LONDON (dpa-AFX) - Rentokil Initial Plc (RTO.L, RTOKY.PK), a British exterminating and pest control services company, on Thursday reported a decline in pre-tax income for the full year, mainly due to increased costs and expenses. However, the firm reported an improvement in revenue.
For the 12-month period to December 31, 2024, the company posted a profit before tax of 405 million pounds, lesser than 493 million pounds in the previous year. Excluding items, pre-tax income was 703 million pounds, compared with 766 million pounds a year ago.
Net profit was 307 million pounds or 12.14 pence per share as against the prior year's 381 million pounds or 15.07 pence per share. Excluding items, earnings moved down to 21.19 pence per share from 23.08 pence per share last year.
Operating profit was 549 million pounds, down from 625 million pounds a year ago. Adjusted EBITDA slipped to 1.177 billion pounds from 1.228 billion pounds in 2023.
Operating expenses climbed to 4.831 billion pounds from 4.711 billion pounds last year. Net impairment losses on financial assets stood at 56 million pounds, compared with 39 million pounds in the previous year. Finance cost was 197 million pounds, up from 189 million pounds a year ago.
Revenue increased to 5.436 billion pounds from the previous year's 5.375 billion pounds.
Revenue from Pest Control moved up by 2.9 percent to 4.408 billion pounds, mainly due to price increases. Revenue from Hygiene & Wellbeing moved up by 8.4 percent to 931 million pounds.
For the full year, the Board will pay a final dividend of 5.93 pence per share on May 14 to shareholders on the register as of April 4. This brings the total annual dividend to 9.09 pence per share, up 4.7 percent on a year-on-year basis.
Looking ahead, the company expects a foreign exchange headwind impact of $10 to $20 million in 2025.
Andy Ransom, Chief Executive of Rentokil Initial, said: 'We expect to achieve 2025 financial performance in line with market expectations.'
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