Johnson Service chairman lifts stake to 2.5%
Johnson Service Group's chairman John Talbot has splashed out around £445,000 in the dry cleaning business following strong first half results.
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.
The purchase came on the same day the company reported a 17% increase in half-year profit and said it is well placed for a successful second half.
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
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.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Cost of Christmas dinner jumps 6.5% as grocery price inflation rises again
The average Christmas dinner for four now costs £32.57 as grocery price inflation increases - but what does it mean for interest rates?
By Chris Newlands Published
-
Taking control of your business expenses with Wallester
Why Wallester Business is your cost-effective solution to help you take financial control of your business
By MoneyWeek Published