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AGM TRADING UPDATE

27th Apr 2017 07:00

RNS Number : 4736D
Berendsen PLC
27 April 2017
 

27 April 2017

AGM TRADING UPDATE

 

Berendsen, a leading European textile service business, today issues a trading update for the first quarter, from 1 January to 31 March 2017.

 

Trading in the period was in line with management expectations. Underlying revenue, at constant exchange rates and before acquisitions, grew by 3% compared to the prior year; solid underlying revenue growth in Continental Europe more than offset an expected decline in each of the UK textile businesses. Reported revenue, including the impact of foreign exchange and acquisitions, grew by over 10%.

 

The Group continues to implement its Berendsen Excellence strategy. In the UK, progress remains on track, as we invest in our people, processes, systems, plant and machinery. We are confident that the actions being taken will enable us to progressively capture the sizeable opportunity for margin improvement in the UK. Common processes and controls continue to be installed across the Group; these are giving greater operational visibility and strengthening our ability to share best practice within our Business Lines. Our outlook for 2017 is unchanged and we remain confident in the medium term growth prospects for the Group.

 

The Group has also today made a separate announcement that Kevin Quinn, 56, has informed the Board of his intention to retire from the Company on 26 April 2018. Kevin will continue as a member of the Board and as Chief Financial Officer until his successor has been appointed. A search to find a new CFO for Berendsen is being initiated and a further announcement will be made in due course.

 

For further information contact:

Berendsen

Peter Young - Director of Investor Relations

Email: [email protected]

Tel: +44 (0)7825 297 198

 

FTI Consulting

Richard Mountain

Telephone: +44 (0)20 3727 1374

 

 

Notes to editors:

1. Berendsen is Europe's leading textile service business, developing and delivering value-added textile, hygiene and safety solutions to 150,000 customers in 16 countries across Europe. Berendsen operates with 4 business lines in the Workwear, Facility, Hospitality and Healthcare markets. Berendsen has over 100 years of experience in the industry and today employs over 15,000 employees.

2. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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