Shares of Rentokil Initial (LON: RTO) today surged to a new all-time high of 578.4p after the company reported higher revenues driven by new hygiene standards due to COVID-19 measures.
The company which deals in commercial pest control and hygiene services reported that revenues grew 10.5% in Q2 as businesses reopened their premises and upped their hygiene standards to meet government regulations.
The firm's group revenues rose 1% to £1.28 billion, however, its operating profits fell 9.4% to £138.8 million due to the coronavirus lockdown measures that saw most schools, institutions and businesses close their premises.
Andy Ransom, Rentokil’s CEO said: “Our Hygiene business, which was more impacted by customer shutdowns, has moved from being considered a low interest (but nonetheless required service) to arguably one of the world's most important business categories.”
Rentokil Initial share price
The company reported that most of its employees were back to work and that it had repaid the COVID corporate finance facility issued by the Bank of England.