Rentokil announces $200 million buyback; quarterly revenue rises on improving North America business
Rentokil announces $200 million buyback; quarterly revenue rises on improving North America business Oct 22 (Reuters) - British pest control firm Rentokil Initial RTO.L announced a $200 million share buyback on Thursday after reporting 3.4% organic revenue growth in the third quarter, helped by improving performance in its key North American market.
Here are some details:
The company maintained its full-year profit outlook, while its shares rose 7.2%
It also said Chief Financial Officer Paul Edgecliffe-Johnson would retire in January, with Sarah Sergeant named interim CFO
Organic revenue in North America, its largest market, rose 2.4%
Rentokil's North America business has faced weak residential demand, with customer inquiries declining through most of the quarter before narrowing to 1% in September
Pest control operators have been leaning on price hikes, digital marketing and expanding smaller local service hubs to shore up growth
(Reporting by Nithyashree R B in Bengaluru; Editing by Sonia Cheema)
((NithyashreeRB@thomsonreuters.com))
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