Final Results
Johnson Service Group PLC
1 March 2002
1 March 2002
Johnson Service Group PLC
Preliminary statement of annual results
for the 52 weeks ended 29 December 2001
SUMMARY
• Turnover unchanged at £220.4m
• Operating profit* £33.7m (£33.4m in 2000)
• Pre-tax profit* £28.0m (£28.2m in 2000)
• Fully diluted earnings per share* increased to 36.5p (36.0p in 2000)
• Total dividend for the year raised to 17.6p (17.1p in 2000)
• Successful integration of Semara
• Conclusion of reorganisation of Dublin businesses
• Strong cash flow reduced net borrowings from £94.6m to £77.0m
* excluding reorganisation costs, goodwill amortisation and exceptional items.
John Hancox, Chairman, Johnson Service Group PLC, said: 'Following a period of
acquisition and reorganisation we are now in a strong position to grow the
business. We will, however, only realise our full potential when some level of
economic recovery emerges.'
Enquiries: Johnson Service Group PLC
Mike Sutton, Finance Director
Tel: 020 7796 4133 on Friday 1 March 2002 only
thereafter on 0151 933 6161
Hudson Sandler
Michael Sandler / Wendy Baker
Tel: 020 7796 4133
Chairman's statement
During 2001, Johnson Service Group completed the integration of Semara Holdings,
the former textile rental business of Sketchley, which we acquired in early
2000. Following the integration, our textile rental businesses have greater
economies of scale, national coverage and more opportunities for cross-selling.
The integration was a sizeable task. Over the 22 months since Semara's
acquisition, we have closed its former head office, reduced the number of
textile rental plants by four to seventeen, reorganised the sales force and
begun the job of re-routing customer servicing. We have succeeded in cutting £5m
from the annual costs of the merged Group, which is £1m more than we anticipated
at the time of the acquisition.
Financial results
While we made considerable operational progress during 2001, the slowdown in the
British and Irish economies caused some deterioration in trading as the year
progressed. As a result, turnover was unchanged at £220.4m. While adjusted
operating profit was slightly higher at £33.7m (£33.4m in 2000), a higher
interest charge as a result of servicing a full 12 months debt incurred on the
acquisition of Semara meant that adjusted pre-tax profit was a little lower at
£28.0m (£28.2m in 2000). Adjusted earnings per share increased slightly to 36.5p
(36.0p in 2000) due to a reduction in the tax charge. We are paying a proposed
final dividend of 13.6p (13.2p in 2000), making a total for the year of 17.6p
(17.1p in 2000).
The above figures for adjusted operating profit, adjusted profit before tax and
adjusted earnings per share are before charging reorganisation costs of £4.3m
and goodwill amortisation of £4.4m.
The Group's net debt fell significantly during the year by £17.6m to £77.0m.
Some £6.0m of the cash used to pay down debt came from business disposals, with
the remainder from operating cash flow. While the interest charge for the full
year increased by £0.5m to £5.7m, the charge in the second half was in fact
lower than in the second half of 2000 reflecting the reduction in borrowings as
a result of strong cash flow. The interest charge in the full year was covered
nearly six times by adjusted operating profit.
Operational Progress
The 2001 results do not reflect the Group's full potential but are largely the
consequence of economic circumstances beyond our control and should be seen
within the context of the past five years. During that period we have
restructured, re-branded and re-named the Group, sold our US businesses and made
several acquisitions, including Stalbridge Linen Services, Connacht Court Group
and Semara and grown earnings per share by an average of 11.3% per annum.
Throughout our businesses we continued to push for organic growth through both
sales initiatives and our focus on quality of service. However, trading
conditions were tough and both textile rental and drycleaning experienced some
weakness in demand.
As previously reported, textile rental began to experience weaker demand in some
areas of its business, particularly in manufacturing and tourism during the
second quarter. However, the beneficial effects of the Semara integration, the
contractual nature of the workwear rental business and relatively low
operational gearing meant that its profit held up relatively well. Our high
standards in the rental business have enabled us to win, over recent years, a
number of large contracts from customers such as food processors and retailers,
and also to protect our margin in the face of strong competition. Quality of
service helps us to retain almost all of our customers beyond their initial
three year contract term.
