Business
Preliminary Results
Preliminary Results.
About this update from Johnson Service Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n 7 March 2023\n \n \n AIM: JSG\n \n \n \n Johnson Service Group PLC\n \n \n \n \n ('JSG' or 'the Group')\n \n \n \n \n \n \n \n \n \n Preliminary Results for the Year Ended 31 December 2022\n \n \n \n \n Strong performance and well placed for continued growth\n \n \n \n \n \n \n \n \n \n FINANCIAL PERFORMANCE\n \n \n \n §\n Total revenue increased by 42.1% to £385.7 million (2021: £271.4 million).\n \n \n §\n Organic revenue up 39.0% compared to 2021 and 2.7% compared to 2019.\n \n \n §\n Adjusted EBITDA1 of £104.9 million (2021: £67.9 million) with a margin of 27.2% (2021: 25.0%).\n \n \n §\n Adjusted Operating Profit1 of £41.2 million (2021: £12.7 million).\n \n \n §\n Operating Profit of £33.3 million (2021: £8.4 million).\n \n \n §\n Adjusted Profit before Taxation2 of £38.2 million (2021: £9.4 million).\n \n \n §\n Profit before Taxation of £30.3 million (2021: £5.1 million).\n \n \n §\n Full year dividend of 2.4 pence (2021: nil).\n \n \n §\n Strong balance sheet and capacity for further investment.\n \n \n §\n Ongoing £27.5 million share buyback programme with £11.4 million deployed to date.\n \n \n §\n The Board expects the result for 2023 to be in line with market expectations.\n \n \n \n \n \n \n \n \n OPERATIONAL HIGHLIGHTS\n \n \n \n §\n HORECA volumes improved during the year to reach 93% of normal in the final quarter; we expect volumes to continue to increase through 2023.\n \n \n §\n We continue to build strong relationships and strategic partnerships within HORECA, with over 23,500 rooms installed in 2022.\n \n \n §\n Workwear customer retention levels remained strong at 94.3%.\n \n \n §\n Price increases and other actions implemented throughout 2022 to help offset cost inflation.\n \n \n §\n Further mitigating actions are ongoing to offset cost pressures.\n \n \n §\n Acquisition of Regency Laundry Limited on 13 February 2023.\n \n \n §\n New leasehold site secured to expand HORECA capacity in the South East.\n \n \n \n \n \n \n \n \n SUSTAINABILITY\n \n \n \n §\n Inaugural Sustainability Report published in August 2022 building on The Johnsons Way launched in February 2022.\n \n \n §\n Additional water recycling plant at our Cornwall site is currently being installed.\n \n \n §\n Employee Engagement and Diversity surveys completed.\n \n \n §\n Carbon, water ...