Organic revenue up 2.8% (Il Sole 24 Ore Radiocor) - London, 25 Jul - The UK pest control and disinfection services company Rentokil Initial said that in the first half reported earnings per share rose to 7.78 pence from 7.35 pence, while adjusted EPS grew to 11.60 pence from 11.41.

Revenue rose 1.3% to 2.706 billion pounds. At constant exchange rates, the top line was up 4.0%, while organic growth was 2.8%.

Adjusted EBITDA gained 1.5% to 611 million pounds.

Free cash flow dropped 24.9% to 172 million pounds.

The interim dividend per share was increased to 3.16 pence from 2.75 pence.

"We are encouraged by the positive quarterly momentum in our US pest control business in H1 and anticipate further improvement through H2. We continue to expect to grow organic revenue in North America within the guided 2-4% range for the full year, albeit at the lower end," the company said.

In the full year, group adjusted operating margin is expected to be marginally ahead of 2023, it forecast. Guidance for adjusted free cash flow conversion remains in the range of 80-90%, with further modest deleveraging of the balance sheet, it added.

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(RADIOCOR) 25-07-24 17:23:53 (0618) 5 NNNN