As part of the integration of Semara we sold the Airline Services business in
March 2001 for £2.7m. Airline Services, which cleans and packages blankets,
linen, cutlery and headsets for airlines, had few synergies with our businesses.
The former Semara linen business was sold early in 2001 for £1.0m. These
completed the disposal of the non-core businesses acquired with Semara.
We also took action to improve our cost base in Ireland by closing the
loss-making Dublin plant last April. We had been negotiating with trade unions
for some time, and the closure has improved the profitability of the Connacht
Court business although it still falls short of our required return.
In drycleaning there was a fall in sales and profit from September onwards.
This is a high fixed cost business, where profit is particularly sensitive to
changes in turnover. Drycleaning's lower profit also reflects both the fact
that 2001 included one week's less trading than in 2000 and the costs of
starting to introduce our 'Cleanology' initiative in the final quarter.
Cleanology will give us a competitive edge by enabling us to improve stain
removal from all types of fabric. The initiative will be extended to all our
shops over the next 12 months. Although profit was lower than in 2000, Johnsons
Cleaners continued to make a significant contribution to the Group's cash flow.
Our smaller businesses made progress. Johnsons Washroom Services resumed its
development after we made a change of management early in the year. Stalbridge
Linen Services continued to expand with the opening of a facility in Scotland.
This is a growing and highly profitable business. CCM, which manufactures
workwear, had an excellent year.
Board changes
Richard Zerny, Chief Executive, is to retire at the end of April after 40 years
in the industry, the last 24 with the Johnson Group. The Board has identified a
likely successor and a further announcement will be made as soon as it is
possible to do so.
Richard joined the Board in 1983 and was appointed Chief Executive UK in 1989.
Since becoming the Group's Chief Executive in 1997 he has done an excellent job
in transforming the Group into the leading UK operator in both workwear rental
and drycleaning and will leave the Group in a strong position to capitalise on
these market positions.
Both Richard and the rest of the Board believe that having reached the age of
57, a new Chief Executive is needed to develop and implement our strategy for
the next stage of our growth. We thank him for his immense contribution and wish
him well in his forthcoming retirement.
Outlook
There are still benefits to be gained from efficiency improvements in the former
Semara business. This year - 2002 - will be the first full year in which the
impact of the cost reduction in the merged textile rental business is felt.
Further, the sales and cross-selling initiatives underway across the textile
rental businesses will generate organic growth. However, until there is a
revival in economic activity, it is unlikely that the full benefit will be
reflected in the bottom line.
We expect continued growth from CCM and Stalbridge Linen Services and from
Johnsons Washroom Services as it achieves critical mass.
In Ireland, there is still room for growth and we are determined to achieve a
significant improvement in the profitability of this business.
Johnsons Cleaners will continue to be an important contributor to the Group's
cash flow and profit.
Following a period of acquisition and reorganisation we are now in a strong
position to grow the business. We will, however, only realise our full
potential when some level of economic recovery emerges.
John Hancox, Chairman
Chief Executive's review
Johnson Service Group succeeded in meeting most of its strategic goals in 2001.
Most importantly, we completed the integration of Semara - an exercise that
included the reorganisation of our network of plants, sale of non-core
businesses and the introduction of increased efficiencies across our textile
rental businesses. I am pleased to report that the integration met all of the
objectives that we outlined to shareholders at the time of announcing the
acquisition in January 2000.
The acquisition and subsequent integration of Semara means that the Group has
the largest workwear rental business in Britain, with improved efficiencies of
scale and national coverage.
Considerable energy has been spent creating today's Group, so it is frustrating
that this year has seen slower economic growth offsetting the benefits to
profitability.
Textile Rental - Great Britain
Textile rental in Great Britain experienced difficult trading conditions with
turnover increasing by 3.1% from £122.6m to £126.4m and operating profit by 3.8%
from £23.4m to £24.3m. Operating margin improved slightly to 19.2% from 19.1%.
2000, a 53 week year, included only 10 months from Semara. Adjusting for this
and the disposal of linen, turnover was little changed on a like-for-like basis.
The first real indications of weakening demand for textile rental came in the
manufacturing and tourism sectors during the second quarter. A number of our
customers began to make redundancies in their workforces, with the result that
they did not need as many sets of workwear. Johnsons Apparelmaster usually signs
three-year contracts with its customers. These contracts include a cancellation
fee for garments that are no longer needed, but early termination still results
in some loss of rental income.
