olivLaw · European equity research
Johnson Service Group PLC JSG.L
United Kingdom · London Stock Exchange · ISIN GB0004762810 · Vertical: Listed companies from United Kingdom
Johnson Service Group PLC provides textile rental services to the hotel, restaurant and catering sector and to workwear customers across the UK and Ireland. In 2025 it moved to the Main Market of the London Stock Exchange, and revenue rose 4.3% to £535.4 million.
At the close of 05 Nov 2026, Johnson Service Group PLC (JSG.L) stock was 1.51 GBP (+0.00% on the day), with market capitalisation 601.2 m GBP, P/E 16.4 on diluted EPS of 0.09 GBP over the last 12 months, dividend yield 2.89%, beta 0.43, 52-week range 1.26–1.70 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.9
- strong (55–70)
- Bollinger (20, 2)
- 1.36 – 1.52
- in the upper half of the band · %B 0.93 · band width 11.0%
- SMA 50 / 200
- 1.40 / 1.43
- mixed trend
- MACD (12, 26, 9)
- 0.03 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.6% | −0.6% | +11.2 pp | — |
| 3 months | +0.6% | −4.2% | +4.8 pp | — |
| 6 months | +10.0% | +4.3% | +5.7 pp | — |
| Year to date | +11.6% | +7.5% | +4.1 pp | — |
| 1 year | +11.5% | +9.9% | +1.5 pp | +5.8% |
| 3 years | +17.6% | +49.8% | −32.3 pp | +26.3% |
| 5 years | +14.2% | +42.8% | −28.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 14.7, median 15.4, max 16.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 513.4 m | 535.4 m |
| Revenue YoY | unavailable | +4.3% |
| Net income | 35.6 m | 37.1 m |
| Net income YoY | unavailable | +4.2% |
| Diluted EPS | 0.08 | 0.09 |
| Diluted EPS YoY | unavailable | +9.5% |
| net % | 6.9% | 6.9% |
| Free cash flow | 97.3 m | 104.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.0 m GBP
- Financial debt
- 123.4 m GBP
- Net debt
- 112.4 m GBP
- Equity
- 275.1 m GBP
- Total assets
- 275.1 m GBP
- Debt / equity
- 0.45x
- Current ratio
- 0.93x
- ROE
- 12.7%
- ROA
- 12.7%
- FCF margin
- 19.4%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 513.4 m | 535.4 m | esef· 24 Mar 2026verified |
| Operating income | 54.7 m | 58.8 m | esef· 24 Mar 2026verified |
| Interest expense | 7.5 m | 8.0 m | esef· 24 Mar 2026verified |
| Pre-tax income | 47.2 m | 50.8 m | esef· 24 Mar 2026verified |
| Income tax | 11.7 m | 13.8 m | esef· 24 Mar 2026verified |
| Net income | 35.6 m | 37.1 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.08 | 0.09 | esef· 24 Mar 2026verified |
| Dividend per share | 0.03 | 0.04 | esef· 24 Mar 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 11.5 m | 11.0 m | esef· 24 Mar 2026verified |
| Receivables | 82.4 m | 87.1 m | esef· 24 Mar 2026verified |
| Inventories | 2.3 m | 2.9 m | esef· 24 Mar 2026verified |
| Current assets | 99.0 m | 103.7 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 160.0 m | 168.9 m | esef· 24 Mar 2026verified |
| Goodwill | 153.6 m | 154.0 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 29.0 m | 24.9 m | esef· 24 Mar 2026verified |
| Total assets | 306.9 m | 275.1 m | esef· 24 Mar 2026verified |
| Accounts payable | 94.3 m | 93.1 m | esef· 24 Mar 2026verified |
| Short-term debt | 8.9 m | 9.0 m | esef· 24 Mar 2026verified |
| Long-term debt | 71.2 m | 114.4 m | esef· 24 Mar 2026verified |
| Current liabilities | 113.6 m | 112.0 m | esef· 24 Mar 2026verified |
| Equity | 306.9 m | 275.1 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 418.8 m | 398.9 m | esef· 24 Mar 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 141.8 m | 139.9 m | esef· 24 Mar 2026verified |
| Capex | 44.5 m | 35.8 m | esef· 24 Mar 2026verified |
| Free cash flow | 97.3 m ≈ | 104.1 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -130.7 m | -103.0 m | esef· 24 Mar 2026verified |
| Financing cash flow | -9.5 m | -37.5 m | esef· 24 Mar 2026verified |
| Dividends paid | 13.3 m | 17.4 m | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 601.2 m GBP
Key indicators
Coverage and freshness
Score by group
- Quality60
- Returns65
- Balance sheet58
- Valuation66
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.2% | 46 (vs peers) | 17% |
| Net margin · Quality | 6.9% | 43 (vs peers) | 10% |
| FCF conversion · Quality | 280.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.4x | 90 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 16.4x | 39 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.3% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.9% | 41 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 16.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation66/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
JOHNSON SERVICE GROUP PLC (JSG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 535.4 m GBP in 2025; YoY growth 4.3%; net margin 6.9%; ROE 12.7%.
