1st May 2014 10:24
LONDON (Alliance News) - Drycleaners Johnson Service Group PLC Thursday said it has made an encouraging start to the year and is confident in its growth prospects for the year ahead.
In an annual general meeting statement to shareholders, the textile and drycleaning services group said that all its businesses are performing well, with businesses boosted by the recent acquisition of Lincolnshire-based hotel linen provider Bourne Services Group for GBP26.5 million.
"I am pleased that we continue to see like-for-like growth in drycleaning," said Chairman John Talbot in the statement.
Last month, the Johnson Service said it swung to a GBP12.2 million pretax profit in 2013, from a GBP15.3 million pretax loss in 2012, which after tax translated into a GBP9.8 million profit from continuing operations. Revenue from continuing operations fell to GBP193.6 million from GBP198.7 million in 2012, with a reduced number of drycleaning branches being only partly offset by an increase in revenue from textile rental. But the return to profitability came as restructuring costs, mostly related to the drycleaning business, fell to GBP1.2 million from GBP24.8 million in 2012.
Johnson Service shares were up 2.1% at 57.20 pence Thursday morning
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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