Rentokil Initial PLC (RTO) 2024 Q2 法說會逐字稿

Well, good morning, ladies and gentlemen.

那麼，早安，女士們先生們。

In a few moments, Stuart is going to provide you with details of our good overall performance in the first half of 2024.

稍後，Stuart 將向您詳細介紹我們在 2024 年上半年的良好整體表現。

I'll then come back.

然後我就回來。

I'll provide a very brief update on each of our categories before we focus on North America where we're making encouraging progress against our RIGHT WAY 2 growth plan with the core metrics now moving in the right direction and where we'll deep dive on our integration program, which is going extremely well.

在我們專注於北美之前，我將提供每個類別的非常簡短的更新，我們在北美的RIGHT WAY 2 成長計劃方面取得了令人鼓舞的進展，核心指標現在正朝著正確的方向發展，我們將深入探討北美的情況我們的整合計劃進展非常順利。

Brad Paulsen, our CEO for North America, will take you through a progress update on both of these important areas.

我們的北美執行長 Brad Paulsen 將帶您了解這兩個重要領域的最新進展。

So to set the scene, let me just say a few words by covering the group highlights of the first half.

那麼為了介紹一下現場，我先簡單介紹一下上半場小組賽的精彩時刻。

Revenue increased by 4% to GBP2.8 billion with top-line growth in all regions, of which organic growth was 2.8%.

營收成長 4%，達到 28 億英鎊，所有地區的收入均實現成長，其中有機成長 2.8%。

Europe, UK, Asia, and Pacific regions are all delivering organic growth in the range of 4% to 6%, and they've all performed well in the first half.

歐洲、英國、亞洲和太平洋地區的有機成長都在 4% 至 6% 之間，並且在上半年都表現良好。

In the first quarter, our North America Pest Control business delivered organic growth of 1%.

第一季度，我們的北美害蟲防治業務實現了 1% 的有機成長。

And this has increased to 1.5% in the second quarter following the launch of our Terminix It marketing campaign and our RIGHT WAY 2 growth plan.

在我們推出 Terminix It 行銷活動和 RIGHT WAY 2 成長計畫後，這一數字在第二季已增加至 1.5%。

We are pleased with the progress being made in colleague retention, the increase in brand awareness and branded search, inbound digital lead flow, and the increase in the number of technicians submitting sales leads from existing customers.

我們對同事保留、品牌知名度和品牌搜尋的提高、入站數位潛在客戶流以及從現有客戶提交銷售線索的技術人員數量的增加等方面取得的進展感到高興。

Rebuilding our growth engine will take time, but we made good progress in the second quarter, and we expect to make further progress in the second half.

重建成長引擎需要時間，但我們在第二季度取得了良好進展，預計下半年將取得進一步進展。

Group adjusted operating profit grew by 4.7% to GBP455 million.

集團調整後營業利潤成長 4.7%，達到 4.55 億英鎊。

And we delivered a group margin of 16.5%, up by 10 basis points and in line with our guidance.

我們的集團利潤率為 16.5%，上升了 10 個基點，符合我們的指引。

Statutory profit before tax at actual exchange rate was GBP253 million, an increase of 5.6% on the prior year.

以實際匯率計算的法定稅前利潤為2.53億英鎊，比上年增長5.6%。

Our bolt-on M&A program continues to create value with 23 acquisitions in the first half, generating annualized revenues in the year before acquisition of GBP81 million.

我們的補強併購計畫繼續創造價值，上半年進行了 23 項收購，收購前一年的年化收入為 8,100 萬英鎊。

A leverage ratio of 2.8x puts us firmly on track towards further deleveraging towards our target range of between 2x and 2.5x as we committed at the time of the Terminix acquisition, so an encouraging overall group performance.

2.8 倍的槓桿率使我們堅定地朝著進一步去槓桿化的方向邁進，實現我們在收購 Terminix 時所承諾的 2 倍至 2.5 倍之間的目標範圍，因此集團的整體業績令人鼓舞。

And while we're mainly focused on North America growth and integration today, it is worth highlighting that the rest of the group continues to perform very well.

雖然我們今天主要關注北美的成長和整合，但值得強調的是，該集團的其他成員仍然表現出色。

Four months ago at our prelim results, we set out our detailed plan to reinvigorate organic growth in our North America Pest Control business.

四個月前，在我們的初步業績中，我們制定了詳細的計劃，以重振北美害蟲防治業務的有機成長。

We explained our model, which you can see on the slide there, with opportunities for growth from both existing and from new customers.

我們解釋了我們的模型，您可以在投影片上看到該模型，其中包含現有客戶和新客戶的成長機會。

To date, we've invested around $21 million of the $25 million we committed at the prelims.

迄今為止，我們在預賽承諾的 2500 萬美元中已經投資了約 2100 萬美元。

And that's gone into brand marketing, lead generation, and into new sales and marketing talent.

這涉及品牌行銷、潛在客戶開發以及新的銷售和行銷人才。

I'm pleased to say that whilst it's still early days, we can see green shoots now appearing, and our key growth KPIs are showing positive improvements.

我很高興地說，雖然現在還處於早期階段，但我們現在可以看到復甦的苗頭，而且我們的關鍵成長 KPI 正在顯示出積極的改善。

We've delivered excellent continued progress on colleague retention, and it was particularly good to see an increase in sales colleague retention of almost 400 basis points since the beginning of the year.

我們在保留同事方面取得了出色的持續進展，特別高興的是，自年初以來，銷售同事的保留率增加了近 400 個基點。

Our Terminix It brand campaign was launched in mid-March and, according to our latest data, has already been seen 685 million times and by 96 million people.

我們的 Terminix It 品牌活動於 3 月中旬推出，根據我們的最新數據，瀏覽量已達 6.85 億次，瀏覽量達 9,600 萬人。

This has delivered a very encouraging 29% increase in branded search for Terminix.

這使得 Terminix 的品牌搜尋量增加了 29%，非常令人鼓舞。

In April, we registered our first month of 2024 year-on-year inbound sales lead growth from new potential customers, and this continued through May and June.

4 月份，我們錄得 2024 年第一個月的入境銷售年增，來自新潛在客戶，這種情況持續到 5 月和 6 月。

And more of our technicians are also submitting sales leads from existing customers with an increase in participation rate from around 50% in January to over 60% in June.

我們的技術人員也越來越多地提交現有客戶的銷售線索，參與率從 1 月的 50% 左右上升到 6 月的 60% 以上。

Our underlying progress in the second quarter gives us the confidence to extend these investments with an additional $25 million committed to growth initiatives funded from gross synergies, with around $15 million of that being spent in the second half.

第二季的基本進展使我們有信心擴大這些投資，並承諾透過總協同效應資助額外 2500 萬美元用於成長計劃，其中約 1500 萬美元將在下半年支出。

But we'll also shift more of our focus on to the long-term need to improve the customer retention rate, particularly with our residential and termite customers.

但我們也會將更多的注意力轉向提高客戶保留率的長期需求，特別是我們的住宅和白蟻客戶。

So we're confident that the investments that we are making are the right ones for growing our underlying contract portfolio to support not just the second half but also to lay the foundations for long-term growth.

因此，我們相信，我們正在進行的投資是擴大我們的基礎合約投資組合的正確投資，不僅可以支持下半年，還可以為長期成長奠定基礎。

Touching briefly on the excellent progress we're making on the integration.

簡單介紹一下我們在整合方面取得的出色進展。

In the first half, we completed Phase 2 of the integration, which included the detailed preparation of the branch integration program.

上半年，我們完成了整合第二階段工作，其中包括分行整合方案的詳細準備工作。

The first integrations then began on schedule in June and July.

第一次整合隨後於六月和七月按計劃開始。

Today, our end-state systems and processes are live, and they're working well in the first nine branches that have been integrated with 160 technicians serving both commercial and residential customers and with combined annual revenues of around $37 million.

如今，我們的最終狀態系統和流程已上線，並且在前9 個分支機構中運作良好，這些分支機構已整合了160 名技術人員，為商業和住宅客戶提供服務，年總收入約為3700 萬美元。

When you include the Rentokil technicians who are already using our new end-state PestPac system and now the first Terminix colleagues are also using the system as part of the first branch integrations, it's now being used by over 40% of our technicians in the US and will be being used by over half of our US techs by the end of this year.

如果包括已經在使用我們新的最終狀態PestPac 系統的能多潔技術人員，以及現在第一批Terminix 同事也在使用該系統作為第一個分支機構整合的一部分，那麼現在我們在美國有超過40%的技術人員正在使用該系統到今年年底，超過一半的美國技術人員將使用它。

And we're firmly on track to achieve our gross cost synergy target of $325 million, having delivered an additional $58 million of gross savings in the first half.

我們堅定地實現 3.25 億美元的總成本協同目標，上半年又實現了 5,800 萬美元的總節省。

The additional H2 investments in our RIGHT WAY 2 growth strategy of $25 million takes our total planned investments over the course of the integration to around $125 million and, therefore, we now expect total net synergies to be over $200 million.

我們的 RIGHT WAY 2 成長策略中的額外 H2 投資為 2,500 萬美元，使我們在整合過程中的計畫投資總額達到約 1.25 億美元，因此，我們現在預計總淨協同效應將超過 2 億美元。

So a positive overall group performance, green shoots coming through in North America as we execute the RIGHT WAY 2 growth plan and excellent progress on the integration program, which remains firmly on track.

因此，集團整體表現積極，隨著我們執行 RIGHT WAY 2 成長計劃，北美地區出現了新芽，整合計劃也取得了良好進展，該計劃仍然堅定地走在正軌上。

With that, let me hand over to Stuart.

接下來，讓我把任務交給史都華。

Thank you, Andy, and good morning, everyone.

謝謝你，安迪，大家早安。

I'll run through the financial highlights of what's been a good first half overall.

我將回顧上半年整體表現良好的財務亮點。

I'll start with the group level numbers.

我將從團體層級的數字開始。

And then as usual, I'll move through the regions and then look at the balance sheet.

然後像往常一樣，我將瀏覽各個地區，然後查看資產負債表。

Unless I state to the contrary, all numbers are at constant rates of exchange.

除非我另有說明，否則所有數字均以固定匯率計算。

The business delivered a good top line performance in the first half.

上半年，該業務取得了良好的營收業績。

Revenue was up 4% to GBP2.76 billion and statutory revenue up 1.3% to GBP2.7 billion.

營收成長 4%，達到 27.6 億英鎊，法定收入成長 1.3%，達到 27 億英鎊。

Organic revenue was up 2.8%.

有機收入成長 2.8%。

This translates to an adjusted operating profit of GBP455 million, a year-on-year increase of 4.7%, and margin was up 10 basis points.

這意味著調整後營業利潤為4.55億英鎊，年增4.7%，利潤率上升10個基點。

Free cash flow was GBP172 million, and cash conversion was 62.2%.

自由現金流為1.72億英鎊，現金轉換率為62.2%。

This half-year phenomenon was a result of timing of customer and supplier payments around the half year, and we expect cash conversion to return to 80% to 90% for the full year.

這種半年現像是由於客戶和供應商付款時間安排在半年左右，我們預計全年現金轉換率將恢復到 80% 至 90%。

These factors, combined with the continued success of our bolt-on M&A program and the dividend payment, resulted in a net debt-to-EBITDA ratio of 2.8x on June 30, on track for full year expectations.

這些因素，加上我們的補充併購計劃和股息支付的持續成功，導致 6 月 30 日的淨債務與 EBITDA 比率達到 2.8 倍，符合全年預期。

Based on a good performance in H1 and our confidence of further progress in the remainder of the year, the Board has approved an interim dividend of 3.16p, a 14.9% rise year-on-year and in line with our progressive dividend policy.

基於上半年的良好表現以及我們對今年剩餘時間取得進一步進展的信心，董事會批准派發中期股息 3.16 便士，同比增長 14.9%，符合我們的漸進式股息政策。

So looking now at our performance by region, starting with North America.

現在看看我們按地區劃分的表現，首先是北美。

The North American business grew by 1.1%, of which 1.3% was organic.

北美業務成長 1.1%，其中有機成長 1.3%。

Pest Control services also recorded organic revenue growth of 1.3% for the half year.

害蟲防治服務半年的有機收入也成長了 1.3%。

However, in Pest Control services, we saw an encouraging 50-basis-point improvement between the two quarters as well as positive movement in a number of key leading indicators that Andy and Brad will speak to shortly.

然而，在害蟲防治服務方面，我們看到兩個季度之間取得了令人鼓舞的 50 個基點的改善，以及安迪和布拉德即將談到的許多關鍵領先指標的積極變化。

The Pest Control category overall was up 1.1% with a drag from the products distribution business.

