Johnson Service Group – 38p

4 January 2013 – trading update

The group has issued a trading update confirming that results for the year to 31 December will be in line with expectations.  Net debt is likely to fall to under £59m which is better than forecast. Pre-tax profits for 2012 are forecast to be £15.7m for earnings per share of 4.7p, with 2013 likely to see these figures rise to £18.5m and 5.3p respectively.  On a prospective p/e ratio of just 7.2x 2013 earnings the shares are a BUY.

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