Economic Concerns - There is growing concern about the possibility of a recession in the US, driven by factors such as trade conflicts, lagging home sales, and rising consumer debt obligations [1] Market Efficiency - The financial markets are believed to be efficient, with most stocks reflecting their real current value, suggesting that the best investment opportunities may lie in less-followed stocks or those that do not accurately reflect market opportunities [1]

The Board thanks Mr. Williams for his contributions to the Company during his tenure and is grateful that he will remain available to the Company in an advisory capacity as needed as it seeks to complete a strategic transaction. Mr. Campbell commenced his career in a London based hedge fund before moving into retail broking where he led a sales desk at one of London's leading retail financial services providers. He progressed to becoming a recognised market analyst appearing regularly on Bloomberg, CNBC and ...

Core Points - Libra Lithium Corp. received the 2024 Bernie Schnieders Discovery of the Year Award for its spodumene discovery at the Soules Bay-Caron Project in Ontario, Canada [1][2] - The award was presented at the 2025 Ontario Prospectors Exploration Showcase, recognizing significant discoveries in Northwestern Ontario [2] Discovery Description - A successful 12-day prospecting program in June 2024 led to the discovery of spodumene-bearing pegmatites, with widths up to 30 meters and containing 15-25% spodumene [5][6] - The program resulted in 184 grab samples, with assays showing up to 6.64% Li2O and notable values of other elements such as 861 ppm Cs and 493 ppm SnO2 [5] - A total of 18 new spodumene discoveries were made over a strike length of 12 km, and the project area was expanded from 13,703 ha to 15,813 ha [6] RTO Update - The reverse merger transaction between PowerStone Metals Corp. and Libra Lithium is progressing, with a shareholder meeting scheduled for May 14, 2025, to approve the transaction [8][9] - The resulting public company is expected to be listed as "Libra Energy Materials Inc." on the Canadian Securities Exchange, with a targeted listing date in Q2 2025 [10] Company Overview - Libra is focused on discovering and developing critical minerals for the green energy transition, with significant land holdings in Ontario and Quebec [14] - The company is exploring its projects under a $33 million earn-in deal with KoBold Metals Company [14] - Libra holds 43,865,217 common shares in Athena Gold Corporation, which can be exchanged for shares of Athena under certain conditions [14]

Core Insights - Terminix has released its annual list of the Top 50 Most Mosquito-Infested Cities in the U.S. based on 2024 service data from over 300 branches nationwide [1][2] Group 1: Rankings and Locations - California and Texas dominate the rankings, with Los Angeles ranked as the most mosquito-infested city, followed by Dallas (2), New York City (3), Atlanta (4), and Houston (5) [2][4] - Other cities that ranked high include Philadelphia, Washington, D.C., Orlando, and San Francisco, indicating a widespread mosquito problem across the country [2] Group 2: Public Health Implications - Mosquitoes are not only a nuisance but also pose significant public health risks due to their ability to carry diseases [2][3] Group 3: Prevention Tips - Terminix recommends several mosquito prevention strategies, including adding mosquito traps, removing standing water, and using EPA-registered repellents [5][7] - The company emphasizes the importance of an integrated mosquito management plan that combines multiple tactics to control mosquito populations [7] Group 4: Company Overview - Rentokil Terminix is a leading provider of pest management services in North America, offering solutions for various pests including mosquitoes [6] - The company is part of Rentokil Initial plc, one of the largest business services companies globally [6]

