Rentokil shares rise on improving momentum in North America

Pest control giant Rentokil Initial has said it expects to meet expectations with its 2024 results, helped by a pick-up in organic growth in North America.

Rentokil Initial
28 January 2025 08:05:14

Source: Sharecast

Rentokil reported that organic revenues in North America grew by 2.3% in the fourth quarter, up from 1.4% in the third.

Results were helped by improved momentum in inbound lead flow from marketing initiatives in the North American pest control division. The period also saw pilots of satellite branches, new technician and sales pay plans, and first re-routing and re-branding activities which Rentokil said were delivered to plan.

The company acknowledged at an update in October that its North American operations were underperforming and that it was working on a series of operational improvements to drive underlying organic growth and mitigate cost overruns.

Overall group organic growth increased to 3.0% in the fourth quarter, up from 2.6% in the third, though no detail was given about the company's operations in Europe, the UK and Asia.

Rentokil said that it expects to hit its 2024 guidance for adjusted operating margins of 17.2% and adjusted profit before tax and amortisation of £700m.

Shares were up 2.2% at 395.3p in early deals on Tuesday.

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