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INTERIM RESULTS for the 26 weeks ended 26 June 2004
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2 Interim Results – June 2004 “..very encouraged by the progress that we have made..” Introduction Stuart Graham, CEO
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3 Financial Review Mike Sutton, CFO Interim Results – June 2004
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4 Interim Results – June 2004 2004 ACQUISITIONS Acquisitions completed to June 2004 Cost £4.9 million Annualised turnover £13 million Acquisition completed July 2004 Costup to £27.4 million Annualised turnover £28 million “..targeted acquisitions.. that offer attractive long term growth potential.”
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5 Interim Results - June 2004 TURNOVER “..in line with expectations..”
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6 Interim Results - June 2004 PROFIT AND LOSS ACCOUNT 1 Excludes goodwill amortisation 2Excludes goodwill amortisation and exceptional items 3Excludes goodwill amortisation, exceptional items and costs recharged to customers
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7 Interim Results - June 2004 EARNINGS PER SHARE (ADJUSTED) 1 Excludes goodwill amortisation and exceptional items 2Excludes tax credit relating to agreement of specific non-recurring matters in prior periods (2003) “..invested in our established businesses..”
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8 Interim Results - June 2004 SUMMARY BALANCE SHEET * Restated
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9 Interim Results - June 2004 CASHFLOW AND NET DEBT 1 Excludes goodwill amortisation
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10 Interim Results - June 2004 TEXTILE & HOSPITALITY SERVICES 1 Excludes goodwill amortisation Segment includes: Johnsons Apparelmaster, CCM, Stalbridge Linen Services, Johnson Hospitality Services
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11 Interim Results - June 2004 DRYCLEANING Segment includes: Johnsons Cleaners (incl. Sketchley), Jeeves 1 Excludes goodwill amortisation
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12 Interim Results - June 2004 FACILITIES MANAGEMENT & SPECIALIST SUPPLIES Segment includes: Johnson Workplace Management & Alex Reid 1 Excludes goodwill amortisation 2 Excludes costs recharged to customers
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13 Interim Results - June 2004 INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Timetable Balance sheet Income statement Bank covenants
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14 Review and Outlook Stuart Graham, CEO Interim Results - June 2004
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15 Interim Results - June 2004 OVERVIEW Targeted acquisitions Stabilisation of Johnsons Apparelmaster Expansion of drycleaning Increased range of services Strong market positions “..considerable amount of activity..over the last two years..”
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16 Interim Results - June 2004 DIVISIONAL STRATEGY AND PERFORMANCE “..we continue to identify cost reductions..” Johnsons Apparelmaster –Continued wearer attrition –Restructured sales team –Cost reductions and production efficiency improvements CCM –Expanding product range –Continued growth
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17 Interim Results - June 2004 DIVISIONAL STRATEGY AND PERFORMANCE Stalbridge Linen Services –Strong growth continued –Quality and service Johnson Hospitality Services –Largest hospitality and event hire company –HSS Event Hire acquisition “..considerable success in developing new accounts..” “..the range of product..was expanded..”
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18 Johnsons Cleaners (incl. Sketchley) –Market leader in UK with c620 branches –103 Sketchley branches acquired in May 2004 –150 units converted to GreenEarth® –Roll out of new EPOS commenced –Increased presence in South East Jeeves of Belgravia –New store opened –New shop design developed Interim Results - June 2004 DIVISIONAL STRATEGY AND PERFORMANCE “..encouraging sales increase that reflected the quality and range of services..”
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19 Interim Results - June 2004 DIVISIONAL STRATEGY AND PERFORMANCE “..we see considerable growth potential..” Dimensions Corporatewear –Acquired July 2004 –Leading supplier of corporatewear –Growing market –Potential to enter Europe
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20 Interim Results - June 2004 DIVISIONAL STRATEGY AND PERFORMANCE Johnson Workplace Management –Strong organic growth –Expanded range of service delivery Alex Reid – Launched GreenEarth ® to independent sector –Enlarged product range –New supply chain “..continues to perform well..” “..initial reaction very positive..”
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21 Interim Results - June 2004 OUTLOOK Strategy of organic growth and selective acquisition Continued investment in established businesses Long term growth prospects Reorganisation and integration Summary “..anticipate a satisfactory outcome for the year..”
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