Stalbridge Linen Services, our premium linen hire business, grew its sales
during the year following the opening of a depot in Scotland. This occurred in
spite of slowing economic demand and the Foot & Mouth epidemic, which resulted
in sporting events such as the Cheltenham Race Festival being cancelled.
However, the combination of the cost of opening the Scottish facility, the
operating costs of the new Shaftesbury sorting facility and cancelled sporting
events caused profit to be lower than last year.
CCM increased both sales and profit. The company has access to good offshore
manufacturing facilities.
Johnsons Washroom Services, which was started two years ago, made progress. New
management was appointed early in the year and an acquisition was made in
Southampton during August to expand the company's geographical base. While the
company remains loss making, it is on track to meet business plan targets.
Additionally, there are cross-selling and other initiatives under way throughout
our textile rental businesses.
The rationalisation and disposals, including the disposal of linen turnover of
some £5m per annum, associated with the integration of Semara are now complete.
The merger of its workwear rental operation with Johnsons Apparelmaster included
the closure of four plants and the combination of two sales forces. The process
began in 2000 and continued in 2001 with the sale of Airline Services in March
and the closure of the Nottingham plant in June. Following this action we now
have 17 textile rental plants throughout Britain.
There is still room for greater efficiencies. For example, some of the former
Semara sites have manual sortation systems. Investment in automated processing
systems will lead to greater productivity. Logistics will be improved through
ensuring that customers are serviced from the nearest appropriate site. We are
in the early stages of working through our customer relationships to make sure
this happens efficiently.
Textile Rental - Ireland
Turnover fell during the year by 9.8% from £25.4m to £22.9m as a result of both
the effect of the weak tourist trade on our Galway linen business, and the sale
of our loss-making Dublin linen business. The latter explains the overall 31.3%
increase in operating profit from £1.6m to £2.1m and improvement in operating
margin from 6.3% to 9.2%. Following the sale of the Dublin linen business we
relocated the surgical pack production and workwear rental to two new Dublin
sites and vacated the Rathfarnham plant.
On the west coast of Ireland our Galway-based linen hire business suffered from
the weakness in the tourist trade, which led to a decline in demand for linen
from hotels. By contrast, both the Galway workwear rental business and the
Spiddal Micronclean garment service business performed better than might have
been anticipated.
Drycleaning
For most of the year Johnsons Cleaners' sales held up well and met our budget
projections. However, there was a downturn in sales from September onwards.
Although for the year as a whole turnover rose by 0.3% on a like-for-like 52
week basis, it fell on an actual basis by 1.8% from £72.4m to £71.1m as a result
of the continuing shop closure plan and the fact that there were only 52 weeks
of trading in 2001 (53 weeks in 2000). Because this is a high fixed cost
business, and reflecting the costs of introducing our Cleanology initiative,
there was a proportionately greater deterioration in operating profit, which
fell by 13.1% from £8.4m to £7.3m with operating margin at 10.3% (2000: 11.6%).
We continued to refocus the shop portfolio - closing underperforming sites and
opening in more convenient locations. Convenience is a critical factor in
attracting sales. Twenty-three shops were closed, while nine were opened. All of
the new shops were either 'drive-ins', or located in or adjacent to major
supermarkets. At the year end the number of shops had fallen from 538 to 524.
We have reduced the number of operating regions from four to three, which has
had cost benefits.
In October, we took measures to improve further the quality of our drycleaning.
Within each shop, one member of staff has been selected to become the '
Cleanologist'. This person undertakes special training and sits an examination
overseen by The Guild of Launderers and Cleaners. A new range of chemicals and
an ultrasonic stain removal gun are being provided in each shop. It is our
intention that every shop should have a fully trained Cleanologist by the end of
2002. Cleanology enables our staff to clean delicate materials such as silk far
more effectively than before, and to improve stain removal on all types of
fabrics. It should also help to make our brand even more synonymous with
quality.
Finally, as already reported in the Chairman's Statement, I am retiring at the
end of April after 40 years in the industry, 24 of them in the Johnson Group.
Having reached the age of 57, I share the Board's view that it is time for a
change.
I believe that the Group is in excellent shape and, with new, younger leadership
will be best able to maximise on the many exciting opportunities for further
growth in the support services area.
