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Rentokil Initial Share News (RTO)

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445.10 -2.30 (-0.51%)

Bid:

444.90

Ask:

445.10

Spread: 0.20 (0.045%)

Market Cap: £11.20b

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Rentokil Initial has "strong" first quarter due to Hygiene performance

Thu, 22nd Apr 2021 08:51

(Alliance News) - Rentokil Initial PLC on Thursday reported a "strong" first quarter, reflecting a "strengthening" performance in its Pest Control and Hygiene businesses.

The Surrey-headquartered pest control company's revenue in the first quarter was up 13% year-on-year to GBP713.6 million, and up 15% at constant currency. Ongoing revenue in the period was GBP711.3 million, also up 13% year-on-year and up 15% at constant currency.

Rentokil said this was driven by its Hygiene division's ongoing revenue rising 49%, and 48% organically, due to a revenue contribution of GBP75.7 million from one-time disinfection services.

The company's Pest Control unit delivered ongoing revenue growth of 11% and saw a return to organic growth of 1.2% in the first quarter, demonstrating "growing momentum" during the period.

"I am very pleased with the performance our colleagues delivered in the first quarter, in particular the growth momentum achieved by our Pest Control business, and we remain confident in delivering further operational and financial progress in 2021," said Chief Executive Andy Ransom.

Looking ahead, Rentokil Initial said it expects 2021 to see an unwind of disinfection volumes and lower prices from the second quarter onward.

Shares in Rentokil Initial were down 2.6% at 498.80 pence in London on Thursday.

By Zoe Wickens; zoewickens@alliancenews.com