UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For
the month of January 2025
Commission File Number: 001-41524
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Rentokil Initial plc
(Registrant’s name)
___________________________________
Compass House
Manor Royal
Crawley
West Sussex RH10 9PY
United Kingdom
(Address of principal executive office)
_____________________________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1): ☐
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7): ☐
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Trading
Update (unaudited) dated 28 January 2025
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This announcement contains inside information
28 January 2025
Trading Update (unaudited)
FY 2024 results in line with expectations; North America change of
management
Rentokil Initial plc (LON: RTO, NYSE: RTO) ("the Company" or "the
Group"), is pleased to report that it traded in line with
market expectations for the full year ending 31 December 2024. The
Company also announces that Brad Paulsen will be leaving the
Group in April 2025 to pursue a new opportunity.
Trading
In Q4 2024, North America Organic Revenue growth was 2.3% (Q3 2024:
1.4%), with Organic Revenue growth in North America Pest Control
Services of 1.5%, supported by improved momentum in inbound lead
flow from our marketing initiatives. Group Organic Revenue growth
in Q4 2024 was 3.0%.
FY 2024 North America Adjusted Operating Margin, Group Adjusted
Operating Margin and Group Adjusted PBTA were also in line with
prior guidance.
In North America, our integration is continuing to plan. Q4 pilots
of new satellite branches, new technician and sales pay plans, and
first re-routing and re-branding activities were delivered to
plan.
Further information on the Group performance and outlook will be
provided at the scheduled Preliminary Results announcement on 6
March 2025.
North America change of management
The Company also announces that Brad Paulsen has decided to step
down from his position as CEO of North America. Brad will be
leaving the Company to pursue a new opportunity at a US publicly
listed company in the building materials sector. To ensure a smooth
transition, Brad will remain with the Company until
April. The
Company wishes Brad well for the future and thanks him for his
contributions to the business.
The Company is delighted to confirm that Alain Moffroid, Chief
Commercial Officer, is being appointed Interim North America CEO.
Alain joined Rentokil Initial in 2013 from Unilever where he was VP
Customer Development, covering Asia, Pacific, Africa & Russia.
After initially serving at Rentokil Initial as Managing Director,
Pacific he subsequently became Managing Director, Europe in
September 2019. 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.
For further information, please contact:
Investors / Analysts: Peter Russell, Rentokil Initial plc, +44 7795
166 506
Media: Malcolm Padley, Rentokil Initial plc, +44 7788 978
199
Cautionary statement
In order, among other things, to utilise the 'safe harbour'
provisions of the U.S. Private Securities Litigation Reform Act of
1995 (the "PSLRA") and the general doctrine of cautionary
statements, Rentokil Initial plc ("the Company") is providing the
following cautionary statement: This communication contains
forward-looking statements within the meaning of the PSLRA. Forward
looking statements can sometimes, but not always, be identified by
the use of forward-looking terms such as "believes," "expects,"
"may," "will," "shall," "should," "would," "could," "potential,"
"seeks," "aims," "projects," "predicts," "is optimistic,"
"intends," "plans," "estimates," "targets," "anticipates,"
"continues" or other comparable terms or negatives of these terms
and include statements regarding Rentokil Initial's intentions,
beliefs or current expectations concerning, amongst other things,
the results of operations of the Company and its consolidated
entities ("Rentokil Initial" or "the Group), financial condition,
liquidity, prospects, growth, strategies and the economic and
business circumstances occurring from time to time in the countries
and markets in which Rentokil Initial operates. Forward-looking
statements are based upon current plans, estimates and expectations
that are subject to risks, uncertainties and assumptions. Should
one or more of these risks or uncertainties materialise, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by such
forward-looking statements. The Company can give no assurance that
such plans, estimates or expectations will be achieved and
therefore, actual results may differ materially from any plans,
estimates or expectations in such forward-looking statements.
