Investors are starting to wonder which sectors will suffer if the U.S. economy flatlines. Add pest control to the worry list. Terminix owner Rentokil Initial said in a trading update that it would cut its fiscal 2024 sales outlook on Monday,

Rentokil shares dive after pest control giant warns on profits - The Crawley-based company also suggested that it would reduce staffing levels after overspending.

Rentokil Initial shares tumbled after the pest-control company warned it would take a $104.5 million profit hit this year because of weakness in its North American business and currency fluctuations.

Rentokil Initial cut its forecast for adjusted profits for the year, warning that it expected a slower rate of organic revenue growth at its North American business.

Pest control giant Rentokil has issued a profit warning after sales growth was slower than anticipated, with the firm now planning to reduce its workforce in the US

The plunge wiped more than £2bn from Rentokil ’s market value. The London-listed company said that adjusted profits before tax and amortisation this year would be about £700mn, lower than the £776mn that analysts expected and the £766mn it made last year.

Rentokil Initial Plc shares plunged in London, erasing more than 2 billion pounds ($2.6 billion) in market value, after the pest-control company lowered growth expectations for its business in North America.