28th Jan 2025 09:08
(Alliance News) - Rentokil Initial PLC on Tuesday said it expected to meet 2024 guidance, amid the departure of its North American business head.
The Crawley, England-based commercial services provider focused on pest control estimated a 3.0% rise in group organic revenue during the fourth-quarter. Organic revenue in North America grew 2.3% in the three months to December 31, compared with 1.4% the previous quarter, the firm said.
This comes amid an executive reshuffle for overseas operations. Chief Executive Officer of North America Brad Paulsen will leave the firm in April to join a publicly-listed US building materials company, which Rentokil did not name.
Rentokil's current Chief Commercial Officer Alain Moffroid will take over as interim CEO of North America. Moffroid has worked for Rentokil since 2013, and will join the Pennsylvania, US-based branch in the coming weeks.
"He was appointed chief commercial officer in April 2024. He is a highly experienced leader in the company with extensive experience of both residential and commercial pest control and is currently working closely with the North American business on its customer experience and retention, digital and innovation programmes. He will join the North American business in the coming weeks," Rentokil said.
The firm expects adjusted operating margin for both the group and its North American arm to remain in line with 2024 guidance. Group adjusted operating profit before tax and amortisation is also expected as guided.
In September, it forecast a group adjusted operating profit margin is expected to be around 15.5%.
Group adjusted profit before tax and amortisation is expected of around GBP700 million, it said at the time. This would be down 8.6% from GBP766 million in 2023.
Rentokil's full 2024 results are scheduled for release on March 6.
Rentokil shares were up 4.0% at 402.40 pence each on Tuesday morning in London.
By Holly Munks, Alliance News reporter
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