Speaking at the group’s annual general meeting on 11 May 2006, Sherrard said that, as the company results had revealed in March, consumer demand remains weak and is leading to unpredictable revenues in drycleaning.
Elsewhere in the group, the outlook is brighter. Sherrard said it is ”well placed to deliver another satisfactory outcome for the year”.
Acquisitions made last year are being successfully integrated and the group is continuing its strategy of refocusing towards business-to-business services markets that offer higher growth and longer-term contractual revenue streams.
“Our corporatewear division, the UK’s market leader, is performing strongly and is continuing to win new business in a growing market,” said Sherrard. “Our white collar facilities management division, that now covers both the commercial and retail sectors, is also demonstrating strong organic growth. Our textile rental business continues to trade solidly and we are beginning to benefit from one of our main competitors having withdrawn from the market, although the impact of this is expected to be more evident in the second half.”