受產品分銷業務的拖累，害蟲防治類別整體上漲 1.1%。

This was affected by customer inventory loading in 2023, creating very strong prior year comparatives.

這受到 2023 年客戶庫存負載的影響，與去年相比非常強勁。

Adjusted operating profit in the region was up 1.8%, and operating margin was up 10 basis points year-on-year to 18.6% with a benefit from synergy delivery partly offset by our $21 million additional investment in marketing in the half.

該地區調整後營業利潤成長 1.8%，營業利潤率年增 10 個基點，達到 18.6%，綜效帶來的收益被我們半年在行銷方面額外投資 2,100 萬美元部分抵銷。

Note that excluding the product distribution business, our margin was 20% flat.

請注意，不包括產品分銷業務，我們的利潤率持平 20%。

Customer retention was stable at 79.8%, and we've seen further strong progress on colleague retention.

客戶保留率穩定在 79.8%，我們看到同事保留率​​取得了進一步的強勁進展。

Total North America colleague retention, including Terminix, improved 2.6 percentage points to 77.8%, driven by improvement in retention of both technician and sales colleague roles.

由於技術人員和銷售同事角色保留率的提高，包括 Terminix 在內的北美同事保留率​​整體提高了 2.6 個百分點，達到 77.8%。

Terminix colleague retention was up strongly by more than 3 percentage points to 73.1%.

Terminix 同事留任率大幅上升 3 個百分點以上，達到 73.1%。

Despite the attention given to the Terminix transaction, we've had another good period for bolt-on M&A, acquiring nine businesses with estimated total annualized revenues of around GBP22 million in the year prior to purchase.

儘管Terminix交易受到關注，但我們還是經歷了另一個補強併購的好時期，收購了九家企業，收購前一年的年化總收入預計約為2200萬英鎊。

The quarter-on-quarter financial improvement in pest control services indicates that we're beginning to see benefit from our RIGHT WAY 2 growth plan.

害蟲防治服務的季度財務改善表明我們開始看到我們的 RIGHT WAY 2 成長計畫帶來的好處。

We're making an additional $25 million investment in customer acquisition and retention to help deliver our growth opportunities, of which $15 million will be spent in H2.

我們將在客戶獲取和保留方面額外投資 2,500 萬美元，以幫助實現成長機會，其中 1,500 萬美元將用於下半年。

The Terminix integration has also made strong progress with the first branch integrations well underway and $22 million of net cost synergies delivered in the region in H1.

Terminix 整合也取得了長足進展，第一批分公司整合順利進行，上半年在該地區實現了 2,200 萬美元的淨成本協同效應。

Turning now to the European region.

現在轉向歐洲地區。

Another period of strong performance across the board here.

又一個全面強勁表現的時期。

Driven by both effective price increases and resilience in overall demand, revenue rose by 7%.

在有效價格上漲和整體需求彈性的推動下，營收成長了 7%。

Organic revenue growth was 5.8%.

有機收入成長率為 5.8%。

All three business categories posted strong numbers.

所有三個業務類別均錄得強勁數據。

Pest Control revenue was up 8%, with a strong double-digit organic revenue contribution from larger markets like Germany, Italy, and Benelux.

害蟲防治收入成長了 8%，其中來自德國、義大利和比荷盧經濟聯盟等較大市場的有機收入貢獻強勁，達到兩位數。

Hygiene & Wellbeing grew revenue by 5.2%, supported by an improved performance in the specialist hygiene and clean room businesses.

由於專業衛生和無塵室業務績效的改善，衛生與健康部門的收入成長了 5.2%。

France Workwear revenue was up 7.5% with continued pricing progression.

隨著定價的持續進步，法國工作服收入成長了 7.5%。

Adjusted operating profit rose by 9.1%, and operating margin increased by 40 basis points to 18.9%.

調整後營業利潤成長 9.1%，營業利益率成長 40 個基點至 18.9%。

This was underpinned by the core hygiene business and also in clean room where higher volumes at good margins led to improved overhead recovery.

這是由核心衛生業務以及無塵室業務支撐的，無塵室的產量增加和利潤率較高，從而改善了管理費用回收。

While inflationary pressures remain, we've been successful at protecting margins with pass-through pricing.

儘管通膨壓力仍然存在，但我們成功地透過轉嫁定價保護了利潤。

Customer retention remained strong at 88.5%, and colleague retention rates have also continued to be excellent, up to 90.7% and touching on historical highs.

客戶保留率仍維持在 88.5% 的強勁水平，同事保留率​​也持續出色，高達 90.7%，觸及歷史新高。

Eight business acquisitions were completed in the period with estimated annualized revenues of GBP13 million in the year prior to purchase.

期內完成了八項業務收購，收購前一年的預計年化收入為 1,300 萬英鎊。

Turning to the UK and Sub-Saharan Africa.

轉向英國和撒哈拉以南非洲。

We delivered a strong trading performance.

我們取得了強勁的交易業績。

Revenue increased by 13.2% with a positive contribution from both business categories with Pest Control up 5.2% and Hygiene & Wellbeing 21.4%.

收入增長了 13.2%，這兩個業務類別都做出了積極貢獻，其中害蟲控制增長了 5.2%，衛生與健康增長了 21.4%。

Adjusted operating profit increased by 9.3%, and operating margin slightly decreased by 90 basis points to 23%, largely due to short-term dilution from bolt-on M&A activity.

調整後營業利潤成長 9.3%，營業利潤率小幅下降 90 個基點至 23%，主要是由於補充併購活動的短期攤薄。

The margin performance has been underpinned by the UK's service performance reaching an all-time high, reflected in an excellent Net Promoter Score, which also sustained strong customer retention rate, and colleague retention in the region is at 84.4%, up 1.1 percentage points.

英國的服務績效達到歷史最高水平，這體現在出色的淨推薦值上，這也支撐了利潤率表現，該地區的客戶保留率也保持強勁，同事保留率​​為84.4%，上升了1.1 個百分點。

We completed one business acquisition in the year with estimated annualized revenues of GBP30 million in the year prior to purchase.

我們在這一年完成了一項業務收購，預計收購前一年的年收入為 3,000 萬英鎊。

Looking now at Asia and MENAT on the left-hand side of the slide.

現在看看幻燈片左側的亞洲和 MENAT。

Regional revenues rose by 7.5%, of which 4.7% was organic, supported by good contract growth and effective pricing.

區域收入成長 7.5%，其中 4.7% 為有機收入，這得益於良好的合約成長和有效的定價。

Pest Control in some of our key markets such as India and Indonesia led the way.

印度和印尼等一些主要市場的害蟲防治處於領先地位。

Adjusted operating profit increased by 1.7%.

調整後營業利潤成長1.7%。

Additional growth investments in Singapore and Hong Kong meant that adjusted operating margin for the period was down slightly to 13%.

在新加坡和香港的額外成長投資意味著該期間調整後的營業利潤率小幅下降至 13%。

Customer retention was strongly up, and regional operations have continued to benefit from an excellent colleague retention rate of 93.5%.

客戶保留率大幅上升，區域營運繼續受益於 93.5% 的出色同事保留率​​。

We acquired three businesses with estimated annualized revenues in the year prior to purchase of GBP11 million.

我們收購了三項業務，收購前一年的年收入預計為 1,100 萬英鎊。

And finally, the Pacific region.

最後是太平洋地區。

Another double-digit top-line performance here with revenue increasing by 10.4%, of which 4.1% was organic.

營收再次實現兩位數成長，營收成長 10.4%，其中有機成長 4.1%。

Pest Control was up 12.6% with notable strength in commercial.

害蟲防治成長 12.6%，商業領域表現強勁。

Hygiene & Wellbeing was up 8.1% with continued strong demand in the region for our Ambius business.

由於該地區對我們的 Ambius 業務的持續強勁需求，衛生與健康業務成長了 8.1%。

Regional adjusted operating profit was up 5%.

地區調整後營業利潤成長 5%。

The first half operating margin was slightly impacted by phasing in rural pest control.

上半年營業利潤率因農村病蟲害防治的逐步實施而受到輕微影響。

The customer retention rate remained strong, and colleague retention improved by 1.6 percentage points.

客戶保留率依然強勁，同事保留率​​提高了 1.6 個百分點。

We acquired two businesses with estimated annualized revenues in the year prior to purchase of GBP5 million.

我們收購了兩家企業，收購前一年的年收入預計為 500 萬英鎊。

Group margin was up 10 basis points, underpinned by our continued execution on strategic initiatives.

在我們持續執行策略措施的支撐下，集團利潤率成長了 10 個基點。

These include the densification of roots and products, optimization of overhead costs and leveraging technology and innovation along with active cost base management.

其中包括根源和產品的緻密化、間接成本的最佳化、利用技術和創新以及積極的成本基礎管理。

Integration activities have positively impacted margins from completed M&A initiatives brought in at lower than group margins.

整合活動對已完成的併購計畫的利潤率產生了正面影響，而併購計畫的利潤率低於集團利潤率。

Gross synergies from the Terminix integration contributed 170 basis points to group margin, and there was 100 basis points reduction from investments, including 60 basis points from the additional marketing investment.

Terminix 整合帶來的總協同效應為集團利潤率貢獻了 170 個基點，投資減少了 100 個基點，其中額外行銷投資減少了 60 個基點。

Group cash flow.

集團現金流。

Higher trading profits came from organic and acquisitive growth, partly offset by FX.

較高的交易利潤來自有機成長和收購成長，但部分被外匯抵銷。

The group did have a GBP97 million working capital outflow in the first six months of the year.

今年前六個月，該集團確實有 9,700 萬英鎊的營運資金流出。

This resulted from a slightly softer debtor performance and improved supply payment processing right at the end of H1, and these are expected to revert to previous guidance in the second half and not have an impact on the full year cash outlook.

這是由於上半年末債務人表現略有疲軟以及供應付款處理有所改善，預計這些將在下半年恢復到之前的指導，不會對全年現金前景產生影響。

As a consequence, full year '24 guidance for working capital and cash generation remain unchanged.

因此，24 年全年營運資本和現金產生指引維持不變。

The cash interest payments increased by GBP10 million year on year.

現金利息支付年增1000萬英鎊。

Cash tax payments totaled GBP31 million, a decrease of GBP27 million year on year, also attributable to some prior year one-off tax payments and H1 2024 one-off US tax refunds mainly related to the Terminix acquisition.

現金稅款支付總額為3,100萬英鎊，年減2,700萬英鎊，這也是由於一些上年一次性稅款支付和主要與Terminix收購相關的2024年上半年美國一次性退稅所致。

The cash spent on acquisitions was GBP76 million, while dividend payments were GBP149 million.

用於收購的現金為7600萬英鎊，而股息支付為1.49億英鎊。

Note that for some of our bonds, we pay a full year of cash interest in H1 versus a P&L charge across the year, reducing cash conversion in the first half by about 10 percentage points.

請注意，對於我們的一些債券，我們在上半年支付全年現金利息，而不是全年損益費用，從而使上半年的現金轉換減少了約 10 個百分點。

Our full year '24 guidance, as I said, for adjusted free cash flow remains at 80% to 90%.

正如我所說，我們對 24 年全年調整後自由現金流的指導仍保持在 80% 至 90%。

The group's net debt-to-EBITDA ratio remains stable at 2.8x. The group maintains a liquidity headroom of approximately GBP1.5 billion, which includes an undrawn revolving credit facility of $1 billion set to mature in October 2028.

該集團的淨債務與 EBITDA 比率保持穩定在 2.8 倍。該集團保持約 15 億英鎊的流動性空間，其中包括將於 2028 年 10 月到期的 10 億美元未提取循環信貸額度。

Around 81% of the group's debt is at fixed interest rate.

該集團約81%的債務為固定利率。

The group has a EUR 400 million bond maturing in November this year.

該集團有 4 億歐元債券將於今年 11 月到期。

And with the current level of headroom, we've got good optionality around the timing of the refinancing.

就目前的淨空水準而言，我們在再融資的時間安排上有很好的選擇。

Before looking at our technical guidance, I want to share our plans to change our presentation currency.

在查看我們的技術指南之前，我想先分享我們更改演示貨幣的計劃。

We've used pound sterling since the inception of the group.

自集團成立以來，我們一直使用英鎊。

However, the US now represents about 60% of group revenue and two-thirds of group profit, which can result in significant reporting volatility from FX movement.

然而，美國目前約佔集團收入的 60% 和集團利潤的三分之二，這可能會導致外匯波動導致報告大幅波動。

We, therefore, plan to change our presentation currency to United States dollars for all reporting periods starting from January 1, 2025.

因此，我們計劃從 2025 年 1 月 1 日起將所有報告期間的列報貨幣更改為美元。

We commenced a project to this end in the second half of last year that would allow us to do this.

