Exterminators PLC
Annual Report 2023/24
1EXTERMINATORS PLC ANNUAL REPORT 2023/24
In the ever-evolving realm of pest control, we are driven to maintain and build a formidable position in the pest control industry. Our relentless commitment to innovation, excellence and sustainability has been the foundation of our success. We pride ourselves on spearheading advancements that not only enhance our services but also protect the environment and improve customer satisfaction. As we chart our journey, by staying ahead of the curve we hope to integrate the latest advancements to provide our clients with service quality and efficiency.
EXTERMINATORS PLC ANNUAL REPORT 2023/24 | 2 |
CONTENTS
Our Story
About Us | 5 Our Journey | 8 Performance Highlights | 10 Utilisation of IPO Funds | 11
Our Contribution to the Progress of Sri Lanka | 12
Chairman's Message | 14 Managing Director's Review | 17
Creating Value
Our Business Model | 22
Strategy and Resource
Allocation | 24
Operating Context | 26
Managing Risks | 28
Embedding Sustainability | 32
Optimising Our Resources
Financial Review | 35 Investing in our People | 37 Innovation at Our Core | 41
Strengthening our Industry Leadership | 44
Nurturing the Environment | 46 Uplifting Communities | 50 IOT in Pest Management | 52 Our Customers | 54 Customer Centricity | 55 PACCP 2000 the Five-Force Model
in Preventive Pest Management | 60 Coporate Governance
Board of Directors | 63
Leadership Team | 66 Corporate Governance | 69 Audit Committee Report | 79 Report of the Remuneration Committee | 81
Report of the Related Party Transaction Review Committee | 82 Annual Report of the Board of Directors on the State of Affairs of the Companyy | 83
Financial Statements
Statement of Directors' Responsibilities | 86 Independent Auditor's Report | 87 Statement of Comprehensive Income | 89
Statement of Financial Position | 90 Statement of Changes In Equity | 91 Statement of Cash Flows | 92 Notes to the Financial Statements | 93
Five Year Summary | 106 Shareholder and Othe Information | 107
Notice of the Annual General Meeting | 108
Notes | 109
Form of Proxy | 111
Circular to Shareholders | 113 Form Of Request for Printed Copy of the Annual Report 2023/2024 | 115 Registration of Shareholder Details for Online Participation | 116
"Our investments in environmentally friendly and cutting-edge pest control solutions have not only enhanced our service offerings but also reinforced our commitment to sustainability."
CHAIRMAN'S MESSAGE
14
"The key strategic priorities for Exterminators were to diversify its client base and service offerings and digitalize operations."
MANAGING DIRECTOR'S REVIEW
17
Vision
To be the champion in what we do.
Mission
To help communities enhance their living standards by;
- Innovating, designing, and articulating the most environmentally-sustainable and advanced products, services, solutions, and business practices
- Providing support to as many communities as we can through the 'Exterminators Care' social accountability initiatives for our employees and community.
- Living our mission through our words and actions.
Values
Caring for people:
We are respectful and considerate of one another, our customers, and our partners, and we do all we can to positively impact and enrich the lives around us.
Caring for the planet:
In every aspect of our behaviour and actions, we hold ourselves accountable for making responsible decisions and finding ways to lessen our impact on Earth.
Being passionate about what we do:
We work hard because we love what we do. We take pride in our work and the difference we make in the world.
Doing the right thing, even when it's hard:
Honesty and integrity drive our everyday actions and are reflected in our common belief that we should do what's best for our industry and the people and communities we serve.
Our Story
Exterminators PLC (the Company), is Sri Lanka's premier pest tech and environmental technology Company, founded in 1998 as a sole proprietorship and incorporated in 2004. In 2022, the Company created history by becoming the first pest management Company in South Asia, emerging markets, and developing markets to be
listed on a stock exchange. The Company is a licenced pest management service institution functioning in adherence to laws and regulations applicable under the Control of Pesticides Act No. 33 of 1980.
