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Rentokil Q1 revenues rise despite North America softness
(Sharecast News) - Pest control firm Rentokil reported a rise in first-quarter revenue on Thursday despite a softer performance form its North American business. In the period from 1 January to the end of March, total revenue rose 1.5% on the year to $1.64bn, with organic revenue up 1.8%, held back by around 30 basis points due to one fewer trading day.
Revenue in North America was up just 0.5% and 0.7% on an organic basis.
International organic revenue grew 3.3%, with good performances in Europe (including LATAM), Asia & MENAT and Pacific, offset by the UK, which lapped strong prior year comparatives in its specialist hygiene asbestos remediation business.
Chief executive Andy Ransom said: "Our international pest control business performed well. As already stated, North America had a slow first quarter with continued subdued lead flow.
"Our focus remains on building growth momentum and positioning the business to deliver on our strategic ambitions. Despite increased macro-economic uncertainties, we remain confident about the longer-term based on the resilience of our markets, our global reach, our diverse customer base and our recurring revenues."
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