Rentokil still struggling with City Link

Rentokil initial said its first-quarter profits had fallen by 10 per cent and its City Link parcels business was continuing to frustrate its attempts to revive its fortunes.

Rentokil said losses at City Link widened to £10.7m in the three months to 31 March, as revenues fell by 13.4 per cent to £72.3m. The chief executive Alan Brown, who joined Rentokil in 2008 with a highly incentivised five-year plan to turn the firm around, blamed the shortfall on a difficult parcels market.