Announcing increased half-year results, Terry Greer, group chairman, said he saw 'no evidence of a sustainable improvement in trading conditions in our markets'.
Operating profit for the half-year to 26 June rose 7.2 per cent to pounds 9.2m, while group turnover of pounds 81.7m was up 9.3 per cent. Both increases were largely due to a strengthening dollar and better than expected contributions from Imperial & Queen Laundries, bought for pounds 2.9m in January. With these two factors stripped out, turnover and operating profit increased by 0.9 per cent and 0.7 per cent respectively. Pre-tax profits rose 17 per cent thanks to property sales and a lower interest charge. The dividend was held at 7p.
Mr Greer said there was a satisfactory increase in profits and turnover at the textile rental business, which supplies working clothes to UK companies and has about 10 per cent of the market. Imperial & Queen Laundries contributed pounds 260,000 of operating profits.Reuse content