In the first quarter Rentokil reported revenue of $1.677bn, up 4.3% at constant exchange rates, while organic revenue growth came in at 3.4%. The company, listed in London, reports in dollar because its believes it better reflect the geographic mix of its revenue and earnings. For readers new to finance, "organic" growth strips out the effects of acquisitions and currency movements, so it gives a cleaner sense of how the underlying business is performing. The group is growing, but mainly through pricing and steady execution, not through a sudden surge in demand.
The engine remains North America, which generated $995m of quarterly revenue and 3.9% organic growth. Pest-control services there grew 2.8% organically, helped by higher prices and a recovery from weather-related disruption in late January, while the smaller business-services arm rose by a brisk 12.7%, helped by seasonal demand and earlier contract wins. International operations were decent rather than dazzling: revenue rose 4.1%, but the company said conflict in the Middle East and softer comparatives in the Pacific region created a drag.
A century-old business, still digesting a modern gamble
The company traces its roots to 1925 and spent much of the following century turning a specialist pest-control operation into a broader business-services group, before refocusing on the less glamorous but more dependable trade of keeping vermin at bay. The firm marked its centenary in 2025.
Rentokil's defining corporate bet was the acquisition of Terminix in 2022, which greatly expanded its American footprint and made North America the clear centre of gravity.
After the strain of absorbing a large American acquisition, a company like Rentokil needs to sound in control. Chief executive Mike Duffy said the first quarter was a good start, with momentum in North America and confidence in meeting market expectations.
The business looks solid, the shares already know it
The financial backdrop explains why investors are not cheering too loudly. In Rentokil's 2025 annual report, revenue reached $6.908bn and adjusted operating profit $1.07bn, with margin improving to 15.5%, even as basic earnings per share fell to 11.49 cents. This means that sales and adjusted profits rose, but earnings available to shareholders did not move as cleanly.
The quarter, then, is best read as reassuring. Rentokil raised prices, kept North America moving, added a handful of small acquisitions and avoided any ugly surprise.