我們在去年下半年為此啟動了一個項目，這將使我們能夠做到這一點。

We will provide US dollar comparatives for key financial statements and support for modeling from the annual results reporting in 2025.

我們將為關鍵財務報表提供美元比較，並為 2025 年年度業績報告的建模提供支援。

Our US business has never been more significant to the group, operationally and strategically.

無論從營運角度還是從戰略角度來看，我們的美國業務對集團來說都從未如此重要。

We acknowledge the market debate around listing for companies such as Rentokil.

我們承認市場圍繞著能多潔等公司的上市存在爭論。

Our Board will continue to keep the group's listing under review.

我們的董事會將繼續審查該集團的上市事宜。

However, at the current time, we are strongly focused on driving up organic revenue growth through the RIGHT WAY 2 plan and successfully integrating Terminix.

然而，目前，我們重點關注透過 RIGHT WAY 2 計劃並成功整合 Terminix 來推動有機收入成長。

Moving to technical guidance.

轉向技術指導。

On this slide, we give estimates to help you with your models in relation to the full year.

在這張投影片上，我們給出了估算值，以幫助您建立與全年相關的模型。

Most remain unchanged with some updates.

大多數保持不變，但有一些更新。

On the P&L, we expect Terminix integration cost to achieve to come in about GBP10 million lower than previously guided.

在損益表上，我們預計 Terminix 整合成本將比先前的指引低約 1,000 萬英鎊。

The adjusted effective tax rate is expected to be lower in the range of 24% to 25%.

調整後的有效稅率預計將降低在24%至25%的範圍內。

Anticipated spend on M&A is revised to between GBP200 million and GBP250 million.

預計併購支出調整為 2 億英鎊至 2.5 億英鎊之間。

Our full year FX guidance reflects the strengthening of the pound against the dollar, and we now anticipate to have a headwind of between GBP30 million to GBP40 million.

我們的全年外匯指引反映了英鎊兌美元的走強，我們現在預計將面臨 3000 萬英鎊至 4000 萬英鎊的阻力。

We expect this increased FX headwind to be offset by further operational progress.

我們預計外匯逆風的增加將被進一步的營運進展所抵消。

We do expect a net $15 million or about GBP12 million revision to group adjusted operating profit in the full year, which reflects, amongst other things, the additional growth investment in H2.

我們預計全年集團調整後營業利潤將淨調整 1,500 萬美元（約 1,200 萬英鎊），這反映了下半年的額外成長投資。

And at that point, I will hand back to Andy.

到那時，我將把事情交還給安迪。

Thank you, Stuart.

謝謝你，斯圖爾特。

I want to give the North America section here as much time as possible this morning.

今天早上我想給北美部分盡可能多的時間。

So in the interest of time, I'm going to turn the pages on our usual employer of choice and business category sections at pace.

因此，為了節省時間，我將快速翻閱我們通常選擇的雇主和業務類別部分。

I'm delighted with the excellent progress that we're making and obviously happy to take detailed questions later.

我對我們所取得的巨大進展感到高興，並且顯然很樂意稍後回答詳細問題。

Our tried and tested operating model continues to perform very well.

我們久經考驗的營運模式持續表現良好。

And as you can see, we've continued to make good progress in colleague safety and in sustainability.

正如您所看到的，我們在同事安全和永續發展方面繼續取得良好進展。

We've also made progress in colleague recruitment and in particular in colleague retention, where in the year to June, our global colleague retention rate has increased by an excellent 4.2% to almost 86% and by 1.7% year-to-date.

我們在同事招募方面也取得了進展，特別是在同事留任方面，截至6 月的一年裡，我們的全球同事留任率大幅增加了4.2%，達到近86%，年初至今增加了1.7% 。

In our Europe and Asia regions, we've achieved an outstanding retention rate for our service technicians of over 90%.

在歐洲和亞洲地區，我們的服務技術人員保留率超過 90%。

And in a moment, Brad will discuss the very good progress we're now making in North America.

稍後，布拉德將討論我們目前在北美取得的非常好的進展。

Turning to our business categories and starting with Pest Control.

轉向我們的業務類別，從害蟲防治開始。

In Pest Control, we operate a simple, repeatable model in a global market that is underpinned by structural growth drivers, including urbanization, growing middle classes, population growth, climate change, and increased regulatory pressure, particularly in food safety.

在害蟲防治領域，我們在全球市場中經營一個簡單、可重複的模式，由結構性成長驅動因素支撐，包括城市化、不斷壯大的中產階級、人口增長、氣候變遷和日益增加的監管壓力（特別是在食品安全方面）。

As you can see on this chart, according to the latest industry reports, since 2018, whilst North America, which by the way accounts for around 50% of today's global pest market, has increased spend per capita on pest control by an impressive 24%.

正如您在此圖表中看到的，根據最新的行業報告，自2018 年以來，北美（順便說一句，佔當今全球害蟲市場的50% 左右）的人均害蟲防治支出增加了24%，令人印象深刻。

Spend on pest control continues to grow significantly faster in the emerging markets of Asia and in India and China, in particular, where the equivalent per capita growth rates are 170% and 468%, respectively.

亞洲新興市場以及印度和中國的害蟲防治支出持續顯著成長，尤其是人均成長率分別為 170% 和 468%。

And this is very much in line with our long-term M&A strategy of building our presence in those cities of the future.

這非常符合我們在未來城市建立業務的長期併購策略。

And indeed, in the first half, we acquired the second largest pest control company in India, securing our leading position in that very important future growth market.

事實上，上半年我們收購了印度第二大害蟲防治公司，確保了我們在這個非常重要的未來成長市場的領先地位。

Looking at our global Pest Control business.

看看我們的全球害蟲防治業務。

In the first half, we delivered revenue growth of 2.8%, of which 2.2% was organic, with our global Pest Control business now having first half revenues of around GBP2.2 billion and having an impressive 10-year revenue CAGR of almost 19%.

上半年，我們的收入成長了 2.8%，其中 2.2% 是有機成長，我們的全球害蟲防治業務目前上半年收入約為 22 億英鎊，10 年收入複合年增長率接近 19%，令人印象深刻。

Pest Control profits in the first half increased by 2.2% to GBP421 million with margins remaining stable at 19.2%.

上半年害蟲防治利潤成長2.2%，達到4.21億英鎊，利潤率穩定在19.2%。

While, of course, we added the additional investment for growth in North America, the business has delivered a 10-year profit CAGR of over 20%.

當然，我們增加了北美成長的額外投資，該業務的 10 年利潤複合年增長率超過 20%。

Turning to Hygiene & Wellbeing.

轉向衛生和福祉。

In the first half, we delivered revenue growth of 9.6%, of which 4.8% was organic growth.

上半年，我們營收成長9.6%，其中有機成長4.8%。

We acquired seven excellent companies with annualized revenues in the year prior to purchase of GBP45 million, exceeding our full medium-term guidance of GBP25 million.

我們收購了七家優秀公司，收購前一年的年化收入為 4,500 萬英鎊，超過了我們 2,500 萬英鎊的中期指引。

Since 2014, this high-quality sister business to Pest Control has delivered a revenue CAGR of 6.3%.

自 2014 年以來，這家 Pest Control 的優質姊妹業務的收入複合年增長率為 6.3%。

During the first half, profits in Hygiene & Wellbeing grew by 14.3% to GBP77 million, and margins increased by 80 basis points to 17.2%.

上半年，衛生與健康業務利潤成長14.3%，達到7,700萬英鎊，利潤率成長80個基點，達到17.2%。

This is an attractive business category with similar route-based operating model to pest control and shared country management teams, shared functional support, and other shared overheads, and over the last 10 years, has delivered a profit CAGR of 8%.

這是一個有吸引力的業務類別，具有與害蟲防治類似的基於路線的運營模式，以及共享的國家管理團隊、共享的功能支援和其他共享的管理費用，並且在過去10 年中實現了8%的利潤複合年增長率。

In the first half, our initial Workwear business in France delivered a strong performance with revenue growth of 7.5% to GBP116 million, all of which was organic.

上半年，我們在法國的初始工作服業務表現強勁，營收成長 7.5% 至 1.16 億英鎊，全部是有機成長。

Adjusted operating profit grew by 9.4% and increased margins by 30 basis points to 17.2%, the highest since 2015.

調整後營業利潤成長 9.4%，利潤率成長 30 個基點至 17.2%，為 2015 年以來最高水準。

With the Olympic and Paralympic Games starting this week, our Workwear business will be playing its part, supplying and cleaning staff uniforms as well as flat linen and towels to many people visiting Paris this summer.

隨著奧運會和殘奧會本週開始，我們的工作服業務將發揮自己的作用，為今年夏天訪問巴黎的許多人提供和清潔工作人員制服以及床單和毛巾。

Turning to our bolt-on M&A program.

轉向我們的補充併購計劃。

We operate in highly fragmented markets.

我們在高度分散的市場中運作。

And since 2018, we've acquired 284 businesses around the globe, mostly building our position in the highly attractive pest control market and with acquired revenues of around GBP909 million.

自 2018 年以來，我們在全球收購了 284 家企業，主要是為了鞏固我們在極具吸引力的害蟲防治市場中的地位，獲得的收入約為 9.09 億英鎊。

For your reference, we've broken this down into the pie charts that you can see on the right-hand side there.

為了供您參考，我們已將其分解為圓餅圖，您可以在右側看到。

The opportunity in M&A remains significant.

併購機會依然龐大。

In the first half, we delivered 23 bolt-on deals with annualized revenues of GBP81 million for a consideration of GBP112 million.

上半年，我們完成了 23 筆補充交易，年化收入為 8,100 萬英鎊，代價為 1.12 億英鎊。

In North America, we delivered nine small tuck-in deals, including the acquisition of Xceptional, which has a presence in 12 states.

在北美，我們完成了 9 筆小型交易，包括收購 Xceptional，該公司在 12 個州開展業務。

And it's our entry into the wildlife control and exclusion business, something that neither Rentokil nor Terminix has previously offered.

這是我們進入野生動物控制和排除業務的機會，這是能多潔和 Terminix 之前都沒有提供過的業務。

So good continued progress.

如此良好的持續進步。

The pipeline is in good shape, and our current view of M&A spend this year is around GBP200 million to GBP250 million.

管道狀況良好，我們目前預計今年的併購支出約為 2 億至 2.5 億英鎊。

Based on our most recent analysis, our ongoing M&A program continues to perform at or above our hurdle rates and well above our WACC.

根據我們最近的分析，我們正在進行的併購計劃的表現繼續等於或高於我們的門檻率，並且遠高於我們的 WACC。

So a good overall performance from our business is around the world.

因此，我們的業務在全球範圍內都有良好的整體表現。

So now let's move our focus to North America.

現在讓我們把焦點轉移到北美。

I'm just going to say a few words this morning, and then I'm going to hand it over to Brad.

今天早上我只想說幾句話，然後我就把它交給布萊德。

In the first half, we spent $21 million of the additional $25 million committed at the prelims, and we spent that on digital search, on enhanced web content, the optimization of our social platforms, our brand advertising campaign and our brand partnership program as well as investing in the sales and marketing teams.

上半年，我們花費了預賽額外承諾的 2500 萬美元中的 2100 萬美元，我們將其用於數位搜尋、增強網絡內容、優化我們的社交平台、我們的品牌廣告活動以及我們的品牌合作夥伴計劃作為對銷售和行銷團隊的投資。

With our North American business having around 75% of its revenues under customer contract, it's important to note that the investments will benefit the Terminix brand not just this year but for the years to come.

由於我們的北美業務約 75% 的收入來自客戶合同，因此值得注意的是，這些投資不僅今年將使 Terminix 品牌受益，而且在未來幾年也會受益。

I'm very encouraged by the initial progress, and as I mentioned earlier, we are now seeing the green shoots coming through with good progress against the core growth KPIs.

我對最初的進展感到非常鼓舞，正如我之前提到的，我們現在看到了萌芽，在核心成長 KPI 方面取得了良好進展。

Our RIGHT WAY 2 growth program continues in the second half with the announcement of additional investment of $25 million, $15 million of which will be spent in the second half, and which will be spent on digital marketing, extending the brand campaign and adding additional new area sales managers and, importantly, on a series of customer retention initiatives, which Brad will touch on shortly.

我們的 RIGHT WAY 2 成長計畫在下半年繼續進行，宣布額外投資 2,500 萬美元，其中 1,500 萬美元將在下半年支出，將用於數位行銷、擴展品牌活動並增加更多新產品區域銷售經理，更重要的是，一系列客戶保留計劃，布拉德很快就會談到。

We'll fund this investment for growth from gross synergies, and we're expecting to see continued improvements in our growth metrics over the coming quarters.

