Peter Egan was a student on the west coast of Ireland when he took a summer job as a night worker and classified hospital clothing. Today, 27 years later, he is the CEO of Johnson Service Group , one of the largest washing companies in the UK.
Egan is an end-to-end bleach. He has been with Johnson's since 1998 and his commitment pays off.
The group has made impressive progress since Midas recommended shares at 19p in 2010. They had risen to £ 1.14 when we looked back at 2017. You are now at £ 2.06 and new profits should be made.
The Johnson Service Group provides uniforms to 1.3 million employees in companies such as Morrisons, Jaguar Land Rover and several major food manufacturers.
The company supplies uniforms to 1.3 million workers in companies such as Jaguar Land Rover, Morrisons and several large food manufacturers. There is also a thriving department for hotels, restaurants and catering.
The group delivers 8.5 million towels, sheets, towels and uniforms to customers every week, from the Premier Inn chain at Wembley to the modern Wolseley restaurant in Mayfair, West London.
All of these customers need to know that their items are delivered on time and ready to use, and Johnson prides itself on its service.
The company has invested heavily in equipment and computers, keeping the kit up to date, minimizing water and energy consumption, and increasing automation, including machines that can be used to iron shirts and fold towels.
Egan also focuses on Johnson's 6,000 employees, and an award-winning training academy helps employees learn new skills, feel part of the business, and climb the career ladder.
The group has made impressive progress since Midas recommended action at 7:00 p.m. in 2010.
Johnson's is not the cheapest on the market, but he tries to be the best. Customers rarely leave and the group regularly earns new business.
A recent commercial update was optimistic and brokers forecast a 10% profit increase in 2019 from £ 49m this year to £ 46m. A dividend of 3.4 pence is expected for 2019, which will increase to 3.6 pence by 2020.
Mida's conclusion: Johnsons saw organic growth and growth in acquisitions, and this trend is expected to continue as Egan is recruiting smaller operators. Given the more than ten-fold increase in the share price since 2010, investors may want to sell bank shares and profits at a price of £ 2.06. However, as we indicated in 2017, they should not be completely used up as this business must continue.
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