Berendsen Q1 in line, CFO retires

FTSE 250 commercial laundry group Berendsen said first-quarter trading was in line with management expectations, as it announced the retirement of its chief financial officer.

In a trading update for 1 January to the end of March, the company said underlying revenue, at constant exchange rates and before acquisitions, was up 3% from the prior year as solid underlying revenue growth in Continental Europe more than offset an expected decline in each of the UK textile businesses.

Meanwhile, reported revenue, including the impact of foreign exchange and acquisitions, rose by more than 10%.

Berendsen said it continues to implement its excellence strategy, with progress in the UK on track.

"We are confident that the actions being taken will enable us to progressively capture the sizeable opportunity for margin improvement in the UK. Common processes and controls continue to be installed across the group; these are giving greater operational visibility and strengthening our ability to share best practice within our Business Lines."

The group's outlook for 2017 is unchanged and it expressed confidence over its medium-term growth prospects.

Also on Thursday, Berendsen announced the retirement of chief financial officer Kevin Quinn. He will stay on as a member of the board and as CFO until a successor has been found.