Strong Growth from Rentokil Initial
The group has also proposed a 15 per cent increase in its final dividend to 2.74p.
The results follow an aggressive acquisition programme which has cemented Rentokil Initial as the third-largest provider of pest control services in the United States and a key player in Southern Asia following the purchase of a controlling stake in PCI (India's largest provider of pest control services).
Additional acquisitions have diversified Rentokil Initial's services offering into hygiene services and workwear.
Commenting on the results, CEO Andy Ransom, said:
“I am pleased with our performance in 2017 and the continued growth momentum in the business. Pest Control has performed well across the regions and we remain encouraged by the progress we are delivering in Hygiene, which is a strong complementary business to our Pest Control operations. 2017 has also been a particularly good year for M&A and we have acquired 33 Pest Control companies and 7 high-quality Hygiene businesses across 24 countries, strengthening our already leading positions in key growth territories. We continue to see a strong pipeline of value enhancing acquisition opportunities going forward.
“Overall, we have had a very good year and I am delighted that we have again exceeded our medium-term financial targets for revenue, profit and cash. We are confident of delivering further progress in 2018.”