Johnson Service Group: boring but not to be overlooked
Johnson Service Group, the provider of textile rental services, has been revitalised over the past few years. It may not be the most thrilling of businesses, but boring business can often deliver exceptional investment returns. We dig into the detail of this cash machine (IHT QUALIFYING)
Excellent interim results move the shares higher Organic revenue growth of 7.5% combined with a full six months trading from recently acquired South West Laundry saw revenue at Johnson Service Group (LON:JSG) rise 9.8% to £167.1m in the 6 months ending 30 June 2019. The 10.4% increase in adjusted pre-tax profit to £20.1m was even more impressive reflecting the successful integration of acquisitions and investment in the business. Management showed confidence in the future by raising the interim dividend by 15% 1.15p. Management commented how they have started the second half strongly and in view of the encouraging performance over…