8 November 2013
The new boss of Rentokil Initial today saw City analysts rate his first trading update at the helm of the rat-catching firm a “disappointment”.
Strong demand in Asia and North America helped Rentokil’s pre-tax profit rise 6.1% to £43.6 million in the three months to October. But that profit was 3% lower than analysts’ expectations. New boss Andy Ransom, who took over from fellow ex-ICI executive Alan Brown in October, admitted to “difficult trading conditions in Europe and the Netherlands in particular”.
“A slightly disappointing third quarter,” said Mike Allen, analyst at Panmure Gordon. “Europe remains difficult.”
The shares fell a little over 1%, 1.1p, to 103.6p.
