Rentokil Initial shares tumbled 20 per cent on Wednesday after the world’s largest pest control company warned that a slowdown at its key North American business would hit profits.
The plunge wiped more than ￡2bn from Rentokil’s market value. The London-listed company said adjusted profits before tax and amortisation this year would be about ￡700mn, lower than the ￡776mn analysts expected and the ￡766mn it made last year.
Rentokil’s chief executive Andy Ransom said on Wednesday that the downgrade was a result of a poorly executed turnaround plan, including the integration of its new US branches.
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