Runcorn-based workwear and textile firm Johnson Service Group (JSG) said on Friday its 2020 revenue plunged about 34% to £229.8 million amid the “dramatic impact” of COVID-19.
JSG made a loss before tax of £32.3 million compared to a profit £38.1 million in 2019.
The firm said it strengthened its balance sheet and liquidity with increased bank facilities of £175 million and completed an £82.7 million equity placing in June 2020.
Johnson Service Group Peter Egan said: “As anticipated, our 2020 results reflect the dramatic impact that COVID-19 has had on the group, particularly within our HORECA (hotel, restaurant and catering) division.
“However, the decisive actions taken have protected the future of the business, by shoring up the group’s balance sheet whilst managing our laundry operations to ensure flexible quality service for our customers.
“We continue to take pro-active actions to adapt our operations to ensure the group can thrive and have a strong platform from which we can scale up operations as higher levels of demand return.”