Johnson Service Group recently announced a dividend payout increase following a rise in full-year pretax profit, driven in part by higher volumes in the hotel, restaurant, and catering sector.
Profit Accomplishments
- Full-year pretax profit surged to £37.6 million in 2023, up from £30.3 million the previous year.
- Adjusted for exceptional items, pretax profit reached £44.5 million, compared to £38.2 million.
Revenue Growth
- Total revenue saw a 21% increase, reaching £465.3 million.
- This growth was fueled by enhanced volume in the hospitality industry and price adjustments made during the year.
Segment Performance
- Revenue from the hotel, restaurant, and catering unit skyrocketed by 29% to £322.7 million, with volumes on the rise.
- The workwear division also experienced a 5.9% revenue boost, reaching £142.6 million.
Future Outlook
- With a promising start to 2024, Johnson Service foresees the full-year adjusted operating profit meeting current market projections.
- Analysts anticipate a 2024 profit of £57.85 million, compared to £50.5 million in 2023.
Dividend Increase
- In light of its successes, the company raised its full-year dividend to 2.8 pence per share from 2.4 pence per share.