Johnson Service Group, the supplier of workwear and textile rental, dry-cleaning and facilities management, said that it is to meet forecasts with its 2012 results due out in early March.
"The group expects to announce results for the year ended December 31st 2012 which will be in line with market expectations," the AIM-listed firm said in a brief statement on Friday morning.
The company did however announce that net debt is forecast to be below £59m, lower than it had expected. Net debt by the end of 2011 was £49.7m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Current consensus expectations are for full-year revenue to be flat at £242m (unchanged from 2011), while pre-tax profit is estimated to rise from £13.7m to £15.8m.
"I am pleased with the trading performance across the group and it is very encouraging to see that our drycleaning estate has shown like for like growth in sales which, whilst modest, is the first such increase for a number of years," said Executive Chairman John Talbot.
On December 6th 2012, Johnson Service disposed of its dry-cleaning and laundry subsidiary Alex Reid for £2.1m in cash. It still runs its dry-cleaning division through units Johnson Cleaners and Jeeves of Belgravia.
Based on Thursday's closing price, Johnson Service has a market capitalisation of around £95m, with shares having risen nearly 40% over the past year.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
