Rentokil Initial PLC: Trading in Line with Views, but North America Needs Attention

Rentokil Initial PLC (LON: RTO, NYSE: RTO), a leading global provider of business-to-business support services, has reported that its trading for the full year ending 31 December 2024 is in line with market expectations. The company also announced a change in management for its North America division, with Brad Paulsen stepping down and Alain Moffroid taking over as interim CEO.

The company's organic revenue growth in Q4 2024 was 3.0%, with North America contributing 2.3% and the rest of the world accounting for 3.5%. However, North America's Adjusted Operating Margin, Group Adjusted Operating Margin, and Group Adjusted PBTA were also in line with prior guidance. The company is continuing to integrate its North American operations, with Q4 pilots of new satellite branches, new technician and sales pay plans, and first re-routing and re-branding activities delivered to plan.

North America change of management
The Company announced 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 'afe 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 workforce; the Group's ability to successfully implement its strategic initiatives and growth plans; the Group's ability to successfully integrate its recent acquisitions; the Group's ability to successfully implement its digital and innovation programmes; the Group's ability to successfully implement its customer experience and retention programmes; the Group's ability to successfully implement its cost reduction and efficiency programmes; the Group's ability to successfully implement its re-routing and re-branding activities; the Group's ability to successfully implement its new satellite branches, new technician and sales pay plans; the Group's ability to successfully implement its new marketing initiatives; the Group's ability to successfully implement its new customer acquisition and retention strategies; the Group's ability to successfully implement its new pricing strategies; the Group's ability to successfully implement its new product development and innovation strategies; the Group's ability to successfully implement its new research and development programmes; the Group's ability to successfully implement its new strategic partnerships; the Group's ability to successfully implement its new geographic expansion strategies; the Group's ability to successfully implement its new regulatory compliance programmes; the Group's ability to successfully implement its new risk management programmes; the Group's ability to successfully implement its new sustainability and environmental programmes; the Group's ability to successfully implement its new health and safety programmes; the Group's ability to successfully implement its new diversity and inclusion programmes; the Group's ability to successfully implement its new corporate social responsibility programmes; the Group's ability to successfully implement its new community engagement programmes; the Group's ability to successfully implement its new employee engagement programmes; the Group's ability to successfully implement its new customer engagement programmes; the Group's ability to successfully implement its new supplier engagement programmes; the Group's ability to successfully implement its new stakeholder engagement programmes; the Group's ability to successfully implement its new government relations programmes; the Group's ability to successfully implement its new public affairs programmes; the Group's ability to successfully implement its new public relations programmes; the Group's ability to successfully implement its new investor relations programmes; the Group's ability to successfully implement its new corporate communications programmes; the Group's ability to successfully implement its new digital marketing programmes; the Group's ability to successfully implement its new social media programmes; the Group's ability to successfully implement its new content marketing programmes; the Group's ability to successfully implement its new search engine optimisation programmes; the Group's ability to successfully implement its new analytics programmes; the Group's ability to successfully implement its new data management programmes; the Group's ability to successfully implement its new cybersecurity programmes; the Group's ability to successfully implement its new IT infrastructure programmes; the Group's ability to successfully implement its new IT security programmes; the Group's ability to successfully implement its new IT governance programmes; the Group's ability to successfully implement its new IT compliance programmes; the Group's ability to successfully implement its new IT risk management programmes; the Group's ability to successfully implement its new IT disaster recovery programmes; the Group's ability to successfully implement its new IT business continuity programmes; the Group's ability to successfully implement its new IT service management programmes; the Group's ability to successfully implement its new IT asset management programmes; the Group's ability to successfully implement its new IT procurement programmes; the Group's ability to successfully implement its new IT vendor management programmes; the Group's ability to successfully implement its new IT project management programmes; the Group's ability to successfully implement its new IT change management programmes; the Group's ability to successfully implement its new IT service desk programmes; the Group's ability to successfully implement its new IT training programmes; the Group's ability to successfully implement its new IT support programmes; the Group's ability to successfully implement its new IT infrastructure programmes; the Group's ability to successfully implement its new IT security programmes; the Group's ability to successfully implement its new IT governance programmes; the Group's ability to successfully implement its new IT compliance programmes; the Group's ability to successfully implement its new IT risk management programmes; the Group's ability to successfully implement its new IT disaster recovery programmes; the Group's ability to successfully implement its new IT business continuity programmes; the Group's ability to successfully implement its new IT service management programmes; the Group's ability to successfully implement its new IT asset management programmes; the Group's ability to successfully implement its new IT procurement programmes; the Group's ability to successfully implement its new IT vendor management programmes; the Group's ability to successfully implement its new IT project management programmes; the Group's ability to successfully implement its new IT change management programmes; the Group's ability to successfully implement its new IT service desk programmes; the Group's ability to successfully implement its new IT training programmes; the Group's ability to successfully implement its new IT support programmes; the Group's ability to successfully implement its new IT infrastructure programmes; the Group's ability to successfully implement its new IT security programmes; the Group's ability to successfully implement its new IT governance programmes; the Group's ability to successfully implement its new IT compliance programmes; the Group's ability to successfully implement its new IT risk management programmes; the Group's ability to successfully implement its new IT disaster recovery programmes; the Group's ability to successfully implement its new IT business