Johnson Service Group still feeling impact of lockdowns

12th Jan 2021 12:37

(Sharecast News) - Textile services provider Johnson Service Group updated the market on its trading in 2020 on Tuesday, reporting that since its last update in November, it was still being impacted by the various lockdowns and tiered Covid-19 restrictions across the UK, particularly in its hotel, restaurant and catering division.
The AIM-traded firm said notwithstanding that, it expected the adjusted EBITDA margin for the full year to be "slightly ahead" of that achieved in the first half.

It estimated a net cash position, excluding IFRS 16 liabilities, of about £6m as at the end of December.

"The group is currently impacted by the various ongoing lockdowns and restrictions and we will continue to adjust our processing capacity and resources to match the volumes required by our customers," the board said in its statement.

"As in the previous lockdowns, we expect that our hotel, restaurant and catering business will be disrupted significantly more than our workwear division."

Johnson Service Group said it would announce its full-year results in mid-March.

At 1021 GMT, shares in Johnson Service Group were up 0.31% at 130.8p.