City shorts: Johnson Service; Flowgroup

CHESHIRE company Johnson Service Group, the laundry services specialist is reporting performance in line with market forecasts for the year ended December 31 as it prepares to tackle the effects of the National Living Wage when it comes into force in April.

Net debt is predicted to be lower than the £72.4m reported in June following the acquisition in November of Ashbon Services.

“We believe that the effect of the National Living Wage, including the benefits of our mitigation plans, is already reflected in current market expectations,” a statement said.

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CHESTER-headquartered efficient energy specialist Flowgroup’s energy supply division has exceeded its 100,000 customer accounts target it set for the end of 2015.

The company expects its preliminary results for the year ended December 31  to be released in April 2016 and are expected to be in line with market expectations.

It announced a contract with Shell for the provision of wholesale energy on December 9 and, as a result, it was able to conclude its previous energy supply agreement and release cash previously restricted and held as collateral for energy customers.

The resulting closing cash balance as at December 31 was £18.8m.