US: Record year for G&K Services
Uniform rental company G&K Services saw revenues leap 11.7% to US$880.8m for the fiscal year ending 1 July after fourth-quarter revenues rose 9.6% to $227.4m.
The company put the figures down to accelerated rental and direct sale organic growth, with productivity improvements and a lower effective tax rate boosting net income. This, however, was offset by rising energy costs, higher interest expense and the impact of hurricanes.
Richard Marcantonio, chairman and CEO, said he was delighted with the results and added: "Our increasing investments in sales, marketing and technology initiatives are transforming the company and helping us realise our vision of becoming the market leader in enhancing image and safety in the workplace."
The company now expects fiscal 2007 first-quarter revenue to be in the $222m-225m range.
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