The Rentokil Initial Plc Board is recommending a final dividend in respect of 2023 of 5.93p per share, payable to shareholders on the register at the close of business on 5th April 2024, to be paid on 15th May 2024. This equates to a full-year dividend of 8.68p per share, an increase of 15.0% compared to 2022. The last day for DRIP elections is 23rd April 2024.
Other financial highlights include:
●Group Revenue up 45.8% and Statutory Revenue up 44.7%. Organic Revenue growth of 4.9%, supported by strong performances in Europe, Asia, Pacific, UK and LATAM
-North America Organic Revenue growth of 3.1% with growth of 3.5% in Pest Control services owing to lower new business lead generation
-Good Organic Revenue growth across all business categories: 4.5% in Pest Control; 4.8% in Hygiene and Wellbeing; and 13.2% in France Workwear
●Adjusted Operating Profit up 57.0% and Statutory Operating Profit up 96.9%. Group Adjusted Operating Margin up 120bps to 16.6%2
-Full year margin expansion in Pest Control and France Workwear, with Hygiene & Wellbeing margin in H2 above 19.0%, as expected
-North America Adjusted Operating Margin up 160bps to 18.7%
-Sustained strong price progression across all regions, accompanied by good customer retention
●Diluted Adjusted EPS up 8.8% to 23.08p. EPS up 30.8% to 15.14p. Diluted Adjusted EPS at CER up 12.9%
●Free Cash Flow of £500m representing 89.4% Adjusted Free Cash Flow conversion
●Net debt to EBITDA reduced to 2.8x at 31 December 2023, one year ahead of target
