Business
2024 Interim Results
2024 Interim Results.
About this update from Rentokil Initial Plc
[{"type":"text","content":"\n\n \n \n \n2024 Interim Results\nGood overall operational and financial performance\nImproving Organic Growth Performance in North America Pest business\n\n\n\n\nFinancial Results1\n\n\nAER\n\n\n\n\n\nCER\n\n\n\n\n£m\n\n\nH1 2024\n£m\n\n\nH1 2023\n£m\n\n\nChange\n%\n\n\nH1 2024\n£m\n\n\nH1 2023\n£m\n\n\nChange\n%\n\n\n\n\nRevenue\n\n\n2,706\n\n\n2,671\n\n\n1.3%\n\n\n\n\n\n2,756\n\n\n2,650\n\n\n4.0%\n\n\n\n\nAdjusted EBITDA\n\n\n611\n\n\n602\n\n\n1.5%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdjusted Operating Profit\n\n\n445\n\n\n437\n\n\n1.9%\n\n\n\n\n\n455\n\n\n434\n\n\n4.7%\n\n\n\n\nAdjusted Profit before Tax\n\n\n383\n\n\n377\n\n\n1.8%\n\n\n\n\n\n394\n\n\n371\n\n\n6.1%\n\n\n\n\nFree Cash Flow\n\n\n172\n\n\n229\n\n\n(24.9%)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDiluted Adjusted EPS\n\n\n11.60p\n\n\n11.41p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nStatutory Results\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n2,706\n\n\n2,671\n\n\n1.3%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Profit\n\n\n321\n\n\n304\n\n\n5.6%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProfit before Tax\n\n\n253\n\n\n240\n\n\n5.6%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEPS\n\n\n7.78p\n\n\n7.35p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividend Per Share\n\n\n3.16p\n\n\n2.75p\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nHighlights (Unless otherwise stated, all financials are presented at constant exchange rates)\n\n\n\n\n●\n\n\nRevenue up 4.0% and up 1.3% on a statutory basis. Organic Revenue growth of 2.8%\n\n\n\n\n●\n\n\nEarly progress in North America growth plan with 50bps quarter-on-quarter improvement in Pest Control services organic growth (1.0% in Q1, 1.5% in Q2). Positive movement in leading indicators:\n\n\n\n\n\n\n\n-\n\n\nStronger North American sales colleague retention, up c.4ppts\n\n\n\n\n\n\n\n-\n\n\nBetter Terminix brand favourability from our advertising campaign that delivered 685m views\n\n\n\n\n\n\n\n-\n\n\nImproved inbound digital lead flow volumes, up each month in Q2\n\n\n\n\n\n\n\n-\n\n\nIncreased technician sales leads participation, up from c.50% to c.61.5%\n\n\n\n\n\n\n\n-\n\n\nTotal North America Organic Revenue up 1.3% in H1 with a drag from the products distribution business\n\n\n\n\n\n\n\n-\n\n\nStrong foundation laid for North America growth re-acceleration with more to d...