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Rentokil posts increases in H1 revenue, profit, leaves FY guidance unchanged

By BFN News | 08:53 AM | Wednesday 31 July, 2019


Pest control company Rentokil saw increases in revenue and operating profit in the first half of 2019 and left its full-year guidance unchanged as it confirmed the sale of its stake in CWS-boco. Organic revenue rose 4.2% to £49.2m, which the company said was its highest first-half growth rate in over a decade, despite wet weather in North America in the second quarter. Ongoing operating profit, meanwhile, climbed 11.6% to £152.1m. 'We have made 17 acquisitions in Pest Control and Hygiene - including a top-40 pest control business in the US and new market entries into Jordan and Sri Lanka. We are also delighted with the sale of our stake in the JV with Haniel, the proceeds from which we will use initially to reduce debt and then redeploy into further M&A to build scale and density. Our pipeline of M&A prospects remains strong and we now expect to spend over £250m on acquisitions during the year,' said CEO Andy Ransom. The company sold its 17.8% interest in CWS-boco International to Haniel on 30 July 2019 for a cash consideration of €430m. It increased its interim dividend 15.2% to 1.51p per share. At 8:53am: (LON:RTO) Rentokil Initial PLC share price was +16.5p at 428.7p Story provided by StockMarketWire.com

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