Revenue Performance - Revenue for 2024 was £5,436 million, a 1.1% increase from £5,375 million in 2023[4] - Group Revenue increased by 3.9% to £5,587m, with Organic Revenue growth of 2.8%[23] - International revenue grew by 5.1% to £2,165 million in 2024, with adjusted operating profit increasing by 2.9% to £420 million[63] - North America Organic Revenue growth was 1.5%, while International business saw a growth of 4.7%[11] - Organic Revenue Growth for 2024 at constant exchange rates (CER) is £150 million, with a growth percentage of 2.8%[114] - North America segment revenue was £3,260 million in 2024, a decrease from £3,306 million in 2023[186] - Pest Control category Revenue grew by 2.9% to £4,408m, primarily driven by price increases[24] - Hygiene & Wellbeing Revenue increased by 8.4% to £931m, supported by strong demand for washroom services[24] Profitability - Adjusted Operating Profit decreased by 4.2% to £860 million in 2024 from £898 million in 2023[6] - Adjusted Operating Profit decreased by 4.2% to £860m, resulting in a Group Adjusted Operating Margin of 15.4%, down 130bps year on year[26] - Operating profit for 2024 decreased to £549 million from £625 million in 2023, reflecting a decline of 12.16%[130] - Adjusted Profit Before Tax for 2024 was £703 million, down from £766 million in 2023, a decline of 8.22%[149] - Basic Adjusted Earnings Per Share for 2024 was 21.25p, compared to 23.19p in 2023, a decrease of 8.38%[139] - Adjusted Operating Profit for Hygiene & Wellbeing rose by 6.8% to £169m, while the Adjusted Operating Margin decreased by 30bps to 18.1%[78] Cash Flow and Dividends - Free Cash Flow for 2024 was £410 million, down 18.0% from £500 million in 2023[6] - The company paid dividends of £229 million to equity shareholders in 2024, an increase from £201 million in 2023[161] - Recommended final dividend for FY 2024 is 9.09p per share, reflecting a 4.7% year-on-year increase[11] - Adjusted Free Cash Flow Conversion for 2024 was 80.0%, down from 89.4% in 2023, indicating a decrease in cash conversion efficiency[146] Acquisitions and Integration - The integration of Terminix is on track for completion by the end of 2026, with significant milestones achieved[8] - The company acquired 36 businesses with revenues of approximately £140 million for £182 million, indicating a strong pipeline for future acquisitions[15] - The company acquired 13 businesses in North America with combined revenues of approximately £69m[37] - The company completed 12 business acquisitions in Europe and LATAM, with revenues of £20 million in the year prior to purchase[66] - A total of 36 new businesses were acquired, including 24 in Pest Control and 12 in Hygiene & Wellbeing, for a total consideration of £182m[82] Cost Management - The company expects to generate $100 million in cost reductions post-integration compared to 2024 levels[15] - Cost synergies were achieved in 2024, with a projected $100 million reduction in operational costs post-2026, aligning with initial gross synergy expectations[58][59] - Central and regional overheads increased by £17m to £138m, primarily due to inflationary increases and IT investments[89] Customer Metrics - Customer retention in North America improved to 80.1%, up from 79.5% in FY 23[36] - Customer retention rates remained strong, with North America at 88.3% and Asia & MENAT at 80.7% for the full year[65][72] Future Outlook - The company anticipates FY 2025 financial performance to align with market expectations despite challenges in lead generation[15] - The adjusted free cash flow conversion forecast for FY 2025 is 80%, with modest balance sheet deleveraging expected[15] - The North America business is expected to achieve operating profit margins above 20% from 2027, retiring the previous margin target of greater than 19% by 2026[59] Financial Position - The net debt to EBITDA ratio was 2.9x as of 31 December 2024, compared to 2.8x at the end of 2023[96] - Cash and cash equivalents decreased to £925 million in 2024 from £1,562 million in 2023, a decline of 40.73%[155] - Total equity at 31 December 2024 was £4,228 million, up from £4,088 million in 2023, representing an increase of 3.43%[161] - The company recognized contract costs of £238 million at the end of the period, an increase from £224 million in 2023[179] Taxation - The effective tax rate for the period was 24.2%, up from 22.7% in the previous year[93] - Current tax expense for 2024 is £89 million, down from £94 million in 2023, while total income tax expense decreased to £98 million from £112 million[194] - The Group had tax losses of £242 million as of the balance sheet date, with £203 million set to expire between 2025 and 2045[200]

