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Alan Brown, Chief Executive Officer of Rentokil Initial plc, said: "In a difficult trading environment we have made good progress against our key objectives in H1, continuing to build capability and achieving organic revenue growth (excluding City Link) earlier than expected. "Textiles & Hygiene Benelux has performed consistently in line with plan over the past four months and will return to profit growth in H2. City Link has made considerable progress in operational and customer care systems and although its financial performance remains unsatisfactory, trading has been stable since February. "Our 2011 cost savings programme is on track but inflationary pressures are particularly evident in Textiles & Hygiene and Ambius. The pricing environment has eased slightly in continental European markets. "In City Link, I am encouraged by our strong operational progress and the new business pipeline, the combination of which should lead to improved year-on-year performance in Q4 though the full impact of our initiatives is unlikely to be felt this year. Elsewhere, we expect further progress across the group in H2 despite ongoing challenging conditions in some of our markets."
http://www.investegate.co.uk/Article.aspx?id=201107290700153253L
Shares in Rentokil (RTO) gained 1.5p to 91.8p after the pest control company reported pre-tax profits of 73.5 million pounds for the first half of 2011, 7% ahead of consensus forecasts, but 6.8% lower than last year's comparable period. The group claims to have stabilised the customer base for its loss making subsidiary City Link, where revenues fell 13.5%, and has achieved savings of 24 million pounds across the company, with a full year target of 60 million pounds.
Byotrol plc ('Byotrol'), the developer of anti microbial hygiene technologies, is delighted to announce that it has signed a potentially multi-million pound contract, with Rentokil Initial plc ('Rentokil'). The four year contract covers multiple countries and a range of products.
RBS initiates hold on Rentokil Initial, target price 102p.
hopeful that it may soon consolidate at above 100p and move towards the 120p it was last June. sp is really important with this one as the top board members are incentivised by the sp at various levels. Needless to say below 100p is not much use to them
A penny here and a penny there, the tortoise is plodding along in the right direction.... 105 by the end of this month I would wager.
Agree, there seems to be some value there now that the City Link debacle is being smoothed over, hopefully by the next quarter we'll see some good improvement.
it would be nice to see these where they were last May/June ie 120p I have been very patient and am now fairly confident of making a couple of bob
dipped down to 0.97 for a bit but back up, a penny a day near enough for the week....
quid as requested
Looks like we're making for a stealthy taget of 100p, the cam cream spread liberally and we're all cammed up in our finest foliage. Let's hope the spotters don't see us too soon and mallet us down again.... We've thrown smoke on our City Link flanks so fingers crossed!!
Rentokil (RTO) Rentokil has made plenty of charting noises as far as attempts to break to the upside, but the credibility of the bull argument remains in doubt while there is no end of day close back above the black 200 day moving average at 100p. Indeed, the risk now is that while there is no sustained price action back above the January price channel top at 94p the risk is that there will be a test of 80p 2011 support line. So reckons Zak Mir
Rentokil optimistic about City Link Date: Friday 06 May 2011 LONDON (ShareCast) - Pest control and cleaning firm Rentokil Initial posted a 10.1% drop in first quarter adjusted pre-tax profit but expects business at its struggling City Link to pick up in the next two quarters. Rentokil said it expected a financial improvement at City Link after strong progress since February and as new business wins come on stream towards the latter end of the second quarter and into the third. Otherwise the group reported a solid performance across its other divisions in its first quarter update. Revenue at Textiles & Hygiene rose 2%, Pest Control (excluding Libya) increased 1.1%, Asia Pacific 3%, Facilities Services added 13.2% while City Link declined 13.4%. Rentokil said its Pest Control and Textiles & Hygiene businesses performed solidly in generally tough market conditions while the City Link delivery business disappointed after a 'particularly challenging' first quarter. "City Link revenue was adversely affected by challenging market conditions and loss of business in 2010. However, real progress made in addressing operational weakness during Q1 which has contributed to an encouraging new business pipeline," Rentokil said in a statement. Overall revenue increased 0.7% to £609.7m while adjusted pre-tax profit for the three months to 31 March was down 10.1% at £27.4m.
