Johnson Service 1H Rev Rose as HORECA Business Recovered; Intends to Reinstate Dividends

By Anthony O. Goriainoff


Johnson Service Group PLC said Tuesday that revenue in the first half rose as the hotel, restaurant and catering, known as HORECA, business continued to recover, and reiterated its intention to reinstate dividends later in the year.

The U.K. textile rental company said revenue for the period was 176.2 million pounds ($212.2 million), compared with GBP99.6 million a year earlier.

The company said that workwear revenue rose to GBP66 million from GBP64.5 million, and that it anticipated a further increase in the second half.

The company said HORECA total revenue was GBP110.2 million, compared with GBP35.1 million, and that it continued to see an encouraging pipeline of new business opportunities.

Johnson said it continued securing and implementing price increases across its customer base. It added that this, alongside additional volume, “will help offset cost inflation and we will continue to take appropriate mitigating actions as necessary.”

“Based on our assumption that volumes follow the normal seasonal pattern over the coming months and are not impacted by a reduction in discretionary spending, we expect the full-year outturn to be in line with current market expectations,” the company said.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


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