April 16 (Reuters) - Rentokil Initial reported on Thursday first-quarter organic revenue growth of 3.4%, helped by price increases and continued momentum in North America, and said it was confident of
Rentokil Delivers Strong Q1 Revenue Growth on Pricing and North America Gains
Rentokil Initial Q1 2024 Financial Performance Overview
April 16 (Reuters) - Rentokil Initial reported on Thursday first-quarter organic revenue growth of 3.4%, helped by price increases and continued momentum in North America, and said it was confident of delivering a full-year performance in line with market view.
The announcement marked the first trading update under Mike Duffy, who became chief executive officer of the British pest control company on March 16.
Key Financial Highlights
Here are some details:
Group Revenue
• Group revenue for the three-month period ended March 31 came in at $1.68 billion, up 4.3% on a constant-currency basis
North America Performance
• Revenue in its North American business rose 4.5% to $995 million, with organic growth of 3.9%, driven by price increases and recovery from weather disruption in late January
International Markets
MENAT Region
• The Middle East, North Africa and Turkey (MENAT) region experienced disruption from the Middle East conflict, creating a 60-basis-point headwind alongside weaker comparatives in the Pacific region
Other International Revenue
• International revenue increased 4.1% to $682 million, though the Middle East conflict disrupted the MENAT region
Acquisitions
• The company also completed nine bolt-on acquisitions delivering $19 million in annualized revenue
(Reporting by DhanushVignesh Babu and Simone Lobo in Bengaluru; Editing by Sherry Jacob-Phillips)
