Last checked at 5 Jan 2018 07:00
5 January 2018
AIM: JSG
Johnson Service Group PLC
("JSG" or "the Group")
Pre-close Trading Update and Acquisition of StarCounty Textile Services Limited ("StarCounty")
JSG, a leading UK textile rental provider, is pleased to provide a trading update for the six months to 31 December 2017 and announce the acquisition of StarCounty Textile Services Limited, which was completed on 11 December 2017.
The Group has continued to trade well in the second half of the year, with results for the full financial year expected to be slightly ahead of management expectations.
The Board has previously communicated its focus on considering further opportunities to develop the business and is therefore pleased to announce the acquisition of the entire share capital of StarCounty, a specialist hotel and catering linen business for a total cash consideration of £3.9 million, on a debt free, cash free basis, including a freehold site valued at £0.9 million.
StarCounty, based in Wrexham, has been operating in the North West and the Midlands for over 50 years, serving a range of customers including budget hotel chains, country house hotels, restaurants and catering establishments. The acquisition will support and extend the geographical coverage of our Stalbridge Linen brand across the North West and West Midlands, increasing its processing capacity and also improving the efficiency of the logistics network.
Results for the full year are expected to be published on 27 February 2018.
Chris Sander, Chief Executive Officer of JSG, said:
"We are delighted with another period of strong trading. In addition, the acquisition of StarCounty announced today helps us further develop the business in line with our strategy, increasing our presence in the North West and the West Midlands and enhancing the quality of service we can offer our customers in the region."
Enquiries:
Johnson Service Group PLC |
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Chris Sander, CEO |
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Yvonne Monaghan, CFO |
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Tel: 01928 704600 |
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Investec Investment Banking (NOMAD) | Camarco (Financial PR) |
David Flin | Ginny Pulbrook |
Darren Vickers | Ben Woodford |
| Tom Huddart |
Tel: 020 7597 4000 | Tel: 020 3757 4991 |
About Johnson Service Group PLC
www.jsg.com
Headquartered in Preston Brook, Cheshire, JSG provides textile rental and related services across the UK. The Group is the leading supplier of workwear and protective wear in the UK, clothing over 1.3 million people a week. It also provides premium linen services for the hotel, catering and hospitality markets, and high-volume hotel linen services, processing approximately 8.5 million items a week. With its core values of quality, reliability and service, the Group aims to provide customers with an outstanding level of customer care.