Shareholders approved the disposal of Johnson Clothing at an extraordinary general meeting on Monday 28 April 2008.
A further extraordinary general meeting will be held at 11.00am on 8 May 2008 concerning the transfer of the Group's shares to trading on AIM.
Announcing the preliminary results for the year ending 31 December 2007, group chairman Simon Sherrard said it had been a “very difficult” year, the latter part of which had been focused on the group renegotiating terms with its banks and reviewing future strategy.
The Group's total continuing revenue for the year fell to £406.1million from £410.9m in 2006 while revenue, excluding costs recharged to customers, increased to £365m from £360.6m the year before. Continuing adjusted operating profit was lower at £30.1m from £34.9m in 2006.
Adjusted profit before tax was £18.5m for 2007 compared with £25.7 in 2006.
The disposal of the corporatewear division and the resultant reduction in debt, together with the agreement of medium term bank facilities, mark an important initial step in restoring financial stability, said Sherrard. “Our three continuing businesses - textile rental, drycleaning and facilities management - have strong market positions and are an excellent base on which to build the Group's rehabilitation as a leading services company,“ he added.
