Johnson Service Group – 43.125p

5 March 2013 – final results

Final results have been released by Johnson Service Group and although comparatives can be somewhat misleading given the changing face of the business, it is clear that solid progress is being made and recovery continues apace.  Total continuing revenue for the year increased to £251.0m (2011: £233.9m), and revenue excluding costs recharged to customers was £244.2m (2011: £228.6m).  Continuing adjusted operating profit increased by 8.2% to £19.8m (2011: £18.3m).  Adjusted fully diluted earnings per share from continuing operations were 5.0p (2011: 4.2p) and a final dividend of 0.74p per share (2011: 0.67p) was declared, taking the total for the year to 1.1p per share (2011: 1.0p).  Total net debt rose to £58.5m (2011: £49.7m), which was anticipated given the acquisitions completed during the year.  Although there is plenty of work still to do, Johnson Service Group has managed to cope with some very tough challenges and we feel that a BUY recommendation remains justified at the current share price.

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