The Company was founded by Marlon Ferreira, a passionate entrepreneur who believes that the success of any business is highly-dependent on the quality of services provided to customers. From its humble
beginnings with just one individual with a spray gun, the Exterminatorrs brand has successfully evolved in gaining recognition as Sri Lanka's premier environmental solutions provider. Through exceptional customer-centric services rendered over the years, Exterminators has become a benchmark in the industry, setting new standards for industrial excellence, sustainability initiatives and
advanced products aimed at building a better Sri Lanka. Embracing advanced technology and continuous research and development, Exterminators is a pioneer in cutting-edge environmental enhancement solutions for homes and businesses. The products and solutions are articulated, designed, and invented to face any existing and emerging pest and termite challenges.
EXTERMINATORS PLC ANNUAL REPORT 2023/24 | 4 |
For over two decades, Exterminators PLC has been a
beacon of excellence in the pest control industry. We have
consistently set the standard for quality, service and
innovation. With our proud legacy we have strived to raise the bar and create new paradigms in the pest control arena.
5 | EXTERMINATORS PLC ANNUAL REPORT 2023/24 |
ABOUT US
WHAT SETS US APART
Leading the way in the pest management industry, Exterminators PLC sets itself apart from its competitors with a strong focus on integrity, transparency, and ethical leadership. The Company has garnered a reputation for excellence, earning 65 national and international awards across various categories such as business excellence, entrepreneurship, environmental leadership, and sustainability.
ENVIRONMENTAL LEADERSHIP
One of the key aspects of Exterminators PLC's business model is its commitment to environmental sustainability. The Company employs environmentally friendly pest management methods that minimise harm to ecosystems, earning it recognition as the world's first carbon-neutral disinfection service provider and carbon-neutral pest management brand. By incorporating these sustainable practices into its operations, Exterminators PLC demonstrates its dedication to protecting the environment while providing effective pest control solutions.
COMMITMENT TO SAFETY, QUALITY AND SUSTAINABILITY
Exterminators PLC places a strong emphasis on maintaining high standards of quality and safety. The Company's employees undergo extensive training in preventive pest management, occupational health and safety, and environmental management to ensure they are well-equipped to address any pest-related issues effectively. By adhering to international standards and best practices, Exterminators PLC aims to provide the highest level of service to its clients while prioritising the safety and well-being of both its employees and the environment.
STRATEGIC PARTNERSHIPS
Exterminators PLC has formed strategic partnerships with industry leaders such as Sentario UK Limited to implement rigorous British Pest Management Standards in Sri Lanka. By incorporating these international standards into its operations, the Company enhances the quality and reliability of its services, further solidifying its position as a leader in the industry.
STOCK EXCHANGE LISTING
Exterminators PLC is the first pest control Company in South Asia to be listed on a stock exchange, a testament to its financial stability and trustworthiness. Exterminators PLC's commitment to excellence, sustainability, and transparency has positioned it as a trailblazer in the pest management industry. Through its innovative practices and dedication to high standards, the Company continues to lead the way in providing effective and environmentally-friendly pest control solutions.
STANDARDS AND CERTIFICATIONS
Our services are backed by our quality assurance program which guarantees that our pest control, termite control, mosquito control and disinfection services meet high quality standards. We hold an unparalleled reputation for providing a unique, reliable and responsible service, gaining recognition as Sri Lanka's 1st integrated Management System Certified sme Company.
ISO 90001 Quality | ISO 14001 | ISO 45001 Health | ISO 22000 | COVID-19 SLS Safety |
Management | Environmental | and Safety 2010 | Food Safety | Management |
2008 | Management 2008 | 2019 | 2020 |
Sri Lanka's 1st | Sri Lanka's 1st | Sri Lanka's 1st | Sri Lanka's 2nd | Sri Lanka's 1st |
Pest Management | Pest Management | Pest Management | Pest Management | SME Company |
Company to obtain | Company to obtain | Company to obtain | Company to obtain | to obtain this |
this certification | this certification | this certification | this certification | certification |
(Certified in 2008) | (Certified in 2009) | (Certified in 2010) | (Certified in 2018) | (Certified in 2020) |
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ABOUT US
The team has also undergone extensive training in preventive pest management, pest risk assessment, occupational health and safety, food safety, quality management, and environmental management in numerous countries, such
as the UK, USA, UAE, European Union, Australia, India, Singapore, Malaysia, Thailand, and Japan, supporting growth and adaptability and positioning the organisation for long-term success. Adhering to international standards and
best practices, we aim to provide the highest level of service to our clients and ensure the safety and well-being of both our employees and the environment.
