PEST control to delivery firm Rentokil Initial today said cut-throat competition across several markets had squeezed sales despite cost-cutting moves boosting profits.
The firm reported tough conditions across most markets - particularly continental Europe - with "continued strong pricing pressure in a number of categories".
Rentokil added cost-slashing plans were running ahead of its £75 million target for the full year, with £40 million in supply chain savings and redundancies across the group made during the first half.
The group, which employs 68,000 people worldwide, shed 250 jobs with the closure of a delivery hub for its City Link parcels business at Wednesbury in the West Midlands.
The savings pushed up underlying pre-tax profits 39% to £77 million although first-half revenues were down 2.3% to £1.23 billion.
