Johnson Service Group (JSG) H1 2025 earnings summary

Executive summary

• Revenue rose 5.5% year-over-year to £257.5m, with organic growth of 1.4% in HoReCa and 1.3% in Workwear.

• Adjusted operating profit increased 13.9% to £28.7m, and adjusted EBITDA reached £75.4m (margin 29.3%).

• Interim dividend increased to 1.6p per share, reflecting confidence in future performance.

• Workwear customer retention at 94%, nearly returning to historic highs.

• Main Market listing completed and ongoing share buybacks, with £65.3m returned since 2022.

Financial highlights

• Revenue increased to £257.5m, driven by price increases, acquisitions, and new contracts.

• Adjusted EBITDA rose to £75.4m (margin 29.3% vs. 28.3% last year).

• Adjusted operating profit reached £28.7m (margin 11.1% vs. 10.3% last year).

• Adjusted PBT £24.9m after £3.8m interest; EPS up 17.9% to 4.6p.

• Interim dividend of 1.6p declared, up 23.1%.

Outlook and guidance

• Full-year adjusted operating profit expected in line with market expectations.

• Margin improvement on track for at least 14% by 2026.

• Continued focus on cost management, efficiency, and proactive margin recovery.

• Confident in medium- and long-term growth, supported by strong balance sheet and ongoing buybacks.