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Rentokil Initial reports strong 2020 results
StockMarketWire.com
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Rentokil Initial has reported a 6.3% rise in ongoing revenue fo 2020, meeting its medium growth target in spite of the significant challenges the year presented.
Revenue from disinfection services totalled £225.1m for the year, according to the company's preliminary results, while 'hygiene' saw a 36.8% increase on the back of continued high demand throughout 2020.
The company reported a 5.4% increase in ongoing operating profit, which reflects significant actions to mitigate COVID-related revenue reductions, and despite an increased £34m bad debt provision and £25m of additional costs of personal protective equipment (PPE).
Rentokil has recommended a dividend payment of 5.41p for 2020 , reflecting the strength of its performance in 2020 and confidence for 2021
Andy Ransom, CEO of Rentokil Initial plc, said: 'In an extraordinary year, we have demonstrated the inherent strength of our business, growing revenue, profit and cash. We have shown great agility by launching new disinfection services in 60 countries to address a critical need for customers, accelerated the international expansion of our Hygiene business and have acquired 23 high quality businesses to build density, particularly in our key North America Pest Control market.
'In addition, we have continued to deliver record levels of colleague safety, training and retention, and our leadership in innovation and digital has contributed to our underlying success in Pest and Hygiene during the year. Having recognised at an early stage that we faced a global crisis, we acted swiftly to protect all our stakeholders - our people, shareholders, customers and suppliers, and the communities we serve.'
The company has also announced the appointment of Sarosh Mistry to its board as a non-executive director with effect from April 1, 2021. Mr Mistry will also become a member of the remuneration committee and the nomination committee from this date.
Story provided by StockMarketWire.com
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