UK
Johnson Service Group reports that its results for the year to 31 December 2015 were slightly higher than expected.
Adjusted operating profit rose to £27.9million, up 28% from the full year figure for 2014, while adjusted profit before tax increased by 26% to £25.2million (from £20million).The group's total revenue for the year increased to £234.4million from £210.4million in 2014.
These positive results were largely driven by a strong performance in its textile rental division. The group's acquisitions of London Linen in April 2015 and Ashbon in November 2015 were immediately earnings enhancing, and the Apparelmaster and Stalbridge businesses continued to perform ahead of expectations.
The group has now completed the restructuring of its drycleaning business and further developed its relationship with Waitrose.
As expected, given the reduction in branch numbers, drycleaning revenues dropped to £46.2million (from £55.4million in 2014) but operating profit increased to £2million from £1.6million.
Overall, the group's confidence in the future is reflected in a 23.5% increase in dividend to 2.1p.
