March 3 Johnson Service Group Plc, which
rents and dry cleans uniforms and other textiles, reported a 25
percent rise in full-year profit due to the strong performance
of its rental unit.
The British company also said it would buy Bourne Services
Group Ltd, a hotel linen supplier, for 22 million pounds ($36.87
million) in cash.
Johnson Service said the acquisition of Lincolnshire-based
Bourne Services, which it expects to add to earnings
immediately, would be funded partly by an equity placing of 12.8
"This is a significant step in our plan to expand the range
of services offered by our textile rental business," Executive
Chairman John Talbot said in a statement.
The company, which traces its origins back to 1780, said
adjusted pretax profit rose to 13.4 million pounds for the year
ended Dec. 31 from 10.7 million pounds a year earlier.
Revenue from continuing operations fell 2.6 percent to 193.6
Shares of Johnson Service Group closed at 52 pence on the
London Stock Exchange on Friday.