Richard Zerny, Chief Executive
JOHNSON SERVICE GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
52 Weeks to 53 Weeks to
Dec 2001 Dec 2000
£m £m
TURNOVER - continuing operations 220.4 220.4
OPERATING PROFIT BEFORE REORGANISATION COSTS
AND GOODWILL AMORTISATION 33.7 33.4
Reorganisation costs (4.3) (5.6)
Amortisation of goodwill (4.4) (3.9)
OPERATING PROFIT - continuing operations 25.0 23.9
Exceptional items - 0.5
Profit before interest 25.0 24.4
Net interest (5.7) (5.2)
PROFIT BEFORE TAXATION 19.3 19.2
Total taxation (6.5) (7.1)
PROFIT ATTRIBUTABLE TO SHAREHOLDERS 12.8 12.1
PROFIT BEFORE TAXATION (Before reorganisation costs,
goodwill amortisation and exceptional items) 28.0 28.2
Dividends
i) Rates of dividend per share:
Ordinary shares of 10p each - interim paid 4.0p 3.9p
- final paid - 13.2p
- final proposed 13.6p -
- total 17.6p 17.1p
Preference shares of 10p each - paid 3.75p 7.5p
ii) Total amount absorbed thereby (£m) 10.0 9.8
EARNINGS PER SHARE - Basic 22.6p 21.9p
- Fully Diluted 22.5p 21.5p
EARNINGS PER SHARE (Before reorganisation costs, goodwill amortisation and
exceptional items)
- Basic 36.7p 37.2p
- Fully Diluted 36.5p 36.0p
JOHNSON SERVICE GROUP PLC
CONSOLIDATED BALANCE SHEET AS AT DECEMBER 2001
2001 2000
£m £m
FIXED ASSETS
Goodwill 77.2 80.3
Tangible fixed assets 80.7 88.1
Textile rental items 29.0 31.7
Investments 0.5 0.9
187.4 201.0
CURRENT ASSETS
Investments - 2.5
Stocks 8.7 8.0
Debtors 48.4 47.2
Cash at bank and in hand 1.3 0.9
58.4 58.6
CURRENT LIABILITIES
Creditors: Amounts falling due within one year (46.3) (49.7)
NET CURRENT ASSETS 12.1 8.9
TOTAL ASSETS LESS CURRENT LIABILITIES 199.5 209.9
Creditors: Amounts falling due after more than one year (77.0) (90.6)
PROVISIONS FOR LIABILITIES AND CHARGES (14.8) (15.3)
NET ASSETS 107.7 104.0
CAPITAL AND RESERVES
Called-up share capital 5.7 5.9
Share premium account 6.8 5.8
Revaluation reserve 11.0 12.2
Other reserves 2.1 1.8
Profit and loss account 82.1 78.3
SHAREHOLDERS' FUNDS 107.7 104.0
Non-equity Shareholders' funds included above - 5.9
JOHNSON SERVICE GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
52 Weeks to 53 Weeks to
Dec 2001 Dec 2000
£m £m
NET CASH INFLOW FROM OPERATING ACTIVITIES 55.2 63.5
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Net interest paid (5.4) (7.5)
Preference dividends paid (0.3) (0.6)
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE (5.7) (8.1)
TAXATION
Tax paid (net) (2.3) (8.9)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire tangible fixed assets (8.1) (10.2)
Payments to acquire textile rental items (24.1) (22.1)
Receipts from sales of tangible fixed assets 2.2 1.4
Proceeds from textile rental items withdrawn from circulation 5.6 4.8
Net movement in investments - (0.1)
NET CASH OUTFLOW FOR CAPITAL EXPENDITURE AND
FINANCIAL INVESTMENT (24.4) (26.2)
ACQUISITIONS AND DISPOSALS
Payments to acquire businesses (2.7) (104.8)
Cash generated by business held for resale 0.1 (0.6)
Receipts from disposal of businesses 5.5 13.8
NET CASH INFLOW/(OUTFLOW) FROM ACQUISITIONS AND DISPOSALS 2.9 (91.6)
EQUITY DIVIDENDS PAID (9.3) (8.4)
CASH INFLOW/(OUTFLOW) BEFORE FINANCING 16.4 (79.7)
FINANCING
Issue of Ordinary share capital 1.1 0.2
Debt due within 1 year:
Loan notes redeemed - (0.2)
Debt due in more than 1 year:
Movement in unsecured loans (12.2) 62.4
Finance lease movement (2.2) (1.8)
NET CASH (OUTFLOW)/INFLOW FROM FINANCING (13.3) 60.6
INCREASE/(DECREASE) IN CASH IN THE PERIOD 3.1 (19.1)
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. Segmental Information - Analysis of Turnover and Operating Profit Before
Reorganisation Costs and Goodwill Amortisation
52 Weeks to 53 Weeks to
Dec 2001 Dec 2000
£m £m
Continuing Operations
GB Rental
Turnover 126.4 122.6
Profit 24.3 23.4
IR Rental
Turnover 22.9 25.4
Profit 2.1 1.6
GB Drycleaning
Turnover 71.1 72.4
Profit 7.3 8.4
Total Continuing Operations
Turnover 220.4 220.4
Operating Profit before Reorganisation Costs and
Goodwill Amortisation 33.7 33.4
The results of acquisitions are not significant and have not been disclosed
separately.
