Johnson Service Group (JSG) Trading Update summary

Financial performance

• Total revenue for 2024 rose over 10% to approximately £513.0 million, meeting expectations.

• HORECA revenue reached £371.0 million, up from £322.7 million; Workwear revenue was stable at £142.0 million.

• Organic group revenue increased by 3.8% year-on-year.

• Full year adjusted operating profit and margin are expected to align with market expectations.

• Net debt (excluding IFRS 16) at year-end was about £70.0 million, up from £61.7 million.

Operational highlights

• HORECA business saw organic revenue growth of 5.5% in 2024.

• Workwear customer retention improved to 93% in December 2024, with new sales expected to benefit 2025.

• New HORECA site in Crawley is operational, with work transfer from Dorset sites commencing soon.

• Empire business, acquired in September 2024, is performing as expected.

Outlook and strategic positioning

• Economic uncertainty, inflation, and higher UK taxation from April 2025 present headwinds.

• Operational efficiencies and expanded capacity position the group to manage challenges.

• Board remains confident in delivering further progress and medium-term growth.

• Full year results will be announced in early March 2025.