The estimated value range is 1.04–1.60 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 1.33 GBP, the price of 1.51 GBP leaves a potential of -11.9% (value / price − 1) and a margin of safety of -13.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 280.6%
- Interest coverage: 7.3x
- FCF yield: 17.3%
- Payout ratio (FCF): 16.7%
What contradicts it
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| JSG.LJohnson Service Group PLC | 601.2 m | 16.4 | 12.7% | 6.9% | +4.3% | +7% / +15% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for JSG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.90 Total return -38% · Per year -38% | 1.59 Total return 8% · Per year 8% | 2.39 Total return 62% · Per year 62% |
| 3 years | 0.87 Total return -36% · Per year -14% | 1.73 Total return 24% · Per year 7% | 2.86 Total return 102% · Per year 26% |
| 5 years | 0.84 Total return -33% · Per year -8% | 1.88 Total return 41% · Per year 7% | 3.41 Total return 149% · Per year 20% |
- Exit P/E± 0.43
- Net margin± 0.30
- Annual revenue growth± 0.25
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Johnson Service Group PLC provides textile rental services to the hotel, restaurant and catering sector and to workwear customers across the UK and Ireland. In 2025 it moved to the Main Market of the London Stock Exchange, and revenue rose 4.3% to £535.4 million 1.
SWOT
Strengths
- The company has a solid balance sheet, a cash-generative model and a diversified customer base on longer contracts 1.
- Scale and geographic coverage support a competitive offer on quality and cost 1.
- A network of several processing sites reduces dependence on any single facility, as past incidents showed 1.
Weaknesses
Opportunities
Risks
- Labour cost pressurehigh
Higher wages in the UK and Ireland could compress margins if prices cannot be raised enough 1.
- Volatile HORECA volumesmedium
Regional and sector differences in hotel and restaurant demand could weigh on divisional revenue 1.
- Credit facility refinancingmedium
The facility matures in August 2027, and terms on the new facility could be less favourable 1.
- Processing site incidentsmedium
Fires or floods at processing sites could interrupt services, although insurance and the spread of sites mitigate the effect 1.
- Customer behaviour effectslow
Customers could cut orders or push back on prices if service costs rise, complicating the margin target 1.
Investment thesis
What would need to be true (bull case)
- If revenue and margin growth continue in line with management's expectations, the company could reach its adjusted operating margin target for 2026 1.
- Strong cash generation and moderate leverage could allow further investment or acquisitions without excessive strain 1.
- The move to the London Stock Exchange Main Market could improve visibility and access to capital 1.
What would break the thesis
What to watch
- Adjusted operating margin target of at least 14.0%2026
- Refinancing of the £135.0 million revolving credit facility2026
- Development of labour costs in the UK and Irelandnext 10-K
- New bolt-on acquisitions and the decision on share buybacks2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group rents and maintains textiles for hotels, restaurants, catering businesses and workwear customers. The HORECA division includes Johnsons Hotel Linen, Johnsons Hotel, Restaurant and Catering Linen, Johnsons Luxury Linen and Johnsons Ireland, while Johnsons Workwear serves food manufacturing and industrial businesses 1. It runs a network of processing sites and emphasises customer service, cost control and efficiency.
The model rests on a diversified customer base, many on contracts of up to five years, which provides a predictable income stream 1. Management pursues organic growth and bolt-on acquisitions, and invests in machinery that cuts energy and water use 1.
The stated aim is to be the market leader in textile services in every geography it serves, and it refers to a circular economy including textile recycling 1. The target is to maintain divisional margins over the medium term through efficiencies 1.
Market context
The company operates in the UK and Irish markets for textile services to hotels, restaurants and workwear users. Management notes that regional and sector variations in HORECA volumes seen in 2025 continued into early 2026 1. Labour costs in the UK and Ireland have risen significantly, and their effect on customer behaviour is hard to predict 1.
The board expects another year of growth across the group in 2026, helped by normal summer seasonality, although hospitality cost inflation persists 1. The company has fixed part of its future energy costs to stabilise the cost base 1.
Competitive position
The source provided does not explicitly name the group's competitors, so the competitive landscape cannot be described from this document 1. The company argues that its scale, geographic coverage and focus on service give it a competitive advantage 1.
The stated advantage lies in offering customers the best mix of quality, cost and service, which could support long-term organic growth 1. Without competitor data in the source, direct comparison of market shares is limited.
- Competitors not named in the source
The document supplied does not name the group's direct competitors, so none can be identified here.
- Regional textile rental providers
Regional operators in the hospitality linen market plausibly exist, but the source does not mention them.
- Workwear rental operators
The Workwear segment faces other protective clothing rental firms, which the source does not identify.
- In-house hospitality laundry operations
Hospitality customers may bring linen handling in-house, an alternative referred to only indirectly in the risk discussion.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Johnson Service Group PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.