A surge in inquiries about bedbugs was not enough to save Rentokil Initial.
Shares in the pest control firm, dubbed the ‘royal ratcatcher’ following its contracts at Buckingham Palace in the 1960s, tumbled 18.6 per cent, or 110.9p, to 483.9p after it warned of weaker demand in North America.
The FTSE 100 company said sales in the region, which make up 60 per cent of group revenues, rose by just 2.2 per cent in the three months to the end of September.
It warned its performance in North America would be ‘marginally below prior expectations’
That clouded an otherwise ‘good overall performance’, as third-quarter revenues surged 53 per cent to £1.4billion.
Slump: Shares in Rentokil, dubbed the ‘royal ratcatcher’ following its contracts at Buckingham Palace in the 1960s, tumbled 18.6% after it warned of weaker demand in North America
Rentokil said inquiries about bedbugs in the UK soared 32 per cent in the first nine months of this year as concerns mount over an influx from France.
On a bumper day of corporate results, the FTSE 100 fell 1.2 per cent, or 88.47 points, to 7499.53 and the FTSE 250 was down 1.1 per cent, or 190.32 points, to 17,213.14 as conflict in the Middle East clouded the outlook.
Mondi joined Rentokil in dragging down the blue-chip index after the paper and packaging firm said demand remained ‘subdued’ in the third quarter.
It made £227million of profit in three months to September 30, down from £392million in the same period last year. Shares dropped 6.1 per cent, or 81p, to 1252p.
Centamin’s gold production slumped 21 per cent to 101,370 ounces in the three months to the end of September.
That took the miner’s output for the first nine months of 2022 to 321,931 ounces, putting it on track to reach the lower end of its 450,000 to 480,000 ounces range this year. Its shares retreated 2.6 per cent, or 2.25p, to 83.05p.
The London Stock Exchange Group did its best to lift the mood, reiterating that income, which rose 8 per cent to £1.97billion in the three months to the end of September, should grow at the upper end of its 6 per cent to 8 per cent range this year. It was up 1.9 per cent, or 152p, to 8226p.
Stock Watch – Oxford Nanopore
Oxford Nanopore made gains following a huge investment and collaboration aimed at accelerating its entry into clinical markets.
The gene sequencing company said Biomerieux, a global diagnostics firm, has agreed to buy 29m shares worth nearly £70million.
And it has joined forces with the US health provider Mayo Clinic, to develop tests for cancer and improve patient care.
Shares, which peaked at 716p in 2021 before tumbling, rose 14.3 per cent, or 26.9p, to 215p.
Mike Ashley’s fashion empire raised its stake in Asos for the second time this week.
Frasers Group, whose brands include Sports Direct, Jack Wills and Flannels, now owns 23 per cent of the online seller. Asos slid 2.9 per cent, or 11.8p, to 390.2p while Frasers dipped 1.6 per cent, or 13p, to 786p.
Dunelm first-quarter sales rose 9 per cent to £390million as customers splashed out on their homes.
But ongoing uncertainty surrounding the economy flagged up by the homewares retailer appeared to dampen the mood, sending its share price down by 0.9 per cent, or 9p, to 1028p.
Hollywood Bowl rose 4.3 per cent, or 10p, to 243.5p as it cashed in on families flocking to bowling alleys to keep their children entertained during the wet summer holidays.
Revenues rose 11p per cent to £215million in the year to the end of September – beating the £201million analysts expected.
McBride, which supplies cleaning and hygiene products to supermarkets, said pressure on family finances has driven customers towards own-label products, meaning profits were ahead of forecast. Shares soared 22.2 per cent, or 7.25p, to 39.9p.
Data analytics firm Relx said its revenue rose 8pc in the first nine months of 2023, but the shares fell 0.3 per cent, or 8p, to 2880p.
Assets managed by Schroders fell to £724.3billion in the three months to September 30 from £726.1billion at the end of the previous quarter as investors became more jittery about the turbulence on financial markets. Shares dropped 2.6 per cent, or 10p, to 374.3p.
Man Group rose 0.4 per cent, or 0.9p, to 215.2p as its assets under management were up from £125million at the end of June to £132million on September 30.
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