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Restore announced on Tuesday that it has reduced its adjusted pretax profit forecast for the entire year due to sustained sluggish demand in its technology unit and that its CEO will immediately step down.

The technology unit revenue of the London-listed office-services company is dropping compared to 2022 due to a decrease in client expenditure on IT gear. This follows an increase in IT gear procurement throughout 2021 due to the pandemic. The company expects the lackluster demand to persist in the second half of the year.

As a result, the company now anticipates a full-year adjusted pretax profit of 31.0 million pounds ($39.3 million), down from 41.0 million pounds in 2022.

Revenue is forecast to expand, supported by ongoing revenue growth in its records management sector, which accounts for 70% of group profits due to increased storage revenues and new contract wins.

Restore announced in a separate statement that its Chief Executive Officer and Board Director Charles Bligh will step down and that Senior Independent Director Jamie Hopkins will take over as temporary CEO, both with immediate effect.

Current Chair Sharon Baylay-Bell has agreed to become executive chair, also with immediate effect.

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