Published Date:
07 November 2008
Rentokil Initial today said parcel delivery business City Link remained "significantly loss making" as the group reported a 55.9% slump in operating profits.
The firm, which also provides pest control and hygiene services, reported profits of £32.3 million at constant exchange rates for the third quarter to September 30, down from £73.3 million last year.
Rentokil saw £6 million of bad debt provisions in its UK washrooms business, which it said continued to suffer from high levels of contract terminations.
And the group said operating profits were adversely affected by City Link's loss of £12 million against its £11.4 million profit in 2007. This was despite "excellent progress" in customer service and new business wins.
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Last Updated:
07 November 2008 8:02 AM
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Source:
n/a
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Location:
Yorkshire
