Rentokil Initial (RTO) AGM 2021 summary

Opening remarks and agenda

• Meeting opened after quorum was confirmed; shareholders attended electronically under COVID-19 restrictions, with the recording to be made available online.

• Agenda covered 2020 performance, strategy, formal resolutions, shareholder questions and electronic poll voting; voting remained open for 15 minutes after the meeting.

Financial performance review

• FY2020 ongoing revenue rose 6.3% at constant exchange rates and ongoing operating profit increased 5.4%; free cash flow was almost £337m, with 123% cash conversion.

• North America revenue exceeded $1.5bn, progressing toward 18% margins; pest control revenue grew 1%, while hygiene revenue rose 36.8% and profit 81.4%.

• Protect & Enhance ongoing revenue fell 12% and profit almost 30%; French Workwear revenue declined 10.4% amid customer-site closures.

• Q1 2021 ongoing revenue increased 15.4% at constant exchange rates: organic growth 9.3% and acquisitions 6.1%.

Board and executive committee updates

• Stuart Ingall-Tombs, CFO since August 2020, attended his first AGM as a director; Richard Solomons thanked predecessor Jeremy Townsend for his 10-year CFO tenure and smooth succession.

• Sarosh Mistry joined the Board in April 2021 and stood for election; his North American market knowledge and frontline-business experience were highlighted.

• Angela Seymour-Jackson stepped down after nine years; Cathy Turner was to assume the Remuneration Committee chair immediately after the meeting, subject to re-election.

• Directors completed formal performance evaluations and were considered effective and committed to their roles.