我們將為這項投資提供資金，以實現總協同效應的成長，我們預計未來幾季我們的成長指標將持續改善。

So lots of focus on growth across the business.

因此，我們非常關注整個業務的成長。

But, at the same time, the business has made excellent progress on the integration.

但同時，該業務在整合方面取得了巨大進展。

Execution of our plan in the second quarter was very successful in preparing the business for the first branch integrations and in launching those, which are now underway, and they're going well.

我們在第二季度執行的計劃非常成功，為第一次分支機構整合做好了業務準備，並啟動了這些整合，這些整合目前正在進行中，而且進展順利。

We're building the foundations for long-term sustainable growth, and we're making good progress.

我們正在為長期可持續成長奠定基礎，並且正在取得良好進展。

Now let me hand over to Brad, who will firstly provide an update on growth and then move on to the integration program.

現在讓我把時間交給布拉德，他將首先提供有關增長的最新信息，然後繼續討論整合計劃。

Over to you, Brad.

交給你了，布拉德。

Thanks, Andy, and good morning, everyone.

謝謝安迪，大家早安。

For those of you I have yet to meet, I am Brad Paulsen, the CEO of our North America business.

對於那些我尚未見過的人來說，我是布拉德·保爾森，我們北美業務的執行長。

I am pleased to represent our team today and excited to highlight the encouraging progress we delivered in the first half.

我很高興今天能代表我們的團隊，並很高興強調我們在上半年取得的令人鼓舞的進展。

I shared this past March that our US pest team would use our RIGHT WAY 2 framework to help deliver a world-class customer service experience to our existing customers while also prioritizing key actions to help increase our growth from new customers.

今年3 月，我分享了我們的美國害蟲團隊將使用我們的RIGHT WAY 2 框架來幫助為我們的現有客戶提供世界一流的客戶服務體驗，同時也優先考慮關鍵行動，以幫助我們增加新客戶的增長。

I'm happy to report that our team delivered meaningful progress across several key areas of our framework, which I believe will help deliver growth benefits for our business as we move forward.

我很高興地向大家報告，我們的團隊在框架的幾個關鍵領域取得了有意義的進展，我相信這將有助於在我們前進的過程中為我們的業務帶來成長效益。

Foundational to our growth success is the ability to deliver industry-leading colleague retention.

我們成功發展的基礎是能夠提供業界領先的員工留任率。

Hiring, training and retaining top talent is becoming a strength of our business as we saw continued gains in retention realized by our team in the first half.

招募、培訓和留住頂尖人才正在成為我們業務的優勢，因為我們看到我們的團隊在上半年實現了保留率的持續成長。

We saw material retention increases in our service technician, sales and customer care colleague populations as well as our back-office admin teams.

我們發現我們的服務技術人員、銷售和客戶服務同事以及後台管理團隊的材料保留率增加。

Branch manager retention stood at an impressive 97.5%.

分行經理的保留率高達 97.5%，令人印象深刻。

These improvements are a reflection of our commitment to our people and the belief that a trained and happy team will deliver great service to our customers, which over time will lead to improving customer retention.

這些改進反映了我們對員工的承諾，並相信訓練有素、快樂的團隊將為我們的客戶提供優質的服務，隨著時間的推移，這將提高客戶保留率。

I am particularly pleased with improvement delivered in our sales colleague retention, up by almost 400 basis points as that was a colleague group we previously identified as needing more focus and support.

我對銷售同事保留率​​的提高感到特別滿意，提高了近 400 個基點，因為我們之前認為銷售同事是需要更多關注和支持的同事群體。

Customer experience and customer retention are key parts of our organic growth model.

客戶體驗和客戶保留是我們有機成長模型的關鍵部分。

We want to keep the customers we have, delight them with a great experience, and sell them more services through our service technicians.

我們希望留住現有的客戶，為他們提供良好的體驗，並透過我們的服務技術人員向他們出售更多服務。

Each 1% of customer retention improvement represents, on a full year basis, around $27 million in organic revenue.

全年每提高 1% 的客戶保留率就意味著約 2,700 萬美元的有機收入。

And given our combined rate stands at just under 80% today, which we view as stable but a long way from best in class, so clearly, there's a significant opportunity here for improvement.

鑑於我們今天的綜合比率略低於 80%，我們認為該比率很穩定，但距離同類最佳水平還有很長的路要走，因此顯然，這裡有很大的改進機會。

Our plan is being developed but will include using our customer data to identify and address customer friction points, build on the new service quality control program.

我們的計劃正在製定中，但將包括使用我們的客戶資料來識別和解決客戶摩擦點，建立在新的服務品質控制計劃的基礎上。

We will deliver targeted customer marketing to those customers that our data identifies as at risk, and we also plan to add around 40 people to our dedicated customer saves team.

我們將向我們的數據識別為面臨風險的客戶提供有針對性的客戶行銷，我們還計劃為我們的專門客戶儲蓄團隊增加約 40 人。

This past spring, we launched our new Terminix IT brand campaign aimed at increasing awareness of our Terminix brand and strengthening our top of funnel marketing execution and performance.

去年春天，我們推出了新的 Terminix IT 品牌活動，旨在提高我們的 Terminix 品牌知名度並加強我們的漏斗頂部行銷執行力和績效。

We are very pleased with the initial results of the campaign as it's been received well and delivered a noticeable improvement in brand favorability with our targeted customer segments.

我們對活動的初步結果感到非常滿意，因為它反應良好，並且顯著提高了我們目標客戶群的品牌好感度。

Additionally, we identified new customer inbound leads as a focus area and, again, are encouraged by the improved performance in this part of our business as our team delivered year-over-year lead growth in April, May, and June.

此外，我們將新客戶入站線索確定為重點領域，而我們的團隊在 4 月、5 月和 6 月實現了同比線索成長，這部分業務的績效改善再次令我們感到鼓舞。

This is the first time this has occurred since August of 2023.

這是自 2023 年 8 月以來首次出現這種情況。

As I just mentioned, the initial results from our Terminix It brand campaign are very encouraging.

正如我剛才提到的，我們的 Terminix It 品牌活動的初步結果非常令人鼓舞。

Our campaign has been viewed 685 million times and by over 96 million individuals, which has generated a 29% increase in branded search and 6% increase in visits to our Terminix website.

我們的活動已被超過 9,600 萬人瀏覽了 6.85 億次，這使得品牌搜尋量增加了 29%，我們的 Terminix 網站訪問量增加了 6%。

We will continue to invest in our brands as we know it is an essential ingredient to have a known and trusted brands in consistent organic search performance.

我們將繼續投資我們的品牌，因為我們知道這是擁有知名且值得信賴的品牌並保持一致的自然搜尋表現的重要組成部分。

Another area we have prioritized in our RIGHT WAY 2 framework is lead generation from our service technicians, a program we call trusted advisers.

我們在 RIGHT WAY 2 框架中優先考慮的另一個領域是我們的服務技術人員的潛在客戶開發，我們稱之為「值得信賴的顧問」計畫。

In the first half, through the use of end market training programs, performance dashboards and minor technology improvements, we have seen the participation rate for this program increased from circa 50% at the start of the year to over 61% in June.

上半年，透過使用終端市場培訓計畫、績效儀表板和細微的技術改進，我們看到該計畫的參與率從年初的約 50% 上升到 6 月的 61% 以上。

We will remain focused on this opportunity and expect to deliver further improvements in participation rates and lead generation in the next six months.

我們將繼續關注這一機會，並期望在未來六個月內進一步提高參與率和潛在客戶開發。

The final areas of our RIGHT WAY 2 framework I will touch on today are sales efficiency and pricing.

我今天要談的 RIGHT WAY 2 框架的最後一個領域是銷售效率和定價。

A critical piece to delivering improved sales efficiency is increasing the retention of our sales colleagues.

提高銷售效率的關鍵因素是提高銷售同事的留任率。

Our colleagues with less than one year of service time are especially important as our data highlights that a sales colleague with more than one year service is typically around 50% more effective than those with less service time.

服務時間不到一年的同事尤其重要，因為我們的數據表明，服務時間超過一年的銷售同事通常比服務時間較短的銷售同事效率高出 50% 左右。

In the last quarter, we have made adjustments to the training and compensation plans for our new sales colleagues, which is already resulting in increased retention rates.

在上個季度，我們對新銷售同事的培訓和薪酬計劃進行了調整，這已經提高了保留率。

Along with this, we are also adding area sales managers for our legacy Terminix sales geographies.

除此之外，我們也為傳統的 Terminix 銷售地區增加了區域銷售經理。

We believe this is an important investment to ensure our local sales teams receive the training, coaching, and support they need to consistently deliver above-market sales growth.

我們相信，這是一項重要的投資，可確保我們的本地銷售團隊獲得所需的培訓、指導和支持，從而持續實現高於市場的銷售成長。

We initiated the implementation of this plan in the first half and expect to complete it over the coming months.

我們在上半年啟動了該計劃的實施，預計在未來幾個月內完成。

Lastly, I continue to be pleased with our pricing discipline and execution as we are successfully mitigating the impacts of inflation on our business.

最後，我仍然對我們的定價紀律和執行感到滿意，因為我們成功減輕了通貨膨脹對我們業務的影響。

I am genuinely encouraged by the RIGHT WAY 2 execution progress we made in the first half of the year and expect these positive trends to continue.

我對今年上半年的 RIGHT WAY 2 執行進度感到由衷的鼓舞，並希望這些正面的趨勢能持續下去。

These areas are critical building blocks to our future organic growth and will help deliver improved growth performance moving forward.

這些領域是我們未來有機成長的關鍵組成部分，並將有助於提高未來的成長表現。

So let me now add a few comments on the progress we are making with the integration.

現在讓我對我們在整合方面取得的進展添加一些評論。

Over the last two years, we have streamlined and unified the organization, invested in new talent, improved colleague retention, introduced a single payroll and benefit system, put colleagues onto a single people management platform, integrated 10 standalone acquisitions with $210 million of revenues onto our new PestPac platform, developed and tested our branch integration playbook, significantly improved the risk around termite warranties, and delivered gross cost synergies of $162 million.

在過去的兩年裡，我們精簡和統一了組織，投資了新人才，提高了同事保留率​​，引入了單一的薪資和福利系統，將同事置於單一的人員管理平台上，將10 項獨立收購（收入2.1 億美元）整合到了我們的新 PestPac 平台開發並測試了我們的分公司整合手冊，顯著降低了白蟻保固風險，並實現了 1.62 億美元的總成本協同效應。

In the first half of this year, we have completed Phase 2 of the integration plan to prepare and test for branch integrations in which we delivered the full legal merger, developed and tested 22 systems with 190 features to enable the integrations, and harmonize multiple business processes, contracts and applications.

今年上半年，我們完成了整合計畫第二階段的分行整合準備和測試，完成了全面的合法合併，開發並測試了22個系統、190個功能，以實現整合，並協調多個業務流程、合同和應用程式。

We also undertook the important task of designing our new compensation structures, where we have rolled out harmonized pay plans for field leadership and national account sales teams, designed a fair and consistent technician pay structure, which will ensure our compensation will be competitive in the industry.

我們還承擔了設計新的薪酬結構的重要任務，我們為現場領導和全國客戶銷售團隊推出了統一的薪酬計劃，設計了公平一致的技術人員薪酬結構，這將確保我們的薪酬在行業中具有競爭力。

And this is ready to be piloted later this year in the first integrated branches.

今年晚些時候，該計劃將在首批綜合分支機構進行試點。

And we've improved our contracts for new sales colleagues, moving away from zero salary, so no more 100% commission contracts for our new hires.

我們也改進了新銷售同事的合同，不再是零工資，因此不再為新員工提供 100% 佣金合約。

It's been an outstanding second quarter of progress, rounded off by the green light for the first branch integrations.

第二季度取得了出色的進展，首次分支整合獲得了批准。

To date, nine branches have undertaken the full systems and data integration with technicians, sales, admin and leadership teams all now successfully operating on the new standard IT platform.

迄今為止，九個分支機構已與技術人員、銷售、管理和領導團隊進行了全面的系統和數據集成，現已在新的標準 IT 平台上成功運作。

We have delivered the integration for residential customers, for commercial customers and for national account customers, and we have migrated combined revenues of around $37 million.

我們已經為住宅客戶、商業客戶和國民帳戶客戶提供了集成，並且我們已經遷移了約 3700 萬美元的合併收入。

So how is it going?

進展如何？

In short, very well.

簡而言之，非常好。

We have a single set of systems.

我們有一套系統。

Data has been migrated.

資料已遷移。

Sales leads are flowing as they should.

