Profits double at Berendsen

Textile services firm Berendsen has reported a rise in both revenue and pre-tax profit for the full year ended December 31st.

Profit before tax rose to £79.3m from £34.6m the previous year, while revenue gained 1% from £986.1m to £992m.

Adjusted pre-tax profit, excluding net exception charges and amortisation of customer contracts, rose 15% from £97.1m to £111.8m.

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Chairman Christopher Kemball said: "The move to a business line structure is now complete and we have strengthened our capabilities in sales, HR and business development, as well as having developed major group wide programmes in capital efficiency and procurement.

"We remain encouraged by the scope both to accelerate the development of our Core Growth businesses and to enhance the returns of our Manage for Value businesses. We finished the year with a strong balance sheet and a secure long-term funding position," he said.

He added: "While much of our top line growth is dependent upon economic activity, at this early stage, we anticipate delivering a slightly better performance in 2012 than previously expected."

The firm also reported an increase of 150 basis points in adjusted group operating margin to 14.1%.

A dividend of 23.4p per share will be paid, up 10% from 21.2p.

Cash at the end of the year rose from £75.5m to £93.1m.

NR