Last checked at 3 Jan 2014 07:00
3 January 2014
Johnson Service Group PLC ("the Group")
Pre-Close Trading Update
Trading
The Group expects to announce a full year profit before tax result in line with expectations. Net debt is expected to have reduced to below £25.0 million at the end of December 2013.
Management Changes
The Board announces that Chris Sander is to be appointed CEO with immediate effect. Chris joined the Group in 1984 and has significant experience in the Textile Services industry. He has been Managing Director of the Textile Rental business since 2008 and assumed responsibility for the Drycleaning business as part of the combined Textile Services division at the time of the restructuring of Drycleaning in 2012.
John Talbot remains as Executive Chairman but has informed the Board of his intention to stand down at the end of April 2014. John has been Executive Chairman for over 5 years during which time the Group has been transformed. Since his first involvement with the Group in 2007 he has led the Board to refocus the business on Textile Services whilst significantly reducing debt and strengthening the balance sheet.
Recruitment of a Non Executive Chair is underway and a further announcement will be made shortly.
The Group will announce its full year results during week commencing 3rd March 2014.
Enquiries:
Johnson Service Group PLC | |
John Talbot, Executive Chairman | |
Yvonne Monaghan, Finance Director | |
Tel: 01928 704600 | |
Investec Investment Banking (NOMAD) | Newgate Threadneedle |
James Rudd | Graham Herring |
David Flin
| John Coles |
Tel: 020 7597 4000 | Tel: 020 7653 9850 |