Rentokil Initial PLC on Thursday reported steady, if unspectacular, revenue growth in the first quarter of the year, with US growth trailing the rest of the world.
Shares in the Crawley, England-based pest control company were up 3.5% to 345.10 pence in London early Thursday.
Rentokil said total revenue grew 1.5% to $1.64 billion in the three months that ended March 31 from $1.61 billion a year before. Taking into account one fewer trading day in the recent quarter, revenue growth was 1.8%.
In North America, revenue rose by 0.5% to $951 million from $946 million. While Hygiene & Wellbeing revenue rose by 9.3%, the much-larger Pest Control business saw just 0.2% growth. On an organic basis, these increase were 0.7%, 5.9% and 0.5%, respectively.
International revenue increased by a more-robust 2.9% to $680 million from $661 million. Within this, UK & Sub Saharan Africa revenue increased by 6.4% to $138 million from $129 million. On an organic basis, these increases were 3.3% and 1.6%, respectively.
By category group-wide, Pest Control revenue rose 1.1% to $1.28 billion from $1.26 billion, or by 1.7% organically, led by the International division. Hygiene & Wellbeing revenue was up 3.4% to $281 million from $273 million, or by 1.6% organically.
‘Our International Pest Control business performed well,’ commented Chief Executive Officer Andy Ransom. ‘As already stated, North America had a slow first quarter with continued subdued lead flow.’
He added: ‘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.’
Rentokil will release its half-year results on July 31.
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