UK
The Johnson Service Group has announced a strong performance for the first six months ended 30 June 2016. The group’s interim results revealed adjusted operating profit rose by 42.5% to £16.1million while adjusted profit before tax was up by 39.6% to £14.1m.
The company said that textile rental continues to perform strongly and that acquisitions are performing ahead of management expectations, significantly increasing the group’s presence in the high volume hotel linen market.
In May this year the group acquired the entire shareholding of Portgrade together with its trading subsidiary Afonwen Laundry for £52.6m in cash.
Although there is increased uncertainty in the economy JSG expects to make further progress in the second half of the year and the result for the full year to be slightly ahead of current market expectations. Amended bank facility signed in April 2016 providing significant headroom for future investment.
Chris Sander, chief executive officer of Johnson Service Group, said: “The group continues to maintain strong growth with both revenue and adjusted profit before tax significantly up on the same period last year. The recent acquisitions are performing better than we initially expected and have significantly increased our presence in the high volume hotel linen market.”
