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Johnson Service Group reports first-half growth, launches buyback
(Sharecast News) - Johnson Service Group reported a rise in first-half revenue and profits on Tuesday, confirming it remained on track to meet full-year expectations, as it unveiled a new £25m share buyback programme following the completion of a previous £30m scheme. The textile services group posted revenue of £257.5m for the six months ended 30 June, up 5.5% year on year, while adjusted operating profit rose 13.9% to £28.7m, lifting margins by 80 basis points to 11.1%.
Adjusted profit before tax climbed 15.8% to £24.9m, with adjusted diluted earnings per share increasing 17.9% to 4.6p.
The interim dividend was raised by 23.1% to 1.6p per share.
Hotels, restaurants and catering (HoReCa) revenue grew 7.2% to £185.4m, with adjusted operating profit up 22.3% to £22.5m, lifting margins to 12.1% from 10.6%.
Workwear revenue edged up 1.3% to £72.1m, with profit up 2% to £10.4m, maintaining margins at 14.4%.
Energy costs continued to fall as a share of revenue, while productivity improvements and efficiency measures helped offset inflationary pressures.
"I am pleased to report that we have delivered further progress in the first half of 2025," said chief executive Peter Egan.
"Our continued focus on operational excellence and margin improvement has positioned us well to achieve our target of at least a 14.0% adjusted operating profit margin in 2026 and we are on track to meet full year adjusted operating profit in line with market expectations."
The company, which moved to the London Stock Exchange's main market on 1 August, said it would launch its new £25m buyback programme immediately, with Investec Bank mandated to carry out purchases through to March 2026 under pre-set parameters.
Shares bought back would be cancelled.
"With robust cash generation, we continue to have a disciplined approach to capital allocation and focus on delivering value to shareholders by driving efficiencies through ongoing investment across the estate and seeking out complementary acquisition opportunities," Egan added.
Johnson Service Group said its strong balance sheet, rising cash flow, and headroom on committed facilities would allow it to maintain investment while continuing to return capital to shareholders.
At 1024 BST, shares in Johnson Service Group were up 9.83% at 152p.
Reporting by Josh White for Sharecast.com.
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