Rentokil Initial FY20 Profit Down, Revenues Up; Resumes Dividend; Sees Growth In FY21 Ongoing Result
(RTTNews) - Pest control firm Rentokil Initial Plc. (RTOKY.PK, RTO.L) reported Thursday that its fiscal 2020 profit before tax declined 32.1 percent to 229.8 million pounds from 338.5 million pounds last year.
Earnings per share were 9.98 pence, down from 15.24 pence a year ago.
Adjusted profit before tax was 355.2 million pounds, compared to 340.9 million pounds last year. Adjusted earnings per share were 15.29 pence, compared to 14.34 pence last year.
Revenue grew 4 percent to 2.82 billion pounds from 2.71 billion pounds last year. Ongoing revenue increased 5 percent.
Further, the Board is recommending resuming dividends with a dividend payment of 5.41 pence, citing the performance in 2020, and its confidence for 2021 and beyond. The dividend is payable to shareholders on the register at the close of business on April 9, to be paid on May 19.
Looking ahead for fiscal 2021, the company projects ongoing revenue growth target between 5 percent to 8 percent on a reported basis and 3 percent to 4 percent growth organically.
Ongoing operating profit growth if expected to be about 10 percent.
Andy Ransom, CEO, said, "While the obvious uncertainty presented by the ongoing COVID-19 pandemic remains, we are confident of delivering further operational and financial progress in 2021."
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