Rentokil Initial reported a rise in pre-tax profit for the third quarter, despite tough market conditions. The company also said it expects full-year performance in line with current market expectations.
In its third-quarter update, the company said that on a continuing operations basis, pre-tax profit in the period increased 31% to GBP 39.3 million from GBP 30.0 million reported in the prior year. On a currency-neutral basis, pre-tax profit increased 33.9%.
The company recorded impairment of intangible assets and one-off items of GBP 69 million in the quarter, up from last year's GBP 65.4 million. On an adjusted basis, pre-tax profit rose to GBP 57.3 million from GBP 49.6 million. Revenue in the quarter was GBP 622.3 million, flat with last year's GBP 622.6 million. Operating profit improved to GBP 51.0 million from GBP 45.8 million.
Operating profit at the pest control business rose 13% in the quarter, reflecting a good performance across the division, and it was up 13% year-to-date.
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