August 3, 2012 / 6:51 AM / in 5 years

Rentokil profit rises; sees profit from parcel business this year

Aug 3 (Reuters) - British cleaning-to-pest control firm Rentokil Initial Plc said profit rose 7 percent for the first half of 2012, helped by lower costs, and that it expects its beleaguered parcel business City Link to return to profitability in the fourth quarter.

“Continued growth, coupled with further productivity improvement at City Link, will deliver year-on-year improvement in financial performance at constant exchange rates in the third quarter, and most notably in the fourth quarter this year,” Rentokil said in a statement.

Rentokil, which offers services from hiring work uniforms and plants to catering, security and parcel deliveries, said adjusted pretax profit rose to 73.5 million pounds ($114.06 million) for January-June at constant exchange rates.

Revenue rose 3 percent to 1.26 billion pounds at constant exchange rates.

Rentokil shares closed at 71.65 pence on Thursday on the London Stock Exchange, valuing the business at around 1.3 billion pounds.

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