Pre-Close Update
H1 2024 revenue £244.1m, up 13.5% YoY; full year adjusted operating profit expected in line with market expectations.
vs expectations: in line
- Group revenue H1 2024 £244.1m (prior £215.0m)
- HORECA revenue H1 2024 £172.9m (prior £143.9m)
- Workwear revenue H1 2024 £71.2m (prior £71.1m)
- Organic revenue growth 5.7%
- Bank debt (ex IFRS 16) £75m
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JSG, a leading textile services provider in the UK and Republic of Ireland, today releases an update on trading.
Group revenue in the six months to 30 June 2024 is expected to be £244.1 million (2023: £215.0 million), with revenue in our Workwear business of £71.2 million (2023: £71.1 million) and in HORECA £172.9 million (2023: £143.9 million). On an organic basis, Group revenue is expected to have increased by 5.7% on 2023 levels.
Organic growth in HORECA is expected to be 8.5% reflecting a continuing improvement in volumes across the estate, particularly in Hotel Linen. Our new HORECA site in Crawley is nearing completion and eight delivery routes are now operating from the site ahead of processing commencing in the near future. Workwear revenue is stable, with the gradual improvement in customer retention and recent new sales expected to benefit performance in the second half.
Bank debt (excluding IFRS 16 liabilities) was approximately £75 million at 30 June 2024, and, in the absence of any further significant capital deployment, will reduce during the second half.
The Board is confident that we will report full year adjusted operating profit in line with current market expectations.
The results for the six months to 30 June 2024 will be announced on 3 September 2024.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.