group now expects to exceed its medium-term adjusted operating margin target of 20% on a continuing basis in FY25, with potential to enhance margins further throughout the forecast period as management continues to execute its strategy. Restore’s quality in terms of consistency of performance, margins and cash generation are not reflected in its Dec. ’26 P/E rating of only 10.2x. We continue to see significant value in the shares and target a 15x P/E rating to drive our 384p target price (increased from 338p).