LONDON - Rentokil Initial Plc said fourth-quarter profit fell after revamping parcel-delivery and washroom units, pushing the company to scrap its full-year dividend.
Operating profit in the three months through December fell 37 percent to 40.5 million pounds from 64 million pounds ($91.5 million) a year earlier, the London-based company said today in a statement. Sales fell 8.8 percent to 631 million pounds.
Rentokil, which cut its forecasts four times in 2008, announced a three-year plan to restore earnings after the company lost 2.2 billion pounds in market value over a year. Rentokil has focused on improving service at five “turnaround” businesses including the City Link parcel delivery unit, and the washrooms and pest control units in Britain and Australia.
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Source: Bloomberg News
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