Half Year Results 

Rentokil benefits from workwear JV

Rentokil benefits from workwear JV

The stark contrast in reported earnings for Rentokil Initial (RTO) has negligible relevance in terms of trading, as last year's half-year figures were artificially boosted by management’s decision to spin out the workwear and much of the hygiene business into a joint venture with private equity group Haniel, while the  introduction of the IFRS 9 and IFRS 15 accounting standards also served to skew comparisons. You get a clearer view of how the group is faring by 'ongoing' half year operating profits of £135m, representing a 13 per cent rise at constant currencies. 

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now