JSG report strong performance and are well placed for continued organic growth

Johnsons Service Group (JSG) has reported their results for the 12 months ended 31 December 2022.

Their total revenue increased by 42.1 per cent to £385.7 million, compare to £271.4 million in 2021 and a profit before taxation of £30.3 million (compared to £5.1 million in 2021). They saw HORECA volumes improve during the year to reach 93 per cent of normal in the final quarter and expect this to continue through 2023, and the total revenue for the workwear division increased by 4.4 per cent to £134.6 million.

JSG has also acquired Regency Laundry Ltd for £5.75m enabling them to operate in the luxury four and five-star hotel linen business market, a new sector for the Group and in line with their buy and build strategy to expand coverage and enhance earnings.

In the results statement Peter Egan, chief executive officer of Johnson Service Group, commented: “The improved performance we are reporting today demonstrates the resilience of JSG’s business model, operational expertise and strength of our relationships with our customers and business suppliers, alongside the hard work of our employees. “We have invested £22.4 million in our sites to not only improve productivity and processes but also to attract and retain employees with enhanced working environments. “Post the year end we supplemented our organic growth plans with the acquisition of a luxury hotel linen rental business, in line with our acquisition strategy, and the signing of a new lease to increase our capacity in the South East for HORECA. We will continue to assess investment opportunities which will provide supplementary quality services and earnings enhancing outcomes.

“We are confident that the actions we have taken have placed the Group in a favourable position as markets continue to recover. After considering the current economic environment, including the recent, and possibly further, increases in UK interest rates and the subsequent impact on our cost of borrowing, the Board expects the result for the year to be in line with market expectations.”

Johnsons Service Group (JSG) has reported their results for the 12 months ended 31 December 2022.

Their total revenue increased by 42.1 per cent to £385.7 million, compare to £271.4 million in 2021 and a profit before taxation of £30.3 million (compared to £5.1 million in 2021). They saw HORECA volumes improve during the year to reach 93 per cent of normal in the final quarter and expect this to continue through 2023, and the total revenue for the workwear division increased by 4.4 per cent to £134.6 million.

JSG has also acquired Regency Laundry Ltd for £5.75m enabling them to operate in the luxury four and five-star hotel linen business market, a new sector for the Group and in line with their buy and build strategy to expand coverage and enhance earnings.

In the results statement Peter Egan, chief executive officer of Johnson Service Group, commented: “The improved performance we are reporting today demonstrates the resilience of JSG’s business model, operational expertise and strength of our relationships with our customers and business suppliers, alongside the hard work of our employees. “We have invested £22.4 million in our sites to not only improve productivity and processes but also to attract and retain employees with enhanced working environments. “Post the year end we supplemented our organic growth plans with the acquisition of a luxury hotel linen rental business, in line with our acquisition strategy, and the signing of a new lease to increase our capacity in the South East for HORECA. We will continue to assess investment opportunities which will provide supplementary quality services and earnings enhancing outcomes.

“We are confident that the actions we have taken have placed the Group in a favourable position as markets continue to recover. After considering the current economic environment, including the recent, and possibly further, increases in UK interest rates and the subsequent impact on our cost of borrowing, the Board expects the result for the year to be in line with market expectations.”

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