Important factors that could cause actual results to differ
materially from such plans, estimates or expectations include: the
Group's ability to integrate acquisitions successfully, or any
unexpected costs or liabilities from the Group's disposals;
difficulties in integrating, streamlining and optimising the
Group's IT systems, processes and technologies, including
artificial intelligence technologies; the Group's ability to
attract, retain and develop key personnel to lead the Group's
business; the availability of a suitably skilled and qualified
labour force to maintain the Group's business; cyber security
breaches, attacks and other similar incidents, as well as
disruptions or failures in the Group's IT systems or data security
procedures and those of its third-party service providers;
inflationary pressures, such as increases in wages, fuel prices and
other operating costs; weakening general economic conditions,
including changes in the global job market, or decreased consumer
confidence or spending levels especially as they may affect demand
from the Group's customers; the Group's ability to implement its
business strategies successfully, including achieving its growth
objectives; the Group's ability to retain existing customers and
attract new customers; the highly competitive nature of the Group's
industries; extraordinary events that impact the Group's ability to
service customers without interruption, including a loss of its
third-party distributors; the impact of environmental, social and
governance ("ESG") matters, including those related to climate
change and sustainability, on the Group's business, reputation,
results of operations, financial condition and/or prospects; supply
chain issues, which may result in product shortages or other
disruptions to the Group's business; the Group's ability to protect
its intellectual property and other proprietary rights that are
material to the Group's business; the Group's reliance on third
parties, including third-party vendors for business process
outsourcing initiatives, investment counterparties, and
franchisees, and the risk of any termination or disruption of such
relationships or counterparty default or litigation; any future
impairment charges, asset revaluations or downgrades; failure to
comply with the many laws and governmental regulations to which the
Group is subject or the implementation of any new or revised laws
or regulations that alter the environment in which the Group does
business, as well as the costs to the Group of complying with any
such changes; termite damage claims and lawsuits related thereto
and associated impacts on the termite provision; the Group's
ability to comply with safety, health and environmental policies,
laws and regulations, including laws pertaining to the use of
pesticides; any actual or perceived failure to comply with
stringent, complex and evolving laws, rules, regulations and
standards in many jurisdictions, as well as contractual
obligations, including data privacy and security; the
identification of a material weakness in the Group's internal
control over financial reporting within the meaning of Section 404
of the Sarbanes-Oxley Act; changes in tax laws and any
unanticipated tax liabilities; adverse credit and financial market
events and conditions, which could, among other things, impede
access to or increase the cost of financing; the restrictions and
limitations within the agreements and instruments governing our
indebtedness; a lowering or withdrawal of the ratings, outlook or
watch assigned to the Group's debt securities by rating agencies;
an increase in interest rates and the resulting increase in the
cost of servicing the Group's debt; and exchange rate fluctuations
and the impact on the Group's results or the foreign currency value
of the Company's ADSs and any dividends. The list of factors
presented here is representative and should not be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realisation of forward-looking statements. The Company cautions
you not to place undue reliance on any of these forward-looking
statements as they are not guarantees of future performance or
outcomes and that actual performance and outcomes, including,
without limitation, the Group's actual results of operations,
financial condition and liquidity, and the development of new
markets or market segments in which the Group operates, may differ
materially from those made in or suggested by the forward-looking
statements contained in this communication. Except as required by
law, Rentokil Initial assumes no obligation to update or revise the
information contained herein, which speaks only as of the date
hereof. Additional information concerning these and other factors
can be found in Rentokil Initial's filings with the U.S. Securities
and Exchange Commission ("SEC"), which may be obtained free of
charge at the SEC's website, http:// www.sec.gov, and Rentokil
Initial's Annual Reports, which may be obtained free of charge from
the Rentokil Initial website, https://www.rentokil-initial.com. No
statement in this announcement is intended to be a profit forecast
and no statement in this announcement should be interpreted to mean
that earnings per share of Rentokil Initial for the current or
future financial years would necessarily match or exceed the
historical published earnings per share of Rentokil Initial. This
communication presents certain non-IFRS measures, which should not
be viewed in isolation as alternatives to the equivalent IFRS
measure, rather they should be viewed as complements to, and read
in conjunction with, the equivalent IFRS measure. Non-IFRS measures
presented include Organic Revenue Growth, Adjusted Operating Profit
and Adjusted PBTA. The Group's internal strategic planning process
is also based on these measures, and they are used for incentive
purposes. These measures may not be calculated in the same way as
similarly named measures reported by other companies.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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Date:
28 January 2025
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RENTOKIL INITIAL PLC
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/s/
Rachel Canham
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Name:
Rachel Canham
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Title:
Group General Counsel and Company Secretary
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