Johnson Service H1 Profit Climbs; Now Sees FY23 Outturn Slightly Ahead Of Current Market View

Full-service recruitment firm Johnson Service Group PLC (JSG.L) reported Tuesday that its first-half profit before taxation climbed to 13.5 million pounds from last year’s 5.1 million pounds.

Earnings per share were 2.3 pence, up from 1.1 pence last year.

Adjusted profit before taxation was 16.4 million pounds, compared to 11.2 million pounds a year ago. Adjusted earnings per share were 2.9 pence, compared to last year’s 2.3 pence.

Adjusted EBITDA for the period was 57.7 million pounds, up from 42.8 million pounds a year ago. Adjusted EBITDA margin also improved to 26.8% from 24.3% last year.

Total revenue increased 22% to 215.0 million pounds from last year’s 176.2 million pounds. Organic revenue went up 20.6%.

Further, the company announced an interim dividend of 0.9 pence per share, higher than last year’s 0.8 pence per share. The dividend will be paid on November 3 to those Shareholders on the register of members on October 6.

Johnson Service also said it intends to launch a further share buyback programme of up to 10.0 million pounds.

Looking ahead, Peter Egan, Chief Executive Officer, said, “Recognising the volumes processed over the busy summer months, improving efficiencies and a somewhat more predictable outlook on the cost base, together with our assumption that the trading environment remains unchanged, we expect the full year outturn to be slightly ahead of the guidance provided in our July trading update.”

Earlier, the Board indicated an outlook for the year ahead of market expectations.

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