Rentokil profit-warning sees slide

Shares of Rentokil Initial Plc, the world’s largest pest- control business, fell 14%, the most in four years, after the British company said profit will be “substantially” below forecasts.

Demand for Rentokil’s rat killing, cleaning and security services has been “extremely disappointing, with difficult market conditions”, chief executive James Wilde said. Chairman and former chief executive Clive Thompson will be replaced immediately.

Pretax profit this year may fall to £350m at constant exchange rates, compared with £408.5m before items in 2003, the company said.