Rentokil Initial, a leading pest-control firm, witnessed a remarkable pre-tax profit surge, escalating over sevenfold to €9.6 million in the fiscal year 2022. The robust financial performance is notable against the challenging backdrop of business closures prompted by the ongoing impact of the Covid-19 pandemic.
Highlighting the substantial demand for services encompassing the control of various pests such as rats, fleas, ants, moths, mice, flies, bed bugs, and cockroaches, Rentokil Initial Ltd experienced a substantial revenue increase. Revenues surged by 30%, amounting to €33.31 million, marking a noteworthy uptick of €7.7 million from the previous fiscal year’s figure of €25.56 million.
Operating profits at the firm exhibited an extraordinary rise of 412%, soaring from €1.28 million to €6.6 million during the same period.
The recently disclosed financial accounts for the Irish arm of Rentokil Initial, the world’s largest pest-control company, revealed that the pre-tax profits for 2022 included a notable €3 million dividend received from a subsidiary. In a reciprocal move, the Irish unit distributed a dividend amounting to €23 million in the same fiscal year.
The pre-tax profits for 2022 take into account combined non-cash depreciation and amortization costs totaling €2.82 million, along with modest net interest payments of €6,619.
The surge in profits for the firm coincided with an 8.7% increase in the cost of sales, rising from €16.7 million to €18.19 million. Additionally, administration costs saw a 13% increase, climbing from €7.54 million to €8.5 million.
The Naas-based company observed an expansion in its workforce, with the number of employees increasing from 292 to 320. Correspondingly, staff costs recorded an uptick, rising from €11.36 million to €12.81 million. The overall financial performance reflects Rentokil Initial’s resilience and success amid the challenges posed by the global pandemic.
