LONDON - Rentokil Initial announced last week that it plans to cut more costs and improve its customer services this year as it targets "modest" revenue growth in 2010 through acquisitions in developing markets, including the Middle East, China and India.
The U.K.-based pest control and cleaning specialist, which is in the middle of a major restructuring program, said pretax profit rose 68% in the fourth quarter due to higher sales and cost cutting, and it also cut its debt levels and boosted cash flow.
Fourth-quarter pretax profit before amortization and impairment of intangibles and one-off items at actual exchange rates was GBP 61.8 million, while revenue rose 2.6% to GBP 647.6 million. Full-year pretax profit rose 54% to GBP166.5 million.
Rentokil’s net profit for 2009 more than doubled to GBP 47.6 million from GBP 18.8 million. The company doesn’t report quarterly net profit figures.
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