9 March 2010
Johnson Service Group PLC
Statement for the Financial Year ended 31 December 2009
Improved performance despite challenging conditions
Johnson Service Group PLC, the textile services and facilities management Group announces its preliminary results for the financial year ending 31 December 2009.
Overview
• Adjusted profit before tax** increased to £12.2 million (2008: £6.0 million)
• Continuing adjusted operating profit* increased to £17.5 million (2008: £16.9 million)
• New bank facility secured
• Net debt reduced to £67.7 million (2008: £78.5 million)
• Net finance costs reduced to £5.7 million (2008: £11.8 million)
• Adjusted fully diluted earnings per share** of 3.4p (2008: 2.8p)
• Final dividend proposed of 0.5 pence, making 0.75 pence for full year (2008: nil)
Financial Summary
Continuing 2009 2008
£m £m
Revenue 236.4 252.3
Revenue (excluding costs recharged to customers) 229.3 242.6
Operating Profit 26.3 5.0
Adjusted Operating Profit* 17.5 16.9
Exceptional Credit***/ (Charge) 12.0 (8.7)
Profit/ (Loss) Before Tax 20.6 (6.8)
Adjusted Profit Before Tax** 12.2 6.0
Fully Diluted Earnings per Share (pence) 5.8p (3.4)p
Adjusted Fully Diluted Earnings per Share** (pence) 3.4p 2.8p
* Before intangibles amortisation and impairment (excluding software amortisation) and exceptional items
** Before intangibles amortisation and impairment (excluding software amortisation), exceptional item and exceptional finance costs
*** Exceptional credit relates to reduction in pension liabilities
John Talbot, Executive Chairman of Johnson Service Group, commented:
“I am pleased with these results which have been achieved despite the challenging conditions affecting all our three divisions. A focus on costs, cash flow and profitability has resulted in an increase in adjusted operating profit and a doubling of adjusted profit before tax. I am particularly pleased that Stalbridge, after a very difficult few years, has returned to profit.
“We have continued to reduce our net debt and I feel very positive about the future prospects of our three divisions despite the harsh economic environment.”
Enquiries:
Johnson Service Group PLC
John Talbot, Executive Chairman
Yvonne Monaghan, Finance Director
Tel: 020 7653 9850 (on the day)
Tel: 01928 704600 (thereafter)
Threadneedle Communications
Graham Herring
John Coles
Telephone: 020 7653 9850
www.johnsonplc.com
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