Johnson Service Group delivers 'strong' FY performance

16th Jan 2024 07:19

(Sharecast News) - Textile services provider Johnson Service Group said on Tuesday that it had delivered a "strong performance" in 2023 and that it was confident in the outlook for the year ahead.

Johnson Service said total revenues for the year ended 31 December were expected to be approximately £464.0m, up from £385.7m a year earlier, with its hotel, restaurant, and catering business recording revenues of £322.0m and its workwear business bringing in £142.0m, up from £251.1m and £134.6m, respectively. On an organic basis, revenue increased by more than 16% on 2022 levels.

The London-listed group added that bank debt, excluding IFRS 16, was approximately £62.0m at the end of the year, up from £13.7m at the same time twelve months earlier, reflecting the completed share buy-back programmes, which returned £29.7.m to shareholders during 2023, the acquisitions of Celtic Linen and Regency Laundry, and continued "significant investment" in JSG's plant network.

"We expect to report full-year adjusted operating profit in line with current market expectations," said JSG. "The board remains confident about future growth and performance over the medium term as we continue to expand our geographical coverage and processing capacity."

As of 1035 GMT, Jonson Service shares were up 0.71% at 139.78p.

Reporting by Iain Gilbert at Sharecast.com