AGM Statement

Rentokil Initial PLC
9 May 2000

                         AGM STATEMENT


1st Quarter 2000 Trading

     Core Activities

     Growth  in  turnover at constant exchange  rates  for  the
     first  quarter this year was held back by the  termination
     in  the  second  half  of  1999 of some  large  management
     services  contracts  at low margin.  Turnover,  therefore,
     grew  more  slowly in the first quarter in core activities
     than  for  the year 1999 over 1998.  However, this  helped
     produce a useful improvement in profit margins.
     
     Encouraging progress was achieved in continental Europe at
     constant exchange rates but results are being impacted  by
     the  weakness of the euro against sterling.  Asia  Pacific
     and Africa produced strong growth, whilst growth in the UK
     and North America was slow.
     
     Hygiene  services  continued  to  show  growth  with  Pest
     Control  also improving whilst Property services  suffered
     from   the  loss  of  low  margin  contracts  (as  above).
     Security services showed good growth.
     
     Non-Core Activities
     
     Although trading in these businesses has continued  to  be
     difficult,  good  progress  in  their  disposal  is  being
     achieved.   To  date,  sale proceeds total  £370m  towards
     anticipated  total net proceeds exceeding £600m.   Further
     disposals  are expected to be completed in the first  half
     with  the total programme expected to be completed by  end
     2000.
     
     Acquisitions
     
     The company remains committed to organic growth and growth
     through  acquisition in all core activities,  particularly
     in  Hygiene, Pest Control, Security and Property  services
     and,  geographically, in North America, Europe  and  Asia.
     In  2000 we have made three small acquisitions in Belgium,
     USA and Hong Kong.
     
     The offer to Ratin shareholders was launched in Denmark in
     March  2000.   It  is recommended by the  Ratin  board  of
     directors and closes at the end of May.  This will  result
     in  some  19,000 new shareholders in Rentokil  Initial  in
     place of the shares held by Ratin as a single shareholder.
     
     Share Buy-Back
     
     As  at  8th  May 2000, the company had fully utilised  the
     authority given by shareholders on 27th March to buy  back
     430m  shares (15% of the then issued share capital)  at  a
     total cost of some £760m and an average price of 177 pence
     per share.
     
     
     The  company received approval from shareholders at an EGM
     earlier  today  for  a second stage in this  programme  to
     purchase  up  to a further 365.6m shares  or  15%  of  the
     current  issued  share capital (i.e.  some  12.8%  of  the
     original share capital).
     
     If  this second stage were implemented in full, the  total
     buy-back  would  equate  to 27.8% of  the  original  share
     capital.
     
     The  board  is encouraged by the results of this programme
     and  may  consider its extension beyond the  £1.5  billion
     originally envisaged.

     Reporting
     
     In  response to requests for greater detailed breakdown of
     trading and following the sale of substantially all of our
     businesses  in  Personnel  and  Transport  services,   the
     company  intends, with the results of the Half Year  2000,
     to provide additional information on business segments.
     
     Half Year 2000 Reporting
     
     The  announcement of the Half Year 2000  results  will  be
     made  on  30th August 2000 and not 16th August  so  as  to
     delay  the  start of the 'close period' (during  which  we
     cannot  buy back our own shares) to 30th June 2000.   This
     will  give  a longer period after the close of  the  Ratin
     offer  to  enable former shareholders of  Ratin  (if  they
     wish) to participate in the share buy-back programme.
     
     Prospects for 2000
     
     In 2000 the earnings per share improvement from the growth
     in  core  activities (at constant exchange rates) and  the
     completion  of the share buy-back programme will  probably
     be  more  than  offset by the impact of  the  strength  of
     sterling  on overseas earnings and the earnings per  share
     dilution of the disposal programme.
     
     The board believes that the company has good prospects for
     growth, following completion of the restructuring.