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Textile services provider Berendsen posts higher profit

Reuters - UK Focus

Feb 28 (Reuters) - Berendsen Plc, which rents and launders textile products, said full-year pretax profit rose 23 percent due largely to higher operating margins at its core Workwear unit.

The company, which counts Coca-Cola Europe, Tesco (Frankfurt: TS3.F - news) and Airbus among its customers, said pretax profit rose to 112.4 million pounds ($187.4 million) for the year ended Dec. 31 from 91.7 million pounds a year earlier.

Revenue rose 7 percent to 1.05 billion pounds.

Analysts on average were expecting pretax profit of 133.27 million pounds on revenue of 1.05 billion pounds, according to Thomson Reuters I/B/E/S.

Results for the year earlier were restated following the adoption of new accounting standards, Berendsen (LSE: BRSN.L - news) said.