7th Mar 2023 11:29
(Alliance News) - Johnson Service Group PLC on Tuesday reinstated a full-year dividend as profit jumped, as eyes 2023 results to be in line with expectations.
The Cheshire-based textile services firm said revenue for 2022 increased by 42% to GBP385.7 million from GBP271.4 million a year ago.
Johnson Service said organic revenue growth was up 39% over 2021 and 2.7% higher than pre-pandemic 2019, reflecting "both a return of volume in hospitality and price increases implemented throughout the year".
Pretax profit surged to GBP30.3 million from GBP5.1 million, as operating profit rose to GBP33.3 million from GBP8.4 million a year ago.
Basic earnings per share rose to 6.5 pence from 1.5 pence. Adjusted earnings before interest, tax, depreciation and amortisation amounted to GBP104.9 million compared to GBP67.9 million a year ago.
Chief Executive Officer Peter Egan said: "The improved performance we are reporting today demonstrates the resilience of JSG's business model, operational expertise and strength of our relationships with our customers and business suppliers, alongside the hard work of our employees."
Johnson Service declared a final dividend of 1.6 pence per share, taking the full-year dividend to 2.4 pence per share, compared to none a year prior.
Looking ahead, the company expects 2023 results in line with market expectations.
Shares were up 1.8% at 115.40 pence each on Tuesday morning in London.
By Xindi Wei, Alliance News reporter
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