Rentokil Q3 revenues up more than 10% YOY

Services group Rentokil Initial saw "continued momentum" across the group in the third quarter, with revenues up double-digits year-on-year.

Rentokil said ongoing and total revenues were both up 18.9% at £900.9m and £901.3m, respectively.

The FTSE 100-listed group also noted it had "continued to successfully manage inflationary pressures" and maintained its full-year outlook for the underlying business.

Chief executive Andy Ransom said: "This has been another good quarter for Rentokil Initial. Supported by the essential nature of our services and ability to offset cost inflation through pricing, we continue to deliver both good growth and profitability, while retaining high levels of customer and colleague retention.

Elsewhere, Rentokil completed its acquisition of Terminix during the quarter, creating a "global leader" in pest control, and hygiene and well-being, and the leader in pest control in North America.

"We are delighted to have closed the Terminix transaction in October and we extend our thanks to everyone who helped us reach this milestone. We have hit the ground running in execution of our integration plans to capture the strategic and financial benefits of the deal. Our cost synergy programme is progressing well with circa $20.0m-$25.0m of annualised synergies expected to be realised by year-end," added Ransom.

Reporting by Iain Gilbert at Sharecast.com