Johnson Service slumps to a loss as Covid takes its toll

1 mins. to read
Johnson Service slumps to a loss as Covid takes its toll

AIM-listed textile specialist Johnson Service Group (LON:JSG) saw its share price drop by 3.81% to 150.63p (as of 12:30 GMT) after reporting a 34.4% decline in revenues for the year ended 31st December. The company slipped to a pre-tax loss as COVID heavily impacted demand from the firm’s hotel, restaurant, and catering clients.

CEO Peter Egan commented: “As anticipated, our 2020 results reflect the dramatic impact that COVID-19 has had on the Group, particularly within our HORECA division. However, the decisive actions taken have protected the future of the business, by shoring up the Group’s balance sheet whilst managing our laundry operations to ensure flexible quality service for our customers. We continue to take pro-active actions to adapt our operations to ensure the Group can thrive and have a strong platform from which we can scale up operations as higher levels of demand return.

We would like to acknowledge the magnificent efforts of our employees and thank them for their continued support through these most unusual and challenging times.

We will continue our strategy to invest in our plants in order to maintain our position as a well invested operator, delivering outstanding levels of service to our customers. This, combined with our existing scale, ability to flex costs and focus on operational excellence, makes us confident that we will be able to take advantage of growth opportunities as they arise and to increase returns to Shareholders over time“.

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