Group Revenue and Organic Growth
Group revenue increased 3.8% to $6.9bn with organic revenue growth of 2.6%; H2 revenues grew 4.5% with organic growth of 3.5%.
Profit and Margin Expansion
Adjusted operating profit increased 5.4% to just over $1.0bn, delivering an adjusted operating profit margin of 15.5%, up 30 basis points year-on-year.
Strong Free Cash Flow and Conversion
Free cash flow grew 24.5% to $615m with free cash flow conversion of 98% (well above the 80% target), supporting debt reduction and capital priorities.
Improved Leverage and Dividend Growth
Net debt reduced (leverage improved to 2.6x from 2.9x) and the Board is recommending a progressive full-year dividend up 3% to $0.1239 per share.
North America Operational Progress
North America revenue grew 3.2% to $4.3bn (organic +2.3%). Adjusted operating profit rose 5.1% to $749m with margin 17.4%; Q4 Pest Control organic growth reached 2.6% and H2 Pest Control organic was 2.2% (vs 0.1% H1).
Customer and Colleague Retention Improvements
North America colleague retention improved by 2.8 percentage points to 82.2%; customer retention increased 0.4 points to 80.5%. International customer retention remained strong at 85.7% and colleague retention at 90.3%.
Efficiency and Cost Savings Delivered
Delivered $25m of in-year cost savings from the North America efficiency program, reallocated ~$20m of marketing to higher-efficiency channels, and achieved a double-digit reduction in cost-per-lead.
Branch Rollout and Local Marketing Gains
Opened ~150 small local satellite branches in North America (plans to reach ~220 small branches), with branches paired with satellites generating more than double the lead flow vs those without; lead flow rose over 7% across H2.
Technology and AI Adoption
Significant AI and tech progress: launched Google Gemini AI to 60k+ colleagues (1m users in 6 months), expanded PestConnect by ~100k devices to >600k total, and piloted AI agents (prospect prioritization, technician assistant, PestConnect Optix).
International Performance
International revenue grew 4.8% to $2.6bn with organic +3%; adjusted operating profit +5.7% to $518m and margins at 19.8% (up 20 basis points); emerging markets revenue +6.2% and profit +10.8%.