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Johnson Service profit rises on boost from acquisitions

By BFN News | 07:53 AM | Monday 02 March, 2020


Textiles company Johnson Service reported a rise in profit as revenue was boosted by recent acquisitions. For the 12 months ended 31 December, pre-tax profit rose 15.1% to £42.7m and revenue increased 9.2% to £350.6m. The company attributed the uptick in profit to 'strong' organic growth of 6.5% boosted by the acquisition of Fresh Linen in November 2019 together with the purchase of a number of contracts in January 2019 and July 2019, as well as the full year benefit of acquisitions completed in 2018. The full year dividend was raised by up by 12.9% to 3.5p. 'We are looking forward to the opening of our new Leeds site which will bring further capacity on stream. In the short term, and as anticipated, this additional site may have a small adverse impact on the Horeca margin in 2020 as we build throughput of the site to reach the optimum level,' the company said. Story provided by StockMarketWire.com

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