UK
Johnson Service Group reports a strong financial performance that reflects both organic growth and recent acquisitions, with revenues increasing by 36% to £256.7million in 2016 from £188.2m the year before.
Announcing its preliminary results at the end of February for the year ending 31 December 2016, the group revealed that adjusted profit before taxation rose by 45% at £33.8m and adjusted fully diluted earnings per share went up by 31% to 7.6p.
The proposed final dividend of 1.7p takes the full year dividend to 2.5p, up 19%.
Chief executive Chris Sander said: “These are strong results, with profit delivery ahead of original market expectations, reflecting both encouraging organic growth and the benefits of recent acquisitions.” The group acquired Zip Textiles, Afonwen and Chester Textiles, significantly increasing its presence in the high volume hotel linen rental market.
“These acquisitions have expanded our geographic coverage and helped to further build our presence in specific market segments, especially high volume linen,” he said. “We expect further benefits to come from our acquisitions as we complete the integration and investment programme.
“Looking ahead, the Group is very well positioned for the new financial year and performance to date has been in line with our expectations.
“The disposal of drycleaning in January leaves us focused on driving the growth of our higher margin textile rental activities and we will continue to look at further complementary acquisitions and investment opportunities.”
STRONG PERFORMANCE: Johnson Service Group chief executive Chris Sander
