25 April 2024 - disposal
The bathroom and kitchen products group has announced the sale of Johnson Tiles UK to its management team for £1m. The company generated sales last year of £35.3m (8% of group revenues) and made an operating profit of £0.5m (1% of group operating profit) - the business has absorbed cash in each of the last three years and the sale is in line with management's plans to streamline the business going forward. The shares remain very lowly rated on a prospective p/e ratio of just over 6.3x for the year just ended . . .
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