1st Mar 2016 08:48
LONDON (Alliance News) - Textile services company Johnson Service Group PLC on Tuesday said its pretax profit and revenue both rose in 2015, driven by acquisitions and a better-than-expected textile rental division performance.
The company's pretax profit rose 9.5% year-on-year to GBP12.7 million, from GBP11.6 million in 2014, while adjusted pretax profit, stripping out acquisition costs, rose 20% to GBP25.2 million from GBP20.2 million.
Johnson Service said the results benefited from the acquisitions of London Linen and Ashbon in the year, both of which were immediately earnings enhancing, and from very good trading in its textile rental business, which was boosted by high levels of customer retention.
Revenue rose 11% to GBP234.4 million from GBP210.4 million a year earlier. The company will pay a final dividend of 1.45 pence, meaning its total dividend rises to 2.10p, up 24% year-on-year.
"Our business sustained strong growth momentum in 2015, as demonstrated by the increase in revenue and adjusted profit before tax. The acquisitions of London Linen and Ashbon have successfully increased our reach and capability in the key hotel, restaurant and catering market," said Chief Executive Chris Sander.
He added Johnson Service remains well-positioned to continue growing both organically and through further acquisitions.
Shares in Johnson Service were up 3.4% to 93.88p.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Johnson Service