Rentokil on track towards meeting annual targets

LONDON (ShareCast) - Pest control group Rentokil Initial (LSE: RTO.L - news) saw revenue rise in the first quarter, as solid growth in regional operations offset sluggish performance in the European market. The London-listed company reported first quarter revenue of £417.8m, a 1.4% increase year-on-year, driven by solid performances in its emerging and growth market divisions, while revenue was flat in its 'manage for value' and 'protect and enhance' segments.

Good performances in the UK, Asia Pacific and the Americas got its year off to a good start, the FTSE 250 company said, though it warned that revenue remained flat in Europe, due to challenging conditions in the French and Dutch markets.

"With this encouraging start to the year, we are on track to achieve our 2015 revenue, profit and cash expectations," said group chief executive Andy Ransom.