銷售線索正在按其應有的方式流動。

Work orders are completed.

工單已完成。

And calls from customers following the expected initial spike have returned to usual levels after a few days.

在預期的最初高峰之後，幾天后，來自客戶的電話已恢復到正常水平。

If you include our Rentokil technicians in the US who have already moved to the new version of PestPac, then we already have 40% of our US technicians using the new end-state system.

如果您將已經遷移到新版本 PestPac 的美國能多潔技術人員包括在內，那麼我們已經有 40% 的美國技術人員在使用新的最終狀態系統。

And in the second half, our plan is to migrate over 25% of heritage Terminix branches, revenue, service technicians and sales colleagues onto the new PestPac platform.

下半年，我們的計劃是將超過 25% 的傳統 Terminix 分店、收入、服務技術人員和銷售同事遷移到新的 PestPac 平台。

Now I know there's interest in the process of branch integration.

現在我知道人們對分支機構整合過程感興趣。

So we've included this slide for information.

因此，我們添加了這張投影片以供參考。

I won't go through in detail today, but we have a highly disciplined approach to branch mergers with each program running over 6 to 10 months.

我今天不會詳細介紹，但我們有嚴格的分行合併方法，每個專案都會運行 6 到 10 個月以上。

Delivering each local integration is a dedicated team of specialists who are on the ground to make sure everything happens on schedule and according to our playbook.

交付每個本地整合的是一個專門的專家團隊，他們在現場確保一切按計劃並根據我們的劇本進行。

As I've just mentioned, the first systems integrations are going very well.

正如我剛才提到的，第一個系統整合進展順利。

So we are effectively through the planning and integrate stages shown on the slide, and we are on track for the first rerouting, branding and pay plan pilots starting in October.

因此，我們有效地完成了幻燈片中所示的規劃和整合階段，並且我們預計在 10 月開始進行首次重新規劃、品牌推廣和薪酬計劃試點。

This is a highly disciplined structured process where only by delivering the current stage effectively do we earn the right to move on to the next stage.

這是一個高度嚴格的結構化流程，只有有效地完成當前階段，我們才能獲得進入下一階段的權利。

I know that our branch strategy is also subject to some interest, so here are a couple of slides to provide you with our latest analysis.

我知道我們的分支機構策略也受到一些關注，因此這裡有幾張投影片為您提供我們的最新分析。

As with other parts of the integration, we are taking a data-driven approach to this.

與整合的其他部分一樣，我們正在採用數據驅動的方法來實現這一點。

Today, our branch network has a combination of large, medium, small and a large number of subscale branches, and we have analyzed the data for each.

今天，我們的分支機構網路擁有大、中、小型和大量子規模分支機構的組合，我們對每個分支機構的數據進行了分析。

Our main focus is on increasing the size of the 160 or so subscale branches to provide greater scale and density.

我們的主要重點是增加 160 個左右的子尺度分支的規模，以提供更大的規模和密度。

Just to be clear, this is not about creating mega-sized branches but optimizing properties and creating better route density, just as we have done in the US

需要明確的是，這並不是要創建超大型分支機構，而是要優化資產並創造更好的路線密度，就像我們在美國所做的那樣

and around the world with our bolt-on program for many, many years.

多年來，我們的補強計畫遍佈世界各地。

This data-driven approach ensures we can increase route density and reduce property overheads.

這種數據驅動的方法確保我們可以增加路線密度並減少財產管理費用。

There is no change in our spans of control.

我們的控制範圍沒有變化。

There is no major impact on the service technician role.

對服務技術人員的角色沒有重大影響。

Just as today, technicians start their route from home and visit the branch only 3 or 4 times a month for training and to pick up materials.

就像今天一樣，技術人員從家裡出發，每月只去分公司 3 到 4 次進行培訓和領取材料。

And most importantly, there is no negative impact on our customers.

最重要的是，這不會對我們的客戶產生負面影響。

Customers, of course, do not physically visit branches.

當然，客戶不會親自訪問分行。

It's the technician who owns the customer relationship.

擁有客戶關係的是技術人員。

And by accurate route planning, we'll actually be putting them closer to their customers.

透過準確的路線規劃，我們實際上會讓他們更接近客戶。

Linked to the route integration is the brand strategy.

與航線整合相關的是品牌策略。

And here again, we are using a data-driven approach to inform our evolution to a multi-brand strategy using the power of our Rentokil and Terminix national brands, supported by co-branding the Terminix brand with our strong regional brands such as Ehrlich and Florida Pest Control and leveraging many of our important local brands over an extended transition period.

在這裡，我們再次使用數據驅動的方法，利用 Rentokil 和 Terminix 全國品牌的力量，透過將 Terminix 品牌與我們強大的區域品牌（例如 Ehrlich 和佛羅裡達州害蟲防治並在較長的過渡期內利用我們許多重要的本地品牌。

As a final point, I'm very pleased to share the progress made in our termite warranty claims as we delivered continued improvements, particularly a 75% reduction in filed complex litigated claims and a 20% reduction in new warranty claims in the Formosan termite heavy Mobile Bay area.

最後一點，我很高興分享我們在白蟻保固索賠方面取得的進展，因為我們不斷進行改進，特別是在台灣白蟻重案中，已提交的複雜訴訟索賠減少了75%，新保固索賠減少了20% 。

This is obviously a long-term program, but we have made encouraging progress over the last few quarters.

這顯然是一個長期計劃，但我們在過去幾個季度取得了令人鼓舞的進展。

So just to wrap up, following an excellent second quarter, the integration is on track.

總結一下，繼第二季表現出色之後，整合已步入正軌。

And we now have the first branch integrations underway, and they've started well.

我們現在正在進行第一個分支集成，而且進展順利。

With that, I'll hand it back to Andy.

說完，我會把它還給安迪。

Thank you, Brad.

謝謝你，布拉德。

So in summary, before we move on to questions, good overall group performance in the first half.

總而言之，在我們開始提問之前，上半場小組整體表現良好。

As you've just heard, RIGHT WAY 2 growth plan is up and running in the US.

正如您剛剛聽說的，RIGHT WAY 2 增長計劃已在美國啟動並運行。

We've seen many of the core growth KPIs showing improvements in the quarter.

我們看到許多核心成長關鍵績效指標在本季都有改善。

And to support that growing momentum.

並支持這種不斷增長的勢頭。

We'll continue to invest for growth with that additional $25 million.

我們將繼續追加 2500 萬美元投資以促進成長。

The branch integrations are underway.

分支機構整合正在進行中。

They're going very well as we continue to build out the long-term foundations of our powerhouse US Pest Control business.

隨著我們繼續為強大的美國害蟲防治業務奠定長期基礎，它們進展順利。

Given the encouraging overall performance, the Board declared an interim dividend of 3.16p per share, which is an increase of 14.9%.

有鑑於整體表現令人鼓舞，董事會宣派中期股利每股3.16便士，增幅14.9%。

So with that, thank you very much.

非常感謝。

We're going to take questions now.

我們現在要回答問題。

We're going to start with questions in the room and then any additional questions from the audience online.

我們將從房間內的問題開始，然後是線上觀眾提出的任何其他問題。

Thank you very much.

非常感謝。

Suhasini from Goldman Sachs.

來自高盛的蘇哈西尼。

Two from me, please.

請從我這裡來兩份。

You've talked about the improvement in leading indicators based on -- after the digital advertising spend.

您談到了基於數位廣告支出之後領先指標的改善。

And you've also talked about rebuilding the growth engine.

您還談到了重建成長引擎。

You're also talking about the incremental $25 million spend that you want to do in the next 12 months.

您還談到了您希望在未來 12 個月內增加 2500 萬美元的支出。

So why lower the growth in North America to the lower end of 2% to 4% range?

那麼，為什麼要將北美的成長率降低至 2% 至 4% 的下限呢？

I think that were two questions.

我認為這是兩個問題。

The second one is on the customer retention, you talked about increasing the customer retention and how an incremental 1 percentage point change can drive additional $27 million of revenue.

第二個是關於客戶保留率，您談到如何提高客戶保留率以及增量 1 個百分點的變化如何能夠帶來 2700 萬美元的額外收入。

Can you share your thoughts on where you think the retention rate can reach medium term?

您能否分享一下您認為中期保留率可以達到什麼水平的想法？

And of the spend that you have in the incremental $25 million that you wanted to go, maybe it's an extra 1% or 2% in the next 12 months, and then maybe beyond that takes a little bit longer?

在您想要增加的 2500 萬美元支出中，也許在接下來的 12 個月內會額外增加 1% 或 2%，然後可能需要更長的時間？

Thanks.

謝謝。

Yes.

是的。

Look, to the growth point, in the core US pest business, 1.5% is an improvement on 1%, and we're pleased with that.

看，就成長點而言，在美國核心害蟲業務中，1.5% 比 1% 有所改善，我們對此感到滿意。

But it's still -- we've got some work to do to get -- just do the math.

但它仍然 - 我們還有一些工作要做 - 只是做數學計算。

We've got some work to do to get to the lower end of the range.

為了達到該範圍的下限，我們還有一些工作要做。

So I think it's essentially a math issue.

所以我認為這本質上是一個數學問題。

We do see progress in the second half.

我們確實看到了下半年的進展。

And so you've been an excellent analyst.

所以你是一位出色的分析師。

You can do the math for yourself.

你可以自己算算算看。

But we need further progress in the second half, which we expect and which we plan, to take us to that level.

但我們需要在下半年取得進一步的進展，我們期望併計劃取得這些進展，以使我們達到那個水平。

So I've said many, many times, this organic growth journey is not linear.

所以我已經說過很多很多次了，這種有機成長之旅並不是線性的。

It's not binary.

它不是二進制的。

There will be lumps and bumps in the road.

路上會有坎坷和顛簸。

And you heard from Brad, the fact that we've got positive lead flow for the first time since August of last year is a big thing in my life.

你從布拉德那裡聽說，自去年八月以來我們第一次獲得積極的潛在客戶流，這是我一生中的一件大事。

It's certainly an important step in the right direction.

這無疑是朝著正確方向邁出的重要一步。

Lead flow from the technician's an important step in the right direction.

引導流程從技術人員的正確方向邁出了重要的一步。

We've just got to continue to execute the plan.

我們必須繼續執行計劃。

So what we're saying is we've seen good evidence that the plan is working.

所以我們想說的是，我們已經看到了該計劃正在發揮作用的充分證據。

Sure, we'd love it to work faster and be bigger than it has been.

當然，我們希望它比以前運行得更快、更大。

But it is moving.

但它正在移動。

Momentum is building.

勢頭正在增強。

If you roll that forward, we expect to see further growth in the second half, but it takes us to that place.

如果你向前推進，我們預計下半年會進一步成長，但它把我們帶到了那個地方。

On customer retention, I think it's a great question.

關於客戶保留，我認為這是一個很好的問題。

Before the Terminix acquisition, Rentokil North America's retention rate in our pest business in the States, doing from memory, was about 82.5%.

根據記憶，在收購 Terminix 之前，能多潔北美在美國害蟲業務的保留率約為 82.5%。

Terminix was about 75%, 76%.

Terminix 約為 75%、76%。

So we're now at a blended average of whatever it is, 79.5%, I think.

所以我們現在的混合平均值是 79.5%，我想。

And so just take the first point.

所以只看第一點。

If we get our business back to just where we were in Rentokil North America before the acquisition, that's about 3 percentage points of improvement in retention.

如果我們的業務恢復到收購前能多潔北美的水平，那麼保留率將提高約 3 個百分點。

So do I think it's reasonable that we can get our business on a combined basis to 82.5%?

那我認為我們的業務綜合起來達到82.5%合理嗎？

Yes, absolutely.

是的，絕對是。

I believe that's reasonable.

我相信這是合理的。

The rest of the group is more like 85%, 86%.

該群體的其餘部分更像是 85%、86%。

Now I think we have to aim off a little bit because the rest of the group does not have as much residential and termite, and resi and termite always have lower retention rates.

現在我認為我們必須稍微調整一下目標，因為該組的其餘部分沒有那麼多的住宅和白蟻，而 Resi 和白蟻的保留率總是較低。

So I think aspirationally, probably saying to get to 86% anytime soon is a bit aspirational.

所以我認為，從抱負的角度來看，可能說很快達到 86% 是有點抱負的。

But do I think we can get to 82%, 83%, 84% over time?

但我認為隨著時間的推移我們可以達到 82%、83%、84% 嗎？

I absolutely do.

我絕對願意。

I'm not going to be so brave as to say where do I think retention rate is going to get to quarter-by-quarter.

我不會勇敢地說我認為每季的保留率會達到什麼水準。

I don't want to give myself another target.

