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Today's announcement that confidence in the UK manufacturing industry is at a 30 year low is yet another knock for an industry which has been under pressure for over a decade. As the UK economy...
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Saturday 23rd August 2008
While for many years Rentokil was the darling of the UK stock market with profits rising as quickly as the group’s profile, but the last couple of years have been so very different. The group has this week reported a slump in profitability with figures for the half year reaching £39.3 million against £88 million this time last year. So what is happening and what does the future hold?
The figures themselves are bad enough but were accompanied by one of the most downbeat statements of modern times. Chief executive Alan Brown suggested that it will probably take five years to restore the group back to the growth track, although he would be “delighted” if this happened within 3 years!
The group has been the subject of much bid speculation, seen directors come and go and now profits are a fraction of what they were only 3 or 4 years ago. A number of disastrous acquisitions and a management which did not seem able to get to grips with the business have led to the downfall.
Many in the stock market have written off Rentokil as a dead duck and while there may be some value in the mass of operations and subsidiaries, it is going to take a long time to dig them out. |
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