Johnson Service Sees 2021 Results Ahead of Market Views

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by Joe Hope

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Johnson Service Group plc said on Thursday it expects 2021 results to exceed market expectations, despite challenges from the Omicron coronavirus pandemic in the last two weeks of December.

The UK textile rental company did not provide any figures, but said volumes in November and December were in line with pre-coronavirus pandemic levels for its workwear unit and about 77% of normal levels within hotels, restaurants and catering, or Horeka , Division. However, in the last two weeks of December, the volumes in the hospitality sector declined to around 60% below normal.

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Coronavirus rates in the HORECA division will continue to impact demand in 2022, but the company said it expects this to improve further as the year progresses.

Cost pressures – particularly related to energy – remain. While the company has fixed gas prices for more than 80% of its consumption for 2022, the higher price on the remainder will impact the overall cost, it warned. Johnson said it would work to reduce cost escalation.

Shares are down 0.4 pence, or 0.3%, at 140.0 pence as of 0809 GMT.

Write to Joe Hope at [email protected]

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