我不想給自己另一個目標。

But I know you'd love that.

但我知道你會喜歡的。

But I'm not going to do that.

但我不會那樣做。

But we should see progress in that.

但我們應該看到這方面的進展。

I do think it's fair to say that we've been incredibly focused on trying to get the phone to ring, trying to get lead flow going again, which, as I said, has been an issue for some time.

我確實認為可以公平地說，我們一直非常專注於試圖讓電話響起，試圖讓潛在客戶再次流動，正如我所說，這已經成為一個問題有一段時間了。

We've got that going again.

我們又這樣了。

It's taken a lot of effort.

花了很大的力氣。

It's not perfect yet, but it's much improved.

它還不完美，但已經有了很大的改進。

We're now saying, okay, we need to make sure we've got enough focus on customer retention now.

我們現在說，好吧，我們需要確保現在對客戶保留有足夠的關注。

And that's why we're putting the extra 40 heads into the save team.

這就是為什麼我們將額外的 40 個人投入拯救團隊。

So look, we'll make progress in customer retention.

所以看，我們將在客戶保留方面取得進展。

Again, I'll say it now.

我現在再說一次。

It won't be linear.

它不會是線性的。

It won't be binary.

它不會是二進制的。

But over time, we'll make progress.

但隨著時間的推移，我們會取得進步。

But we should be getting to the 82s, 83s, 84s over time.

但隨著時間的推移，我們應該會發展到 82、83、84。

And if you do the math on that, that's quite a big chunk.

如果你算一下，那是相當大的一部分。

And a lot of people will ask about the difference between us and our lovely US big competitor.

很多人會問我們和我們可愛的美國大競爭對手之間有什麼區別。

But a big chunk of the difference if you look between their organic growth and ours, a big chunk of that, I will guarantee, is better retention rate.

但如果你看看他們的有機成長和我們的有機成長，很大一部分差異，我保證，其中很大一部分是更好的保留率。

So it was a long answer, but I was trying to anticipate a few other questions.

所以這是一個很長的答案，但我試著預測其他一些問題。

Thanks for the question.

謝謝你的提問。

Annelies Vermeulen from Morgan Stanley.

摩根士丹利的 Annelies Vermeulen。

I have two questions as well.

我也有兩個問題。

So firstly, on the marketing spend, you've been very clear about what's been successful and where you've seen progress.

首先，在行銷支出方面，您非常清楚哪些方面取得了成功，哪些方面取得了進展。

Of that initial $25 million that you've spent, is there anything that hasn't been so successful or anything that you think will shift the mix of how you spend the next $25 million?

在您最初花費的 2500 萬美元中，是否有任何事情不太成功，或者您認為哪些事情會改變您接下來 2500 萬美元的支出方式？

That's the first one.

這是第一個。

And then secondly, on the product distribution business, it sounds like that's been quite a drag in the second quarter.

其次，在產品分銷業務方面，聽起來第二季度受到了相當大的拖累。

From memory, I think that recovered a bit in Q1.

根據記憶，我認為第一季有所恢復。

So perhaps you could talk about what happened in Q2.

所以也許你可以談談第二季發生的事情。

And are you still confident in the recovery of that business going forward?

您對該業務未來的復甦還有信心嗎？

Or are you considering options for that business from here?

或者您正在考慮從這裡開展該業務的選擇嗎？

Yes.

是的。

Thanks, Annelies.

謝謝，安妮莉絲。

In terms of what went well, what didn't go so well, one of my old bosses used to say you never throw six 6s in business.

至於什麼進展順利，什麼進展不太順利，我的一位前老闆曾經說過，在生意上永遠不要丟出六個 6。

So you rarely get a period where everything that you did worked brilliantly and to plan.

因此，你很少會經歷一個時期，你所做的一切都進展順利並且有計劃。

So I think there's a range of outcomes.

所以我認為有一系列的結果。

I think there's also a range of experiences through the quarter.

我認為本季也有一系列的經驗。

I think the performance on the paid search actually improved in the second part of the quarter.

我認為付費搜尋的表現在本季的第二部分實際上有所改善。

So part of that's learning by doing.

所以其中一部分就是邊做邊學。

So does this work?

那麼這有效嗎？

Well, that didn't work, so let's try something else.

好吧，這不起作用，所以讓我們嘗試其他方法。

Yes, that works.

是的，這有效。

So let's do that again.

那麼讓我們再做一次。

So I think part of that is, as I say, learning by doing.

所以我認為，正如我所說，其中一部分就是邊做邊學。

So I think we've had an improved performance, but it wasn't perfect throughout the entire period.

所以我認為我們的表現有所改善，但在整個時期並不完美。

But I'm happy with where we are now.

但我對我們現在的處境很滿意。

One of the things, of course, if you put money into paid search, which we have done, you increase the cost per lead.

當然，其中一件事是，如果您將資金投入付費搜尋（我們已經這樣做了），那麼您會增加每個潛在客戶的成本。

So that's something I'd rather -- it wasn't the case.

所以這是我更願意的——但事實並非如此。

But by definition, if you put more money to big search engine companies to drive up performance, which means we want that term and we want that term, you're going to push the price up.

但根據定義，如果你向大型搜尋引擎公司投入更多資金來提高效能，這意味著我們想要這個術語，我們想要這個術語，你就會推高價格。

So that's probably something that in terms of cost per acquisition of lead, it would be nice if that was a bit lower.

因此，就每次獲取潛在客戶的成本而言，如果能低一點就好了。

So you have to be quite smart with where you spend your money because if you spend it in all of the obvious cities on all of the obvious search terms, all you do is just push up the cost.

因此，您必須非常明智地選擇花錢的地方，因為如果您將錢花在所有明顯的城市的所有明顯的搜尋字詞上，那麼您所做的只是推高了成本。

So I think a little bit more -- we need to be a little bit smarter in terms of exactly where we spend those dollars.

所以我想多一點——我們需要在我們花這些錢的確切地方方面更聰明一點。

But broadly speaking, I think the plan that we're going with in the second half is essentially a repeat of the plan, certainly when it comes to paid search and the advertising.

但總的來說，我認為我們下半年的計劃本質上是該計劃的重複，尤其是在付費搜尋和廣告方面。

Product distribution, you've got an excellent memory, indeed.

產品分發，你的記憶力確實很好。

And to prove the point, not just was Q1 an interesting quarter for us last year, Q2 was very interesting.

為了證明這一點，去年第一季對我們來說不僅是一個有趣的季度，第二季度也非常有趣。

And if you remember, I pointed to the distribution business, which, for years, have been reasonably boring and stable, had got quite volatile.

如果你還記得的話，我提到了分銷業務，多年來，它一直相當無聊和穩定，但現在卻變得相當不穩定。

And we've seen a big drop, but we also saw a massive bounce back in the second quarter.

我們看到了大幅下降，但我們也看到了第二季度的大幅反彈。

And I think June of last year, from memory in the distribution business, we had something like 20% organic growth in that business.

我記得去年 6 月，根據分銷業務的記憶，我們該業務的有機成長約為 20%。

So we've been a little bit caught by the comps on that business.

所以我們有點被這項業務的比較所吸引。

It's a very good business.

這是一個非常好的生意。

It's a great team.

這是一支很棒的團隊。

It's run well.

運行得很好。

So I've got no fundamental concerns about that business.

所以我對這項業務沒有根本性的擔憂。

And like all of our businesses, we reflect every year as to whether there are alternatives to the business.

就像我們所有的業務一樣，我們每年都會思考是否有其他業務的替代方案。

No current plan on that one, but we talk about that with the Board in the fourth quarter as we do every year.

目前沒有這方面的計劃，但我們會像每年一樣在第四季度與董事會討論這個問題。

But business is a good one.

但生意一帆風順。

Allen from Jefferies.

來自傑富瑞集團的艾倫。

Three from me, please.

請從我這裡來三份。

Just to go back on the $25 million of additional investment.

只是為了收回 2500 萬美元的額外投資。

Could you maybe just talk about -- you said the confidence -- I think your language was the confidence to ingest more.

你能否談談——你說的是信心——我認為你的語言是攝取更多的信心。

But some of this stuff is, as you say, search engine terms, et cetera, which is an ongoing investment.

但正如你所說，其中一些東西是搜尋引擎術語等等，這是一項持續的投資。

If you want to keep those search engine, you need to keep doing it.

如果你想保留這些搜尋引擎，你需要繼續這樣做。

So where is the confidence that we don't need further investment beyond this (inaudible) $25 million?

那麼，我們是否有信心不再需要超過 2500 萬美元（聽不清楚）的進一步投資呢？

That would be my first question.

這是我的第一個問題。

Second question, just make a little bit of comments around the pricing environment in US pest as well.

第二個問題，對美國害蟲的定價環境也做一些評論。

Just mindful of the growth is obviously still a little bit weak versus peers.

請注意，與同行相比，成長顯然仍然有點弱。

But pricing seems like it's holding up okay in the peer group.

但定價在同業似乎還不錯。

So just wondering.

所以只是想知道。

Are you able to benefit from that as well?

您也能從中受益嗎？

And then finally, I noticed in the comments the contracting growth in North America was 2%.

最後，我在評論中註意到北美的收縮增長率為 2%。

So it's running ahead of the broader group.

所以它領先於更廣泛的群體。

Obviously, part of the challenge here with Terminix is moving some of that jobbing activity to contracting and changing the mix level.

顯然，Terminix 面臨的部分挑戰是將部分工作活動轉移到承包和改變混合等級。

So just wonder if you can comment a little bit there about the progress, where that goes, the challenges on contracting and how that moves through the year as well.

因此，想知道您是否可以評論一下進展、進展、合約方面的挑戰以及這一年的進展。

Thanks, Allen.

謝謝，艾倫。

I'll take the first and the third.

我就選第一個和第三個。

Stu, you can do pricing.

Stu，你可以定價。

Yes, look, I think -- yes, that was the word I used, and I think it's appropriate.

是的，你看，我想——是的，這就是我用的詞，而且我認為它是合適的。

So I think someone asked a question a few months ago and said, well, what -- why is $25 million the right number?

所以我認為幾個月前有人問過一個問題，並說，為什麼 2500 萬美元是正確的數字？

I think it was actually Annelies who asked the question.

我認為實際上是安妮莉絲問了這個問題。

And I said, well, it's the right number because that's what we've calculated.

我說，嗯，這是正確的數字，因為這就是我們計算出來的。

It's the right number I also said, but we reserve the right to move to a different number if there is a different number.

我也說過，這是正確的號碼，但如果有不同的號碼，我們保留轉移到其他號碼的權利。

And I also made the point in the remarks that -- and it links to your third question about, Allen, which is really important. 75% of our revenues in North America are under contract, 25% is jobbing.

我還在發言中指出了這一點——這與你關於艾倫的第三個問題有關，這非常重要。我們在北美的收入 75% 來自合同，25% 來自兼職。

So we need to make sure that the investments we are making is not just to prop up organic revenue growth in a single quarter.

因此，我們需要確保我們所做的投資不僅僅是為了支撐單一季度的有機收入成長。

I'll make the bold statement.

我會做出大膽的聲明。

Anyone can do that if all you're trying to do is drive a number in a quarter.

如果你只想在一個季度內推動一個數字，那麼任何人都可以做到這一點。

And you would do exactly what you just said.

你會完全照著你剛才說的去做。

You'd switch the jobs.

你會換工作。

So a job in termite is $3,000.

因此，從事白蟻工作的成本為 3,000 美元。

A job in home insulation services is $10,000.

家庭隔熱服務工作的年薪為 10,000 美元。

Pest control contract for a year is $1,200.

一年的害蟲防治合約為 1,200 美元。

You sell a contract for $1,200, you're going to get $100 in each of the months.

您以 1,200 美元的價格出售一份合約，每個月您將獲得 100 美元。

So you're going to get $300 in a quarter.

所以你將在一個季度內獲得 300 美元。

Or you could shift the focus to jobs, and you can get bigger growth, but then you've got to do it all again next year.

或者你可以將重點轉移到就業上，你可以獲得更大的成長，但明年你必須再次這樣做。

So the confidence that we've got is if I was sitting here and saying, you know what, we've thrown an awful lot of money at Google, but we couldn't make the phone ring, that would be a real problem.

因此，我們的信心是，如果我坐在這裡說，你知道嗎，我們在谷歌上投入了大量資金，但我們無法讓電話響起，那將是一個真正的問題。

We have thrown money in

我們已經投入了金錢

(inaudible).

（聽不清楚）。

We have spent money on paid search.

我們在付費搜尋上花了錢。

And we've started to see -- thank goodness, we've started to see positive inbound lead flow from the activities.