International qualification | Institute/Association |
Diploma in Pest Control | Royal Society for the Promotion of Health-UK |
Diploma in Fumigation | British Pest Control Association |
Fumigation Development Workshop | British Pest Control Association |
Integrated Pest Management for Food Plants | AIB International, USA |
Bird Control Technology | Pest IT - Australia |
Accredited Fumigators (AQIS) | Department of Agriculture - Australia |
Quarantine Fumigation | Department of Agriculture - Malaysia |
Vector Management | National Environmental Agency - Singapore |
Urban Public Health Pest & Termite Management | Federation of Asia & Oceania Pest Managers Association - |
Thailand | |
Managing pest management business in the UK | British Pest Control Association |
AWARDS AND ACCOLADES
Established 26 years ago, Exterminators PLC has become a leading name in the pest control industry, not only in Sri Lanka but also on the international stage. Throughout its years in business, the Company has continuously strived for excellence, and this dedication has been recognised with a remarkable 65 national and international awards.
These accolades are a testament to Exterminators PLC's unwavering commitment to providing top-notch service
and ensuring customer satisfaction. The Company's ability to deliver outstanding results, even in the face of adversity, has set it apart from its competitors. In fact, Exterminators PLC has been awarded three gold awards for business excellence, showcasing its resilience and adaptability in the ever-evolving business landscape.
Most recently, Exterminators PLC was honoured with the 2nd Runner-up position in the Western Province Entrepreneur of the Year competition and the prestigious Gold award for the Service Sector
Large category at the Entrepreneur Awards. These accolades underscore the Company's continued dedication to excellence and innovation in the pest control industry. As Exterminators PLC continues to push the boundaries of excellence, it is clear that its commitment to customer satisfaction and exceptional service will remain at the forefront of the business ethos.
7EXTERMINATORS PLC ANNUAL REPORT 2023/24
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OUR
JOURNEY
2024
Extensive branch
expansion - opening of our 5th branch in Galle.
Recognised as a Great
Place to Work for the third consecutive year.
Moving towards new realms of excellence in the pest control industry creating new paradigms of innovation.
2023
Won 3 awards, won a compliance award, second runner up Entrepreneur Awards winner and Best Enterprise award
Opened the fifth location in Galle
Introduced strategic partnership on digital transformation with PestScan Netherlands and Sentario UK Limited
GPTW Certified for the 3rd consecutive year
Became a member of the Global Pest Management Coalition
2022
Migrated to the 'Diri Savi Board' eight months upon listing on CSE.
Listed on the 'Empower Board' of the Colombo Stock Exchange
Ventured into agriculture by setting up an "Agri Store'.
Opened a new branch in Dambulla.
Introduced novel energy-saving fly control technology.
Opened an "Innovation Centre" in a 5000+ sq. ft. premises in Malabe.
Winner of Industrial Excellence and Compliance Awards
Manufactured 'Smart Missile' utilizing empty chemical cans.
2021
Asia's 1st 'Great Place to Work' certified pest management brand
Winner of 10 awards for brand, business, industrial excellence and entrepreneurship
Winner of 2 international awards for environmental and community leadership
South Asia's 1st pest management Company to introduce E-Connect customer web portal
2020
World's 1st 'Carbon Neutral' sanitation and disinfection brand
Sri Lanka's 1st licensed sanitation and disinfection service brand
One of the global pioneers in providing COVID-19 disinfection services
Sri Lanka's 1st ISO 9001, ISO 14001, ISO 45001, ISO 22000 certified sanitation and disinfection service brand
Sri Lanka's 1st COVID-19 SLS certified sanitation and disinfection brand
2019
Green World Ambassador - recognized by Green Organization (UK)
Winner of the Gold award for environmental leadership at the 'Green World Awards 2019'
Finalist at International EDIE Sustainability Leadership Awards 2019
2018
ISO 22000 Food and Safety
Management System certified
Recipient of an international award for environmental leadership and best practices
South Asia's 1st pest management Company to introduce digital pest management technology
Carbon neutral certified for the 5th consecutive year
Upgraded to ISO 14001;2015 environmental management system
Pest Analysis Critical Control Points (PACCP Model) evolves to enhance pest management standards
Invented the 'SUBWAY' world's 1st on- ground termite station
Became a member of the 'British Pest Control Association'
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