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Rentokil Initial HY Profit Drops

Rentokil Initial (RTO.L,RTOKY.PK) reported that its profit before income tax for the six-month period ended 30 June dropped to 61.8 million pounds from 113.8 million pounds in the prior year.

Profit for the period attributable to the company's equity holders declined to 47.1 million pounds from the previous year's 88.0 million pounds. Profit were impacted by the impact of COVID-19 related net revenue reductions in the second-quarter.

Adjusted profit before tax at actual exchange rates of 125.6 million pounds, which excluded the impact of one-off items, fell by 11.3%.

Total revenue was 1.30 billion pounds, down 0.6% at actual exchange rates.

The company said it will not be paying an interim dividend. However, it would expect to propose a dividend for 2020 if trading continues in line with expectations in the second-half of year.

The company said it would currently expect the outcome for the full year to be moderately better than anticipated.

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