2. Reorganisation Costs
The reorganisation costs in 2001 and 2000 comprise mainly redundancy
payments and the write off of fixed assets in closed facilities in respect of
the integration of the textile rental business acquired as part of Semara
Holdings Plc and withdrawal from the Dublin linen rental business.
3. Exceptional Items
52 Weeks to Dec 53 Weeks to Dec
2001 2000
£m £m
Disposal of US operation (discontinued) - 0.5
No taxation arises on exceptional items.
4. Taxation
52 Weeks to Dec 53 Weeks to Dec
2001 2000
£m £m
Continuing Operations:
UK corporation tax 6.5 6.0
Overseas corporation tax 0.6 (0.4)
7.1 5.6
UK deferred tax (0.2) 1.2
Overseas deferred tax (0.4) 0.3
Total Continuing Operations 6.5 7.1
The tax relief on the reorganisation costs incurred in the current year has
reduced UK corporation tax by £0.7m (2000: £0.8m) and overseas deferred tax by
nil (2000: £0.1m).
5. Dividends
52 Weeks to Dec 53 Weeks to Dec
2001 2000
£m £m
10p Convertible preference shares at 3.75p per share (2000: 7.5p) 0.1 0.5
Ordinary shares at 17.6p (2000: 17.1p) per share 9.9 9.3
10.0 9.8
On 12 October 2001 an interim dividend of 4p was paid on the Ordinary
shares. A proposed final dividend of 13.6p will be paid on 1 May 2002 to
Shareholders on the register of members on 5 April 2002.
Dividends on the Convertible preference shares were paid on 2 July 2001.
All of the Convertible preference shares were converted to Ordinary shares
during the year.
6. Earnings Per Share
52 Weeks to Dec 53 Weeks to Dec
2001 2000
£m £m
Profit for the financial year 12.8 12.1
Less dividend on 10p Convertible preference shares (0.1) (0.5)
Profit attributable to Ordinary Shareholders 12.7 11.6
Less (gain) on exceptional items - (0.5)
Add reorganisation costs (net of taxation) 3.6 4.7
Add goodwill amortisation 4.4 3.9
Adjusted profit attributable to Ordinary Shareholders 20.7 19.7
Weighted average number of Ordinary shares 56,420,946 53,056,860
Fully diluted number of Ordinary shares 56,929,376 56,066,444
Basic earnings per share is calculated using the weighted average number of
shares in issue during the year, excluding those held by the Trust established
in connection with the Long Term Incentive Plan, based on the profit
attributable to Ordinary Shareholders.
Adjusted earnings per share figures are given to exclude the effects of
reorganisation costs, goodwill amortisation and exceptional items, net of
taxation.
For diluted earnings per share, the weighted average number of Ordinary
shares in issue is adjusted to assume conversion of all dilutive potential
Ordinary shares. The Company has dilutive potential Ordinary shares arising
from share options granted to employees where the exercise price is less than
the market price of the Company's Ordinary shares during the year and in
addition, at December 2000, those shares arising on conversion of the 7.5p (net)
Convertible Cumulative Redeemable Preference shares.
7. Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
52 Weeks to Dec 53 Weeks to Dec
2001 2000
£m £m
Operating profit 25.0 23.9
Depreciation 30.6 32.2
Amortisation of goodwill 4.4 3.9
Loss on sale of tangible fixed assets 2.6 0.7
(Decrease)/increase in reorganisation creditor* (2.4) 2.4
(Increase) in current assets (2.2) (2.1)
(Decrease)/increase in other creditors (2.7) 1.5
Adjustment in respect of provisions and pensions (0.1) 1.0
55.2 63.5
* Separately analysed from other creditors
8. Acquisitions and Disposals
Purchase of Businesses
Two minor acquisitions were completed in the year for a total cash consideration
of £2.7m generating goodwill of £2.1m.
The principal acquisition in 2000 was Semara Holdings Plc, which was acquired on
22 February 2000 for a total consideration of some £103.5m and was included at
the provisional fair value of net assets. This amount included £14.8m in respect
of the provisional values of assets held for resale. The disposal of the assets
was completed during the period and the final cash flows have resulted in an
increase of £0.3m in the fair value of assets acquired and a corresponding
reduction in goodwill on the Semara acquisition.
Disposal of Businesses
52 Weeks to 53 Weeks to Dec
2000
Dec 2001
£m
£m
Net Assets Disposed of
Investment held for resale 2.7 14.7
Textile rental items 1.4 -
Reduction in loss on disposal of US business - 0.5
4.1 15.2
Total cash receivable 4.1 15.2
Deferred consideration 1.4 (1.4)
Total cash received in year 5.5 13.8
The investment held for resale at December 2000 of £2.5m was in respect of
the Airline Services business which was disposed of during the year for a net
consideration of £2.7m. The investment, together with the cash flows of the
business, resulted in an adjustment to the goodwill attributable to the
acquisition of Semara Holdings Plc of £0.3m.
The textile rental items were in respect of the linen rental businesses in
the UK and Ireland sold during the year. No goodwill is attributed to these
businesses.
9. Reconciliation of Net Cash Flow to Movement in Net Debt
52 Weeks to 53 Weeks to Dec
2000
Dec 2001
£m
£m
Increase/(decrease) in cash in year 3.1 (19.1)
Cash outflow/(inflow) on change in debt and lease financing 14.4 (59.5)
Change in net debt resulting from cash flows 17.5 (78.6)
Finance leases - new - (2.3)
Amortisation of issue costs of new bank loans (0.2) (0.2)
Loans and leases acquired with subsidiaries (0.2) (11.2)
Exchange movement 0.5 0.6
Movement in net debt in year 17.6 (91.7)
Opening net debt (94.6) (2.9)
Closing net debt (77.0) (94.6)
10. Analysis of Net Debt
At December Cash Acquisitions Other Exchange At December
2000 Flow (Excluding Non-cash Movement 2001
Cash) changes
£m £m
£m £m
£m £m
Cash in hand and at bank 0.9 0.4 - - - 1.3
Overdraft (2.7) 2.7 - - - -
Debt due after more than one year (89.0) 12.2 (0.2) (0.2) 0.5 (76.7)
Finance leases (3.8) 2.2 - - - (1.6)
(94.6) 17.5 (0.2) (0.2) 0.5 (77.0)
Non-cash changes represent the effects of amortising issue costs relating
to bank loans.
11. Abridged Accounts
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 29 December 2001 or 30 December 2000, but
is derived from those accounts. Statutory accounts for 2000 have been delivered
to the Registrar of Companies and those for 2001 will be delivered following the
Company's Annual General Meeting. The Auditors have reported on those accounts;
their reports were unqualified and did not contain a statement under either s237
(2) or (3) of the Companies Act 1985.
12. Rates of Exchange
The following rates of exchange have been used:
2001 2000
Irish Pound
Average rate IR£1.27 IR£1.29
Closing rate IR£1.29 IR£1.25
Euro
Average rate €1.61 -
Closing rate €1.64 €1.59
13. Preliminary Announcement
A copy of this Preliminary Announcement is available on request to all
Shareholders by post from The Company Secretary, Johnson Service Group PLC,
Mildmay Road, Bootle Merseyside L20 5EW. The Announcement can also be accessed
on the Internet at www.JohnsonPLC.com.
14. Approval
The Preliminary Announcement was approved by the Board of Directors on 1
March 2002.
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