Acquisitions and Growth - The company acquired 36 new businesses in 2024 to extend its geographic footprint and improve market share[31]. - Future M&A activities are targeted to enhance growth, with specific spending plans outlined for 2025[100]. - In 2022, the company acquired Terminix Global Holdings, Inc., a leading brand in U.S. pest management services[94]. - The company aims to enhance its global Pest Control business through innovation and digital strategies[100]. Cybersecurity and Operational Risks - In 2024, the organization encountered seven cybersecurity incidents, all effectively addressed without material impact on the business[38]. - Extraordinary events, such as cyber attacks or natural disasters, could significantly disrupt operations and affect customer service continuity[49]. - The company faces risks related to the integration of acquisitions, which could affect operational efficiency and financial performance[31]. Economic and Market Challenges - Inflationary pressures have increased operating costs, with significant impacts from rising fuel prices and potential challenges in passing these costs onto customers[42]. - Economic challenges, including low GDP growth and high commodity price volatility, may adversely impact customer demand and profitability[43]. - The competitive landscape is intensifying, with multinational competitors increasing acquisition costs and driving down prices, impacting profitability[48]. Operational Efficiency and Talent Management - The company continues to invest in new systems and technologies, including artificial intelligence, to improve operations, though this may lead to significant delays and increased costs[33]. - There is a dependency on key personnel for business success, and challenges in attracting and retaining talent could adversely affect operations[35]. - The company may experience difficulties in maintaining a suitably skilled labor force, impacting service delivery and increasing operational costs[36]. - The company faces challenges in achieving efficiency improvements and may not meet anticipated implementation timetables or stay within budgeted costs[45]. Customer Retention and Product Development - Continued growth is dependent on the ability to retain existing customers and attract new ones, with no assurance that current strategies will be successful[46]. - The company must develop products and services that meet customer needs, especially in response to technological disruptions in the market[47]. Legal and Compliance Issues - Compliance with a wide range of laws and regulations is critical, as failure to do so could negatively impact business operations and financial condition[63]. - Increased focus on ESG matters may hinder access to capital and require changes to operations to meet evolving customer preferences and regulatory requirements[52][53]. - Legal claims related to trade practices may arise, potentially impacting the company's reputation and financial condition[70]. - The company faces significant legal expenses related to termite damage claims, which could exceed accounting provisions for such claims[69]. Financial Condition and Debt Management - As of December 31, 2024, the company had aggregate outstanding indebtedness of approximately £3.2 billion[88]. - A downgrade in credit ratings by agencies like S&P and Fitch could increase future borrowing costs and reduce access to capital[89]. - An increase in interest rates would raise the cost of servicing the company's debt, potentially adversely affecting financial condition and cash flows[90]. - The company is required to comply with customary information undertakings, including delivering financial statements and compliance certificates[195]. Shareholder Information and Equity Management - Brian Baldwin holds 64,600,000 ordinary shares, representing 2.56% of the issued ordinary shares[136]. - Andy Ransom has a total of 1,764,166 ordinary shares, with a shareholding requirement of 400% of salary[137]. - The interests of ELT members in the ordinary share capital of the company include various shareholdings and awards as of 21 March 2025[138]. - The company has a structured share award program with performance conditions for its executive directors[144]. Tax and Regulatory Considerations - Changes in tax laws and unanticipated tax liabilities could materially impact the company's profitability and cash flow[86]. - U.S. holders of ordinary shares or ADSs are subject to U.S. federal income tax considerations, which may vary based on individual circumstances[221]. - Distributions paid to U.S. holders will generally be included in gross income as foreign source ordinary dividend income, subject to UK tax withholding[226].

Group 1 - The pest control industry is characterized by capital light and non-cyclical traits, making it an attractive sector for investment [1] - There is an increasing trend in client retention ratios within the industry, indicating a growing customer base [1]

Full Year Results 2024 Securing sustainable growth 6 March 2025 1 Cautionary statement In order to utilise the 'safe harbour' provisions of the U.S. Private Securities Litigation Reform Act of 1995 (the "PSLRA") and the general doctrine of cautionary statements, Rentokil Initial plc ("the Company") is providing the following cautionary statement: This communication contains forward-looking statements within the meaning of the PSLRA. Forward-looking statements can sometimes, but not always, be identified by ...

