Rentokil Initial reported on Thursday first-quarter organic revenue growth of 3.4%, helped by price increases and continued momentum in North America, and said it was confident of delivering a full-year performance in line with market view.
The announcement marked the first trading update under Mike Duffy, who became chief executive officer of the British pest control company on March 16.
Here are some details:
- Group revenue for the three-month period ended March 31 came in at $1.68 billion, up 4.3% on a constant-currency basis
- Revenue in its North American business rose 4.5% to $995 million, with organic growth of 3.9%, driven by price increases and recovery from weather disruption in late January
- The Middle East, North Africa and Turkey (MENAT) region experienced disruption from the Middle East conflict, creating a 60-basis-point headwind alongside weaker comparatives in the Pacific region
- International revenue increased 4.1% to $682 million, though the Middle East conflict disrupted the MENAT region
- The company also completed nine bolt-on acquisitions delivering $19 million in annualized revenue