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Johnson Service says hospitality business suffers hit from UK lockdown measures
StockMarketWire.com
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UK textile services group Johnson Service said volumes in its hotel, restaurant and catering, or HORECA, business had been impacted by the second national UK lockdown.
Volumes in HORECA reduced in October, particularly in the high-volume hotel linen plants, back to 45% of its normal levels due to the various local lockdown measures being implemented across the UK, the company said.
HORECA volumes had held up well during September with volumes at 55% of normal, up from 45% in August.
But in the workwear division, volumes had continued to increase with the 6% year on year reduction reported in August improving to a 2% reduction at the end of September and were slightly ahead of pre-COVID levels by the end of October, the company said.
The outlook for the remainder of the current year remained dependent on the level and impact of regional restrictions on the hospitality industry in December, particularly following the planned ending of the lockdown in England on 2 December 2020, it added.
Looking ahead, the company said the adjusted EBITDA margin for the full year would be similar to that achieved in the first half.
'We acknowledge that the possible rollout of a vaccine is encouraging, however, the precise timing of that together with the speed of a sustained recovery in our markets remains unknown,' it added.
At 9:53am: (LON:JSG) Johnson Service Group PLC share price was 0p at 116.2p
Story provided by StockMarketWire.com
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