BusinessCompany NewsRentokil profits drop 55% as turnaround continues

Rentokil profits drop 55% as turnaround continues

Pest control giant's half-yearly profits drop 55% as turnaround carries on apace

Rentokil’s interim profits have nosedived by 55% compared to the same period
in 2007, the company said today.

The pest control giant made gains of £39.3m for the first half of the year,
while revenues were up by 4.8% to £1.1bn.

Rentokil is in the middle of turnaround efforts, which included a management
overhaul earlier this year. Alan Brown, the former finance chief of ICI was
brought in as CEO as part of the changes.

In a
statement to the City
Brown said: ‘We have made a solid start with strong
improvement in customer service over the past four months, but we are on a three
to five-year journey to profit recovery. Our underlying strength is that we have
generally attractive market positions and our great opportunity is that we have
room for improvement almost everywhere.

‘We have a lot to do and will have to deliver it in increasingly difficult
economic circumstances. We need to develop a strong operating framework across
our businesses, to empower our branch network within this framework, and to
deliver our services much more efficiently.’

Further reading:

Alan
Brown crowned Rentokil CEO

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