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Johnson Service 2020 plant opening on track following 'strong trading period'

By BFN News | 08:33 AM | Friday 03 January, 2020


UK textile services provider Johnson Service has announced its £10m investment plan in a new high volume linen plant in Leeds remains on target for opening in the Spring of 2020 and that it expects full-year results slightly ahead of expectations. Johnson Service said the new plant will provide extra processing capacity ahead of the busy summer months. In a trading update, the company also confirmed completion of its Fresh Linen Holdings acquisition. The acquisition of the entire issued share capital of Fresh Linen Holdings, together with its trading subsidiary Fresh Linen, completed on 30 November 2019 for a cash consideration of £12.5m on a debt-free, cash-free basis and subject to an adjustment for normalised working capital. Johnson Service chief executive Peter Egan said: 'This has been a strong trading period despite the general uncertainty in the UK economy. 'We have achieved consistent organic growth and, with this latest acquisition in the South East, are expanding into a new geographical area where we are currently under represented for servicing our high volume linen customers.' He added that the opening of the new plant in Leeds will provide 'further capacity and are confident that with these new geographies, our established client base and operational expertise, we will continue to deliver future organic growth'. At 8:33am: (LON:JSG) Johnson Service Group PLC share price was +3.2p at 202p Story provided by StockMarketWire.com

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