Shares of Runcorn-based workwear and textile firm Johnson Service Group (JSG) rose as much as 12% after it published strong 2024 results, raised its dividend 43% and said it is considering a move from AIM to the main market of the London Stock Exchange.

Johnson Service Group also said it will continue to seek out and acquire earnings enhancing acquisitions and that is is planning another share buyback.

Adjusted revenue for the year to December 31, 2024, increased 10.3% to £513.4 million, adjusted statutory profit before tax rose 23.1% to £54.8 million and dividend per share increased 42.9% to 4p.

Revenue for Johnson’s Hotel, Restaurant and Catering (HORECA) division increased 15% to £371.2 million. Revenue in its  Workwear was in line with the prior year at £142.2 million.

In its outlook, Johnson Service Group said: “Further share buyback planned, based on currently available resources, to return up to a further £30.0 million to shareholders over the next 12 months, with an initial £15.0 million tranche to be launched shortly …

“The board has been considering a move to the Main Market and will issue a further update in due course following engagement with our largest shareholders.”

Johnson Service Group CEO Peter Egan said: “We are delighted to report that our HORECA (hotel, restaurant and catering) business delivered increased volumes during the year, whilst Workwear customer retention rates continued to increase.

“In line with our inorganic growth strategy, we continue to seek out and acquire earnings enhancing businesses which complement our existing geographic coverage.  We also continue to invest in our estate to drive production efficiencies, organic growth and support our high levels of customer service.

“Our scale, expertise and operational excellence mean that we are well placed to capitalise on opportunities and, accordingly, the board remains confident about delivering another year of progress in 2025.”