Johnson Service boosts full-year guidance
By Abigail Townsend
Date: Friday 14 Jul 2023
(Sharecast News) - Johnson Service Group said on Friday it was on track to deliver full-year profits ahead of expectations, boosted by high volumes and more stable costs.
Updating on interim trading, the textiles firm - which rents out and launders workwear and linen - said group revenues in the six months to 30 June were set to come in at £215m, up from £176.2m a year previously.
Within that, the workwear unit reported revenues of £71m, up from £66m, while the hotels, restaurant and catering division saw sales rise to £144m from £110.2m.
In addition, the AIM-listed firm said that while inflationary pressures continued amid volatile energy markets, it now had more certainty on short-term costs, having secured fixed prices for 84% of its anticipated gas requirements and 87% of its electricity needs.
It continued: "This more predicable cost base, together with current anticipated volume over the busy summer months, gives us confidence that, assuming the trading environment remains unchanged, we will report full-year adjusted operating profit slightly ahead of current market expectations."
Johnson Service is due to publish interim results on 5 September.
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10 Lower Thames St,
London EC3R 6EN