我們已經開始看到——謝天謝地，我們已經開始看到這些活動帶來了積極的入站線索流。

We've still got to train the machine better than we've done at the moment.

我們仍然需要比目前更好地訓練機器。

So there's still -- we've still got examples where we're sending leads to branches that don't need them and not sending them to branches that do.

因此，我們仍然有一些範例，我們將潛在客戶發送到不需要它們的分支機構，而不將它們發送到需要它們的分支機構。

But that's about training the algorithms, training the machines and making sure we're smarter about where we spend the money.

但這是關於訓練演算法、訓練機器並確保我們更明智地知道我們把錢花在哪裡。

But the talent we've got, the agencies we've got, the focus we've got with Brad and his team demonstrate the confidence that what we have done in the second quarter is working, and that's why we're repeating it.

但我們擁有的人才、我們擁有的機構、我們對布拉德及其團隊的關注，都表明我們有信心，我們在第二季度所做的事情正在發揮作用，這就是我們重複這樣做的原因。

And yes, we think it makes imminent good sense to put more money to work.

是的，我們認為投入更多資金是迫在眉睫的明智之舉。

But don't forget, we're not just trying to make the phone ring in quarter to sell a bunch of jobs in quarter.

但不要忘記，我們不僅僅是想讓電話在季度響起來在季度出售大量工作。

We are trying -- and I'm glad -- I'll deal with the third question.

我們正在嘗試——我很高興——我將解決第三個問題。

We are trying to, over time, get that mix right that we are building the portfolio.

隨著時間的推移，我們正在努力實現我們正在建立的投資組合的正確組合。

So you're right to point the 2% out. 2% still not where we need it to be.

所以你指出 2% 是正確的。 2% 仍然沒有達到我們需要的水平。

But that portfolio growth of 2%, if you get a contracting business where you get your net gain up to, say, 5% over time, that will give you typically 5% of organic growth.

但投資組合成長 2% 時，如果你獲得一項承包業務，隨著時間的推移，你的淨收益將達到 5%，那麼通常會為你帶來 5% 的有機成長。

So that is one of the features that we've seen in the quarter, a bit more focus on selling core pest control contracts.

這是我們在本季看到的特點之一，更重視銷售核心害蟲防治合約。

It doesn't mean to say we're not focused on jobs because jobs are incredibly important.

這並不意味著我們不關注工作，因為工作非常重要。

But you've got to get that contracting portfolio into positive momentum, into positive net gain, and which is why the focus on retention is so incredibly important.

但你必須讓收縮的投資組合產生積極的勢頭，產生積極的淨收益，這就是為什麼專注於保留如此重要的原因。

So you've got to not just fill the top of the bucket.

所以你不能只是填滿桶頂。

You've got to stop the stuff coming out at the bottom of the bucket at the same time.

同時你必須阻止桶底的東西流出。

So that explains the confidence.

這就解釋了信心。

That explains the contracting bit.

這解釋了承包位。

Pricing, Stu?

定價，斯圖？

Yes.

是的。

On pricing, it feels pretty resilient to us, again, not just North America, pretty much across the globe.

在定價方面，我們感覺它非常有彈性，不僅僅是北美，幾乎在全球範圍內。

You've got some tapering there, obviously, as inflation comes off.

顯然，隨著通膨的回落，你會有所縮減。

But they continue to be able to price effectively, including North America.

但他們仍然能夠有效定價，包括北美。

And where would you see a problem, you'd see it in the retention rate.

你會在哪裡看到問題，你會在保留率中看到它。

You'd start to see retention rates drifting up if we were going to get -- sorry, termination rates drifting up if we were having problems making pricing stick.

你會開始看到保留率上升，如果我們要——抱歉，如果我們在定價方面遇到問題，終止率就會上升。

So we haven't seen any sea change in our ability to recover price in North America or anywhere else around the world.

因此，我們在北美或世界其他地方恢復價格的能力並沒有發生任何巨大變化。

It feels pretty solid to us.

對我們來說，這感覺非常可靠。

(inaudible)

（聽不清楚）

Well, look, we continue to try and recover inflation is what we do.

好吧，看，我們繼續努力恢復通膨，這就是我們所做的。

We're not trying to enhance margins.

我們並不是想提高利潤。

And as I've said many times in the past, we look at it on a monthly basis, and we process in the month what we're seeing in front of us.

正如我過去多次說過的那樣，我們每月都會對其進行查看，並在該月中處理我們所看到的內容。

This is Simona Sarli from Bank of America.

我是美國銀行的西蒙娜‧薩爾利 (Simona Sarli)。

I have a couple of questions, please, one for Andy and for Brad.

我有幾個問題，一個問安迪，一個問布萊德。

Probably considering since the closing of the deal, how has your opinion changed or evolved on the potential challenges but also opportunities from Terminix in North America?

可能會考慮自交易完成以來，您對北美 Terminix 的潛在挑戰和機會的看法有何變化或演變？

The second one, if we look at the performance for Q2, and clearly, you flagged that you already had tough comps from June last year in the redistribution business, which I assumed was also already well known to you.

第二個，如果我們看看第二季的表現，很明顯，你指出從去年六月開始，你在再分配業務上就已經有了艱難的競爭，我想你也已經眾所周知了。

So what can mean that it was probably softer than expected and that explains why the growth was actually below your guidance overall for past control in Q2?

那麼，什麼意味著它可能比預期更疲軟，這解釋了為什麼成長實際上低於您對第二季過去控制的整體指引？

And if you can provide a little bit more color on the differential in performance between commercial versus residential in termite versus Q1.

如果您能提供更多關於白蟻與第一季商業與住宅之間表現差異的資訊。

And if in commercial you have lost any contracts, for example, with national account

如果在商業方面您遺失了任何合同，例如國民帳戶合約

(inaudible).

（聽不清楚）。

Thanks.

謝謝。

I'm trying to pick the bones out of that.

我正試圖從中剔除骨頭。

The two questions that sounded more like four, but I'll do my best.

這兩個問題聽起來更像是四個問題，但我會盡力而為。

Let's go to the first one.

我們來看第一個。

Overall, how do we feel about -- I mean use it me and Brad, I think I'll take it because Brad only joined the team post the deal.

總的來說，我們感覺如何——我的意思是用我和布拉德，我想我會接受它，因為布拉德在交易後才加入球隊。

And the question was how do I feel about it relative to how we used to feel about it and when we looked at it.

問題是，相對於我們過去對它的感受以及當我們看待它時，我對它的感受如何。

Look, let's be honest, it's clearly taking us longer to get growth where we need to get growth, and I think you've heard me diagnose many times and give the strategy for pest control business.

聽著，說實話，我們顯然需要更長的時間才能在需要成長的地方成長，我想你已經聽過我多次診斷並給出害蟲防治業務的策略。

You got to have great colleague retention and great colleague retention consistently over time feeds into great customer service, which feeds into better customer retention, which feeds into the ability to sell customers more things, more jobs, upselling and to get good prices.

你必須保持良好的同事保留率​​，隨著時間的推移，良好的同事保留率​​會持續帶來卓越的客戶服務，從而帶來更好的客戶保留率，從而提高向客戶銷售更多東西、更多工作、追加銷售並獲得優惠價格的能力。

So I think fundamentally, the bigger challenge or the challenge probably that's turned out to be bigger is getting colleague retention back or up to where we need to or towards where we need to.

因此，我認為從根本上來說，更大的挑戰或可能被證明更大的挑戰是讓同事的保留率回到我們需要的水平或達到我們需要的水平。

And it's probably the area that I'm also most delighted with the progress we've made in the last 12 months.

這也可能是我對過去 12 個月所取得的進展最滿意的領域。

So I think that's to pick the main issue.

所以我認為這是選擇主要問題。

I think it's being harder to get growth.

我認為獲得成長變得越來越困難。

And I think it's been because we've been finding it harder or the challenge to get the colleague retention up to where we need to has been bigger.

我認為這是因為我們發現讓同事保留到我們需要的水平變得更加困難或挑戰更大。

In terms of the opportunity side, I look -- we judge performance and we look at companies and we look at them through an incredibly narrow range of how have we done in the last 13 weeks.

在機會方面，我認為——我們判斷業績，我們觀察公司，我們透過過去 13 週我們的表現的極其狹窄的範圍來觀察它們。

I don't know.

我不知道。

I look at this as the opportunity that we're building here to create, I call it, the powerhouse of pest control.

我認為這是我們在這裡創造的機會，我稱之為「害蟲防治的動力來源」。

I couldn't be more excited.

我非常興奮。

I remain incredibly excited about the opportunity in this business.

我對這個行業的機會仍然感到非常興奮。

We're the number one in the world.

我們是世界第一。

We're the number one in resi.

我們是防守方面的第一名。

We're the number one in termite.

我們是白蟻第一名。

We're the number one in commercial.

我們在商業領域是第一名。

We spend more innovation than anyone else.

我們在創新上的投入比任何人都多。

It will take time.

這需要時間。

But if we build it, they will come.

但如果我們建造它，他們就會來。

I'm more excited than I've been in the past, but we still got ways to go.

我比以前更興奮，但我們還有很長的路要走。

In terms of the -- I'll just deal with the commercial bit, specifically, National Account.

就--我將只處理商業方面的問題，特別是國民帳戶。

National Account is performing very well.

國民帳戶的表現非常好。

Rentokil National Account is very strong.

能多潔國民帳戶非常強大。

I looked at the win/loss data the other day, absolutely no evidence at all that we've lost big accounts to big competitors, and we've certainly won as much as we've lost.

前幾天我查看了贏/輸數據，完全沒有證據表明我們已經把大客戶輸給了大競爭對手，而且我們贏的肯定和輸的一樣多。

So I don't think there's any new story there.

所以我不認為那裡有什麼新故事。

Don't forget Terminix had a National Account piece of business, and Terminix was the weakest of the National Account players in the United States.

別忘了Terminix有國民帳戶業務，而Terminix是美國國民帳戶公司中實力最弱的。

So I think we've seen a bit of attrition around the Terminix National Account's

所以我認為我們已經看到 Terminix 國民帳戶的一些消耗

[table].

[桌子]。

But over time, we're moving the Terminix National Account Copesan customers into the Rentokil's table.

但隨著時間的推移，我們正在將 Terminix National Account Copesan 客戶移至能多潔的客戶名單中。

So we're working through that, but I don't think it's a big story there.

所以我們正在解決這個問題，但我認為這並不是什麼大事。

What was specifically softer about the distribution business?

分銷業務的哪些方面特別疲軟？

Do you want to pick that, Stu?

史圖，你想選那個嗎？

Yes, sure.

是的，當然。

Really, it was a bit -- those comps, as you rightly point out.

真的，正如你正確指出的那樣，這有點——那些比較。

It wasn't a surprise to us.

這對我們來說並不意外。

We had 20% plus organic growth in June last year.

去年 6 月，我們的有機成長超過 20%。

Actually, distribution helped the number in Q1.

事實上，分銷對第一季的數字有所幫助。

So it's not that it's particularly challenged.

所以這並不是說它面臨特別的挑戰。

It's just more lumpy than it really used to be pre-pandemic is the main shift.

主要的轉變是，它比大流行前的情況更加不穩定。

So we didn't give a revenue target -- growth target for Q2, by the way.

因此，順便說一下，我們沒有給出第二季的營收目標——成長目標。

We gave one for Q1 and then we gave one for the full year.

我們為第一季提供了一個，然後為全年提供了一個。

So we're still sticking with that target range of 2% to 4%.

因此，我們仍然堅持 2% 至 4% 的目標範圍。

So we haven't really moved that, and we certainly didn't give a target for Q2, and distribution was included in that view of life, of course.

所以我們還沒有真正改變這一點，我們當然也沒有給出第二季度的目標，當然，分配也包含在這種生活觀中。

James Beard at Deutsche Bank.

德意志銀行的詹姆斯·比爾德。

I've got two questions, please.

我有兩個問題，請教。

Could you give us a little bit more detail around the working capital and particularly the debtor performance in the first half and why you think that is a one-off issue and will reverse in the second?

您能否為我們提供有關營運資金的更多詳細信息，特別是上半年的債務人表現，以及為什麼您認為這是一次性問題並會在下半年出現逆轉？

And second question, you mentioned that you're pivoting away from 100% sales commission for new hires in North America.

第二個問題，您提到您將不再為北美新員工提供 100% 的銷售佣金。

What proportion of North American sales colleagues are currently on 100% commission contracts?

目前簽訂 100% 佣金合約的北美銷售同事比例是多少？

Yes.

是的。

On debtors, it was quite peculiar.

對於債務人來說，情況相當奇特。

I mean we don't manage cash strongly at the half year because it's really related to the -- we're building up the season.

