Johnson Service Group PLC (AIM:JSG) - decent results as the restructuring continues
The provider of textile related services to both consumers and businesses has issued a decent set of results for the year ending 31st December.
JSG’s origins can be traced back to 1780 and its key businesses are now in the workwear, textile rental and drycleaning sectors.
The large number of adjustments point to the restructuring that continues
Group revenue rose 8.7% to £210.4m, adjusted operating profit +49.3% to £21.8m and adjusted and fully diluted earnings per share up 36.8% to 5.20p
The fact that underlying profit before tax was actually down 4.9% to £11.6m hints at the materiality of the adjustments. Adjusted Operating Profit is before charging £1.6 million (2013: £0.6 million) of amortisation and impairment of intangible assets (excluding software amortisation) and £6.8 million (2013: £0.6 million) of exceptional items.
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