Johnson Service Group

JSG · Main Market · Industrial Goods and Services · mcap £486m · 137.9p

JSG rents and launders table linen and uniforms for hotels and restaurants (HORECA) and rents workwear to businesses. It runs its own laundries and delivery network across the UK.

Target	Promise	Said	Status
2023
2023	2023 adjusted operating profit in line with market expectations	16 Jan 2024	✓ Kept
	“We expect to report full year adjusted operating profit in line with current market expectations.” Result 2023 adjusted operating profit was £50.5m, reported in line with expectations. 5 Mar 2024 · Final Results
2024
30 Apr 2024	Open new depot for London hotel market in April 2024	5 Mar 2024	… In progress
	“New depot to be opened in April to enable further expansion into the London hotel market.” Result Not yet due.
31 Dec 2024	Open the new Crawley HORECA site in the second half of 2024	16 Jan 2024	✓ Kept
	“New HORECA site in Crawley remains on track to open in the second half of 2024.” Also stated 5 Mar 2024 Result Processing was expected in Q4 2024; work was being transferred in January 2025 and the site was hosting investors by June 2025. “Our new HORECA site in Crawley is now operational and the testing of machinery and processes is underway.”17 Jan 2025 · Trading Update “JSG, a leading textile services provider in the UK and Republic of Ireland, is today hosting an institutional investor and sell-side analysts' site visit at its new laundry facility in Crawley, East Sussex.”11 Jun 2025 · Investor Presentation: Crawley Site visit
31 Dec 2024	2024 adjusted operating profit in line with market expectations	5 Mar 2024	✓ Kept
	“The Board expects 2024 adjusted operating profit to be in line with current market expectations.” Also stated 5 Mar 2024 Result Reaffirmed in July and September 2024; 2024 profit was £62.3m, up 23%. “Full year adjusted operating profit in line with current market expectations”10 Jul 2024 · Pre-Close Update “Adjusted operating profit was £62.3 million (2023: £50.5 million), an increase of 23.4%”4 Mar 2025 · Final Results
31 Dec 2024	Reduce dividend cover to 2.5 times for full year 2024	5 Mar 2024	✓ Kept
	“in line with our commitment to reduce cover to 2.5 times for full year 2024” Also stated 5 Mar 2024 Result The 2024 dividend rose to 4.0p against EPS of 10.1p, which is cover of about 2.5 times. “We are pleased to recommend a final dividend of 2.7 pence per share, taking the full year dividend to 4.0 pence (2023: 2.8 pence) per share. Dividend cover was 2.5 times and in line with our commitment to reduce from the historic level of 3.0 times.”4 Mar 2025 · Final Results
31 Dec 2024	Reduce bank debt during the second half of 2024	10 Jul 2024	✓ Kept
	“bank debt will reduce during the second half” Result Bank debt fell from £75m in June to £68.6m by December 2024. “Bank debt increased from £68.6 million at December 2024 to £84.5 million at the end of March 2025”1 May 2025 · AGM Statement
31 Dec 2024	Leverage of 1-1.5 times by end of 2024	3 Sep 2024	✓ Kept
	“target leverage of 1-1.5 times by the end of 2024” Also stated 11 Sep 2024 Result Leverage was reported as less than one times in March 2025, inside or below the range. “the Group has significant headroom under its committed facilities and leverage of less than one times”5 Mar 2025 · Commencement of Share Buyback Programme
2025
1 Aug 2025	Move shares to the Main Market by early August 2025	4 Jun 2025	✓ Kept
	“the Group's listing on AIM is expected to be cancelled” Result AIM trading ended and admission to the Main Market took place on 1 August 2025. “NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM”1 Aug 2025 · Readmission - JOHNSON SERVICE GROUP PLC
31 Dec 2025	Return up to £30m via buyback over 12 months, completed by end 2025	4 Mar 2025	✓ Kept
	“The Extended Buyback Programme will be effective from today's date and end no later than 31 December 2025” Also stated 5 Mar 2025 · 4 Jun 2025 Result £30.0m buyback completed in August 2025. “Between 5 March 2025 and 28 August 2025, 21,074,153 ordinary shares in the Company were repurchased on the London Stock Exchange for cancellation at an average price of 142.35p pence per share and a total cost, excluding expenses, of £30.0 million.”29 Aug 2025 · Completion of Share Buyback Programme
31 Dec 2025	Gearing below 1x EBITDA throughout 2025	1 May 2025	… In progress
	“We expect gearing to remain below 1x EBITDA throughout 2025” Result Not yet due.
31 Dec 2025	Workwear customer retention back to 95% during 2025	1 May 2025	… In progress
	“our expectations are that it will trend back to historic levels of 95% during the year” Result Not yet due.
2026
28 Feb 2026	Monaghan to remain employed until 28 February 2026 to hand over to new CFO	1 Oct 2025	… In progress
	“Yvonne will remain employed by the Company until 28 February 2026 (the "End Date") to, initially, complete a handover process with Ryan and, thereafter, be available to support the Company.” Result Not yet due.
2 Mar 2026	Return up to £25m via buyback by March 2026	2 Sep 2025	✓ Kept
	“it is the Company's intention, based on currently available resources, to return up to £25.0 million to Shareholders over the period to March 2026” Result £25.0m buyback completed in January 2026. “Between 2 September 2025 and 7 January 2026, 17,724,645 ordinary shares in the Company were repurchased on the London Stock Exchange for cancellation at an average price of 141.05p pence per share and a total cost, excluding expenses, of £25.0 million.”8 Jan 2026 · Completion of Share Buyback Programme
Today · 10 Oct 2026
31 Dec 2026	Energy pricing to add £3m, £7m, £9m to adjusted operating profit in 2024, 2025, 2026	1 May 2024	… In progress
	“we estimate that the impact on our forecast energy cost would result in a potential positive effect on adjusted operating profit in each of 2024, 2025 and 2026 of £3.0 million, £7.0 million and £9.0 million, respectively.” Status so far Not yet due.
31 Dec 2026	Crawley to cost £3.7m in 2024 and reach breakeven during 2026	1 May 2024	… In progress
	“Crawley is expected to negatively impact adjusted operating profit by some £3.7 million in 2024 with progress steadily towards a breakeven point during 2026 as the site matures.” Status so far Not yet due.
31 Dec 2026	Group adjusted operating margin of at least 14.0% in 2026	1 May 2024	… In progress
	“targeted margin of at least 14.0% by 2026” Also stated 3 Sep 2024 · 4 Mar 2025 · 1 May 2025 · 10 Jul 2025 Status so far Not yet due.