Johnson Service Group's chairman John Talbot has splashed out around £445,000 in the dry cleaning business following strong first half results.
He took 2.4m shares in the company at just over 18.5p a time and now has about 6.2m shares, nearly 2.5% of the whole company.
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
Adjusted pre-tax profit climbed to £6.2m in the six months ended 30 June 2010 compared to £5.3m a year earlier. Revenue for the period fell to £113m from £117.1m before.
Johnson said its Textile Rental business continues to be very strong while its drycleaning division should now see profit growth in the second half, the group said.
Johnson announced a shake-up at its dry cleaning arm late June with the closure of 20 loss-making branches. The restructuring is expected to cost £6.5m over the next five years.
Talbot said he believed the group is 'well placed for a successful second half,' despite challenging market conditions.
-
Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
