Rentokil scraps final dividend

By James Davey | February 21, 2009, Saturday |

Print Edition

BRITISH services group Rentokil Initial Plc said yesterday that full-year profits had halved and scrapped its final dividend to preserve cash as it waits for a turnaround plan to deliver results in the teeth of a recession, sending its shares lower.

The group, whose businesses include rat catching, washroom cleaning and parcel delivery, said underlying pretax profit fell 49 percent to 107.9 million pounds (US$153.4 million) in 2008.

That was slightly ahead of the company's outlook issued in November, but down from 211.4 million pounds in 2007.

Revenue in the year 2008 increased 9.4 percent to 2.41 billion pounds.

Chief Executive Alan Brown, who along with Chairman John McAdam was brought into the group last year and devised a three-year turnaround plan, said that although Rentokil had financial headroom in excess of 200 million pounds it had decided against paying a final dividend. Last year the group paid out 5.25 pence.

Rentokil has issued four profit warnings since Brown and McAdam came on board and shares have lost 59 percent of their value in a year.

Business

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Rentokil scraps final dividend

Email this to your friend