Johnson Service Group are to recommend a final dividend of 2.7 pence per share, taking the full year dividend to 4.0 pence (2023: 2.8 pence) per share. Dividend cover was 2.5 times and in line with their commitment to reduce from the historic level of 3.0 times.
Other financial highlights include:
Organic revenue in HORECA increased 5.6%; stable revenue in Workwear.
Revenue for the Hotel, Restaurant and Catering ('HORECA') division increased by 15.0% to £371.2 million (2023: £322.7 million) whilst adjusted EBITDA increased by 23.2% to £110.5 million (2023: £89.7 million), giving an increased margin of 29.8% (2023: 27.8%).
Revenue within Workwear was in line with the prior year at £142.2 million (2023: £142.6 million) whilst adjusted EBITDA increased to £49.4 million (2023: £48.6 million) with an increased margin of 34.7% (2023: 34.1%).
£20.6 million acquisition of Empire Linen Services Limited ('Empire') with a further £44.6 million of capital investment across the estate; balance sheet remains strong with capacity for further investment.
Committed revolving credit facility of £120.0 million to August 2027.
