3rd May 2018 12:05
LONDON (Alliance News) - Johnson Service Group PLC on Thursday said that it expects annual results slightly ahead of current market expectations, while also announcing Non-Executive Chairman Paul Moody is to step down.
The textile services provider, ahead of its annual general meeting on Thursday, said it has seen strong trading in the year-to-date following substantial growth during 2017.
Johnson Service said this reflects both an encouraging underlying performance together with the benefit of acquisitions over the last twelve months.
"We expect the full year results for 2018 to be slightly ahead of current market expectations," said Johnson Service.
In addition, Moody has notified the company that he intends to leave on August 3. Johnson Service said that current Senior Independent Director Bill Shannon will replace Moody.
The company said it intends to search for a new non-executive director who has the "relevant experience" to assist in the further development of Johnson Service strategy.
"As a member of the board, and for the last four years as chairman, Paul has made a valued contribution to the development of our strategy," said Chief Executive Chris Sander.
"During this time we have experienced significant growth and become a market leader in textile services in the UK," SAnder continued. "The board thanks him for his support to the executive in pursuing their aims and ambition for the company and wishes him well in whatever he chooses to do."
"I am confident that a positive future for the business is assured," Moody added. "Now is the right time for me to step away as I consider new opportunities."
Shares in Johnson Service were trading 1.0% higher at 138.99 pence each on Thursday.
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