Johnson warns of profits weakness

Dry cleaning and workwear firm Johnson Service Group plunged in value today after it revealed a double blow to profit hopes.

The Johnson dry cleaners owner scaled back estimates for this year after poor trading at three non-core businesses, Stalbridge Linen Services, Workplace Engineering and specialist dry cleaner Alex Reid.

It added that its budget process for 2008 had found that the outcome for next year was also likely to be below previous hopes.

Shares slid more than 25% as investors digested the latest round of disappointing news from the Merseyside-based company.