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Johnson Service pulls dividend after swinging to loss on virus-led disruptions

By BFN News | 08:06 AM | Wednesday 02 September, 2020


Workwear and textile company Johnson Service said it would not pay a dividend this year after swinging to a first-half loss as the pandemic forced the closure of its workwear, hotel restaurant and catering sites. For the six months ended 30 June, the company reported a pre-tax loss of £18.6m, compared with a profit of £15.2m on-year as revenue fell to £114.8m from £167.1m. Looking ahead, Johnson Service said it currently anticipated that the adjusted earnings before interest, taxes depreciation and amoritzation (EBITDA) margin for the full year would be similar to that in the first half. 'HORECA revenue has benefitted from summer staycations, which have been slightly ahead of our initial expectations, but it is too early to forecast the anticipated volumes for the remainder of this year,' the company said. 'Performance in the final quarter of the year will remain closely correlated with the wider level of economic activity.' At 8:06am: (LON:JSG) Johnson Service Group PLC share price was +2.4p at 106.2p Story provided by StockMarketWire.com

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