Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Johnson Services bullish after profits fall
Workwear rental and facilities management concern Johnson Services Group (JSG) is looking for expansion after an 80 per cent pre-tax profits drop to £4.2 million.
The Cheshire-based company, whose operations range from property services for major retailers and upmarket dry cleaning to premium linen provision at events such as Ascot and the imminent Cheltenham racing festival, saw turnover slip by £1.3 million to £235.1 million in 2010, in tough market conditions, but lifted operating profits 4.6 per cent to £18.3 million before £7.5 million before goodwill amortisation, impairment charges and other intangible items.
Formerly troubled AIM-quoted Johnson Services, steered since late 2007 by turnaround specialist John Talbot, is looking for selective acquisitions in facilities management, having cut net debt by £8.2 million to £59.5 million. The key textile rental side (workwear to events linen) increased operating profits13.7 per cent to £16.6 million, despite a 1.5 per cent turnover erosion to £115.1 million.
Talbot, who comments that domestic laundry outsourcing is thriving in an unsure consumer market, notes that Jeeves of Belgravia, Johnson's upmarket dry cleaning arm, is performing strongly, impervious to more modest consumers' woes. A new Jeeves outlet, thought to be in a North West centre, is on the cards.
The company proposes a final dividend of 0.55p a share, taking the annual payout for 2010 to 0.82p, up from 2009's 0.75p. Recommended by Growth Company Investor in September at 19p, Johnson shares now change hands at 33p, yielding 2.5 per cent and valuing the company at £82.5 million. Hold on for now.
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