Alan Brown, Chief Executive Officer of Rentokil Initial plc, said: "The Pest Control and Textiles & Hygiene businesses are performing solidly in generally tough market conditions. The Textiles & Hygiene business in the Benelux has stabilised and is trading in line with internal expectations. Asia Pacific is performing well with portfolio growth in Asia 7.9% ahead of Q1 2010. Facilities Services had a strong quarter, benefiting from both acquisitive and organic growth in manned guarding as well as operational improvement. "The UK parcels market was particularly challenging during Q1. City Link will continue to deliver poor financial performance in Q2, but I anticipate an improvement in Q3 based on strong operational progress since February, plus major improvements in information technology and customer care. Together, these are driving a differentiated position for City Link in the UK market. This has resulted in a promising new business pipeline which is anticipated to come on stream in late Q2 and early Q3."
Q1 Highlights (at CER) § Group revenue up 0.7% in challenging trading conditions: Ø Encouraging growth in net portfolio +1.7%, driven by further improvement in retention to 84.1% Ø Textiles & Hygiene +2.0%, Pest Control (excluding Libya) +1.1%, Asia Pacific +3.0%, City Link -13.4%, Facilities Services +13.2% Ø Significant improvements in Textiles & Hygiene division's retention and portfolio net gain; Benelux stable and performing in line with turnaround plan Ø City Link revenue adversely affected by challenging market conditions and loss of business in 2010. However, real progress made in addressing operational weakness during Q1 which has contributed to an encouraging new business pipeline § Adjusted profit before tax down 10.1% (or £3.0m) of which £6.3m City Link and £2.9m Textiles & Hygiene Benelux; gains of £6.2m elsewhere § One-off costs of £10.3m of which £4.8m relates to suspension of operations in Libya § Cash flow - negatively impacted in Q1 by very strong performance in Q4 2010; stronger cash flow performance anticipated in H2
Ahead of the first-quarter statement this Friday, Panmure Gordon maintained its "hold" recommendation for rat catcher Rentokil Initial (RTO) with a 100p target price. While believing there is value down at these levels, the broker remains cautions that trading conditions (particularly in City Link) could get worse from here. As such, and until positive catalysts emerge that will drive an improved group performance, Panmure believes the shares are likely to stay cheap in the near term. Rentokil shares pushed back 1.3p to 93.7p.
Rentokil Initial plc The following prospectus has been approved by the UK Listing Authority and is available for viewing: Base Prospectus in respect of the €2,500,000,000 Euro Medium Term Note Programme of Rentokil Initial plc.
is it the middle east issues that are driving the share down? Im concerned that the shares will just continue to dribble down into the low 80's all the time that the middle east is melting. Im sitting on a £600 paper loss now.. looking at the charts i cant tell if we are about to see it go back into the 90's or just continue on down like it did last summer....
Regular movement between 90pish and 105p. Personally I am hanging in and bought a few more. gl
How far further can you see this dropping before a recovery? Im averaging 93.8 and im wondering whether to cut and run with a loss?
Could be a bit further to drop yet, as they were lower than this in Nov. But do fancy them to do well over the next 12 months as the top chaps are so dependent on the sp going up to achieve their bonuses.
Rentokil Initial's (RTO) profit for the year ended 31st December 2010 fell by three-quarters after persistent problems at its City Link parcel delivery business and Benelux textiles and hygiene services arm. Pre-tax profits fell to 14.5 million pounds on sales down 1% at 2.5 billion pounds. Alan Brown, chief executive, also said that it was too soon for the business support services group to resume dividend payments, arguing that its financial performance needed to become more predictable first. Rentokil shares lost 5.45p to 92.55p.
Alan Brown, Chief Executive Officer of Rentokil Initial plc, said: "A little over half way in to our five-year turnaround plan the group has undergone considerable and, in most cases, successful structural change. Good progress has been made in customer service evidenced by continued improvement in customer retention on our contract business. Cash delivery has also been excellent. Nevertheless, much remains to be done on customer care and on capability development. "In the coming year we anticipate continued good progress in Pest Control, Facilities Services, Asia Pacific and Ambius. City Link's operational inefficiencies are expected to be addressed by October 2011 but financial delivery will be weak until then. Textiles & Hygiene Benelux controls have improved and pricing pressures have reduced but the recovery plan is at an early stage of development. "Programme Olympic is performing well, driving capability in growth, customer care and administration. We expect these initiatives to deliver organic revenue growth in our contract businesses during the second half of 2011."