Financial Data and Key Metrics Changes - The company reported a revenue of GBP 5.6 billion for 2024, reflecting a 3.9% increase, with organic growth at 2.8% [2][21] - Adjusted operating profit decreased by 7.1% to GBP 860 million, with a corresponding margin reduction of 130 basis points [22] - Free cash flow was GBP 410 million, with a cash conversion rate of 80% [22] - The net debt-to-EBITDA ratio at year-end was 2.9x, with expectations to reduce this towards a targeted range of 2 to 2.5x in 2025 [49] Business Line Data and Key Metrics Changes - North American business grew by 1.3%, with organic growth at 1.5%, while the International business saw revenue growth of 8.2% [21][35] - Pest Control revenue was GBP 4.4 billion, with total revenue growth of 2.9% and organic growth of 2.5% [39] - The Hygiene & Wellbeing category delivered revenue growth of 8.4%, with 3.1% organic growth [39] Market Data and Key Metrics Changes - The International business, which includes all regions outside North America, achieved revenue of GBP 2.2 billion, with organic growth of 4.7% [35] - Customer retention rates in the International business remained strong, with all regions delivering rates over 80% [38] Company Strategy and Development Direction - The company is focused on the integration of Terminix, aiming to create a highly efficient operating model with a competitive cost structure [17][18] - A multi-brand strategy will be implemented, retaining nine regional brands to enhance local presence and reduce the need for branch mergers [11][77] - The company plans to open more satellite branches, increasing the total expected locations to over 500 [11][76] Management's Comments on Operating Environment and Future Outlook - Management anticipates that growth will experience periods of disruption during the integration process, particularly in Q1 due to weak lead flow and adverse weather [19] - The company expects to achieve full-year financial performance in line with market expectations, focusing on organic expansion and strategic acquisitions [20] - There is confidence in the long-term growth potential, driven by favorable market dynamics such as population growth and urbanization [16] Other Important Information - The company plans to accelerate marketing efforts to improve brand awareness and lead generation [11][68] - Significant investments were made in customer sales teams, resulting in improved customer satisfaction and retention [62] - The company recorded a working capital outflow of GBP 105 million for the full year, with expectations for improvement in 2025 [42] Q&A Session Summary Question: Digital leads and IT systems rollout - Inquiry about the differentiation of digital leads performance between branches with new systems and legacy ones, and challenges faced in the rollout [84][85] Question: Sales force incentive scheme - Questions regarding feedback from salespeople on the new commission structure differentiating contracts from one-off jobs [86] Question: Cost synergies and inflation impact - Inquiry about changes in cost synergies expectations and the impact of inflation on previous targets [89] Response: Digital leads and IT systems - Management acknowledged that integrating branches can negatively impact organic growth but noted strong colleague retention and customer satisfaction during the process [102] Response: Sales force incentive scheme - Management indicated that changes to sales incentives are complex but necessary to improve contract sales performance [96][100] Response: Cost synergies and inflation impact - Management expressed confidence in achieving cost synergies but noted challenges due to inflation and integration investments [94][95]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Rentokil Initial plc regarding a class action lawsuit due to alleged misleading statements and execution challenges related to the integration of Terminix [1][2]. Group 1: Allegations - The complaint alleges that Rentokil faced significant disruption during the early integration of Terminix, which was not disclosed to shareholders [1]. - It is claimed that Rentokil encountered ongoing self-inflicted execution challenges that jeopardized the integration plan for Terminix [1]. - The separation of Rentokil and Terminix as two distinct businesses negatively impacted Rentokil's operations, particularly organic revenue growth in North America [1]. Group 2: Class Action Details - The class period for the lawsuit is defined as December 1, 2023, to September 10, 2024 [1]. - Shareholders are encouraged to register for the class action by the deadline of January 27, 2025, to potentially be appointed as lead plaintiffs [2]. - Participants will be enrolled in a portfolio monitoring software to receive updates on the case's progress [2]. Group 3: Firm Background - The Gross Law Firm is recognized nationally for its commitment to protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].