Half Year Results 

Rentokil's shopaholic streak continues

Rentokil's shopaholic streak continues

Once again, Rentokil Initial (RTO) has well and truly overshot its target for M&A spend. The pest control specialist shelled out £207m in the first half, pulling well ahead of its guideline figure of £150m for the year. It bought 24 companies in all, as well as establishing a joint venture with PCI, India’s largest pest control company. The acquisitions were primarily in pest control, accounting for  18 of the acquired companies despite management’s stated intention to build density in the hygiene business. Even with all the deal-making, net debt declined slightly compared with the first half of 2016.

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