我的意思是，我們在半年中沒有大力管理現金，因為這確實與我們正在建立的賽季有關。

We always have some outflow.

我們總是有一些流出。

And it was just a bit bigger.

而且只是大了一點。

If you -- what was interesting is every single region we reviewed said, and you're going to love this, the half year finished at a

如果你——有趣的是我們審查過的每個地區，並且你會喜歡這個，那麼這半年的成績是

[weekend].

[週末]。

And we paid out debtors -- our creditors the week before, and we suffered from customers paying us the week after.

我們在前一周還清了債務人——我們的債權人，而我們卻因客戶在後一周向我們付款而遭受損失。

And actually why am I confident because we saw the week after the cash flowing in.

實際上，為什麼我有信心，因為我們看到了現金流入後的一周。

So it really was a timing thing.

所以這確實是一個時機問題。

We're largely a Northern Hemisphere business, therefore, at the 31st of December, we don't see those characteristics.

我們主要是一家北半球企業，因此，截至 12 月 31 日，我們看不到這些特徵。

And so I'm really confident that it was just a real peculiarity around the half year that I wouldn't expect to recur.

因此，我非常有信心，這只是半年左右的一個真正的奇特現象，我預計不會再發生。

Sales colleagues.

銷售同事。

I'm going to give you the answer, and I'm going to look at Brad and he's either going to nod his head or he's going to shake it, so we're going to do it that way.

我會給你答案，我會看著布拉德，他要么點頭，要么搖搖頭，所以我們就這樣做。

I think we have 425 colleagues in Terminix who are on 100% commission.

我認為我們在 Terminix 有 425 名同事領取 100% 的佣金。

I don't think we have any in heritage Rentokil.

我認為我們沒有任何能多潔的遺產。

I think we have 425.

我想我們有 425 個。

That's probably about 10% of the total sales force.

這可能約佔銷售人員總數的 10%。

He's shaking his head, nodding his head.

他一邊搖頭，一邊點頭。

I don't know.

我不知道。

And what we're doing here is important.

我們在這裡所做的事情很重要。

If you've already figured out how to sell and you're already on a 100% sales commission scheme and you've been doing it for X years, you love it.

如果您已經弄清楚如何銷售並且已經採用 100% 銷售佣金計劃並且您已經這樣做了 X 年，那麼您會喜歡它。

And we're not going to take that away from those people.

我們不會剝奪這些人的權利。

But we don't think that's the way to build the future professional sales force.

但我們認為這並不是建立未來專業銷售團隊的方法。

We don't do it in that way in any part of the business.

我們在業務的任何部分都不會這樣做。

We don't do it in Rentokil North America.

我們在能多潔北美不這樣做。

So for new people coming in, we're moving them to a much more conventional structure that we've been using for years in Rentokil with a good salary, but with good opportunities to earn more money.

因此，對於新加入的員工，我們會將他們轉移到我們在能多潔多年來一直使用的更為傳統的結構，薪水不錯，但也有賺更多錢的好機會。

So the earning potential will be as good.

因此，收入潛力也會一樣好。

But if you're already using the 100% scheme, we're not going to take that away.

但如果您已經在使用 100% 方案，我們不會取消該方案。

And that was one of the worries on our behalf, I will say, one of the worries that's been out there, which is, are you going to lose a lot of your top salespeople because you're going to take away the 100% sales?

我想說，這是我們的擔憂之一，也是一直存在的擔憂之一，那就是，你是否會失去很多頂級銷售人員，因為你會奪走 100% 的銷售額？

No, we're grandfathering for an inappropriate phrase.

不，我們已經放棄了一個不恰當的短語。

We're leaving them in those pay structures.

我們將他們留在這些薪酬結構中。

Chris Bamberry, Peel Hunt.

克里斯‧班伯里，《皮爾亨特》。

A couple of questions if I may.

如果可以的話，我有幾個問題。

How did organic growth in North American pest services developed over the quarter?

本季北美害蟲服務的有機成長如何？

And secondly, you kind of nudged down slightly your M&A target for the year.

其次，您略微下調了今年的併購目標。

Is that just a timing issue?

這只是一個時間問題嗎？

Or have you been losing out on deals?

或者您一直在交易中遭遇損失？

And I guess, on that front, what are we seeing in terms of pricing and competition for acquisition?

我想，在這方面，我們在定價和收購競爭方面看到了什麼？

I'll do the M&A one and then I'll come back to the one that I'm not going to answer.

我會做併購一件事，然後我會回到我不打算回答的一件事。

M&A, we do what we can.

併購，我們盡力而為。

So at the beginning of the year, we gave you the very best view of what we think we're going to do in the following 12 months and then we update it, either we say, we're going to spend a bit more or we're going to spend a bit less.

因此，在今年年初，我們向您提供了我們認為在接下來的 12 個月內將要做的事情的最佳視圖，然後我們對其進行更新，要么我們說，我們將多花一點錢，要么我們會少花一點錢。

M&A is very opportunistic, very lumpy.

併購是非常機會主義的、非常不穩定的。

You can win a big deal and suddenly the numbers change, or you can lose a few.

你可能贏得了一筆大交易，但數字突然發生了變化，或者你可能失去了一些。

There was no story here at all between the 250 -- the 200 to 250, just simply as we sit here today and the pipeline for execution in the coming six months.

250 之間——200 到 250 之間根本沒有任何故事，就像我們今天坐在這裡以及未來六個月的執行管道一樣。

Just doing the math on it, and we [probability weighting] on well, how many of these deals do we think we will close, et cetera, that's where it comes out.

只需對其進行數學計算，我們[機率權重]就很好，我們認為我們將完成多少筆交易，等等，這就是結果。

So we reserve the right, of course, we do to spend more than the 250.

所以我們保留權利，當然我們確實花250以上。

We reserve the right to come in under the 200.

我們保留進入 200 名以下的權利。

But as we sit here today, it looks like it will land in that range.

但當我們今天坐在這裡時，看起來它會落在這個範圍內。

I don't think there's much I can tell you on pricing.

我認為關於定價我沒有什麼可以告訴你的。

We certainly saw over the last five years in the United States, an increase in prices that kept -- went up five years ago and stayed high.

在過去的五年裡，我們確實看到美國的物價持續上漲——五年前就一直上漲並保持在高位。

Then we were hoping that prices would dip a bit.

然後我們希望價格會下降一點。

And I think we did see prices dip a bit in the last 18 months as interest rates moved up, and therefore, private equity found it more difficult to be competitive.

我認為，隨著利率上升，我們確實看到過去 18 個月價格略有下降，因此，私募股權發現更難保持競爭力。

I don't think -- and it's marginal.

我不認為——而且這是微不足道的。

I don't think we've really seen much movement in those prices.

我認為我們並沒有真正看到這些價格有太大變動。

If there's been any movement, I'd say it's been a little bit softening overall, but not massively.

如果有任何變化的話，我會說整體上有一點軟化，但不是很大。

You saw the amount of money we spent relative to the dollars we bought or the pounds that we bought, and you might say, oh with that, that looks like you're spending less per revenue dollar.

您看到了我們花費的金額相對於我們購買的美元或購買的英鎊，您可能會說，哦，這樣看來，您每收入一美元的支出就更少了。

That's really a function of the fact that we did more on the Hygiene & Wellbeing side in the half than previously.

這其實是因為我們在半年中在衛生和福祉方面做得比以前更多。

So Hygiene & Wellbeing deals typically come at a lower multiple, typically because there are a few people chasing them.

因此，衛生和健康交易的倍數通常較低，通常是因為有少數人在追逐它們。

The pest control pipeline and funnel looks good.

害蟲防治管道和漏斗看起來不錯。

Prices are stable, may be a shade lower than they were, but difficult to say.

價格穩定，可能比以前低一點，但很難說。

In terms of the month-by-month, blow-by-blow, no, I'm not going to go down that rabbit hole.

就逐月、逐項而言，不，我不會掉進那個兔子洞。

Otherwise, I'll be giving you a monthly revenue numbers, and I don't plan to do that.

否則，我將向您提供每月收入數據，但我不打算這樣做。

But I don't think there's a massive story in the quarter.

但我不認為本季有什麼大的故事。

I've mentioned that some of the paid activity, we learned as we went through the quarter.

我已經提到我們在本季度中了解到的一些付費活動。

But overall, I don't think it's a big story in the quarter to share one way or the other.

但總的來說，我認為以某種方式分享本季並不是什麼大事。

Nicole Manion from UBS.

瑞銀 (UBS) 的妮可‧馬尼恩 (Nicole Manion)。

Just two questions, please.

請教你兩個問題。

You've talked today a lot about the importance of colleague retention and since the deal closed, I think that's broadly speaking been increasing.

您今天多次談到了留住同事的重要性，自交易完成以來，我認為總體而言，留住同事的重要性一直在增加。

Should we be expecting some volatility in those metrics, even if only temporary, as you crack on with those full branch and route integrations in the kind of later phases?

當您在後期階段繼續進行完整的分支和路由整合時，我們是否應該預期這些指標會出現一些波動，即使只是暫時的？

And then secondly, a broader question on the branch strategy.

其次，關於分支機構策略的更廣泛的問題。

I guess there's obviously multiple ways to skin a cat, but you have a big peer who is maybe quite vocal having these smaller, but more numerous branches.

我想顯然有多種方法可以剝貓的皮，但你有一個大同齡人，他可能會非常直言不諱地擁有這些較小但數量更多的分支。

I think you've touched on it today in those helpful slides, but I wonder if you could elaborate on what gives you confidence that is the right approach?

我想您今天在那些有用的幻燈片中已經談到了這一點，但我想知道您是否可以詳細說明是什麼讓您相信這是正確的方法？

Is it that you think you're doing something different through the integration process around innovation, route planning and so on.

您是否認為透過圍繞創新、路線規劃等的整合過程，您正在做一些不同的事情？

It will be somewhat better than what peers in the market have or is it something else?

它會比市場上的同行好一些還是有別的什麼？

Yes, colleague retention.

是的，保留同事。

That's a good question.

這是個好問題。

I think we'll know it when we see it is the honest answer.

我想當我們看到這是誠實的答案時我們就會知道。

If we go back to the pilots that we did whenever it was 12 months ago, we did see volatility in colleague retention.

如果我們回顧 12 個月前所做的試點，我們確實看到了同事保留率​​的波動。

That is why we did the pilot.

這就是我們進行試點的原因。

So we then drilled down and said, okay, what caused this volatility, what have we done to upset people that has caused them not to want to hang around.

然後我們深入探討，好吧，是什麼導致了這種波動，我們做了什麼讓人們感到不安，導致他們不想留下來。

Some of it was around things like the pay structure.

其中一些是圍繞著薪酬結構之類的事情。

So we've learned from that.

所以我們從中吸取了教訓。

This is why we pilot, and that's why I'm going to share some of the changes there.

這就是我們進行試點的原因，也是我要分享其中一些變化的原因。

We've also said -- we've called what we're going to do in the fourth quarter, a pilot.

我們也說過－我們將第四季要做的事情稱為試點。

We've done that quite deliberately.

我們是故意這麼做的。

It is the plan.

這就是計劃。

The plan is locked.

計劃已鎖定。

We know what we're going to do on pay and conditions.

我們知道我們將在薪酬和條件方面做什麼。

But we're pragmatic.

但我們很務實。

If when we get into it, we get a lot of negative feedback from colleagues, okay, we reserve the right to change that pay plan and pivot.

如果當我們進入時，我們從同事那裡得到很多負面回饋，好吧，我們保留改變薪酬計劃和支點的權利。

We actually think and our data suggests, there are going to be far more people who are going to be happy with what we're going to do than those who have the potential to be unhappy.

事實上，我們認為並且我們的數據表明，對我們將要做的事情感到滿意的人比那些有可能不滿意的人要多得多。

But we're also focusing on the ones who could be unhappy.

但我們也關注那些可能不快樂的人。

So how do we make sure that we reduce the probability that they're really going to be unhappy.

那麼我們該如何確保降低他們真正不高興的可能性呢？

So it's possible.

所以這是可能的。

And I would say -- and also sitting behind your question, don't forget to deliver the synergies that we're committed to, we have to take a lot of people out of the business.

我想說的是，在你的問題背後，不要忘記提供我們致力於的協同效應，我們必須讓很多人離開這個行業。

Our plan firmly is not to do some big redundancy program.

我們的計劃堅決不會做一些大的裁員計劃。

That's not going to happen.

那是不會發生的。

How we'll do it is typically not to replace natural attrition.

我們通常不會取代自然損耗。

So as people leave, we won't need to replace them.

因此，當人們離開時，我們不需要替換他們。

We would just reorder the territory.

我們只需重新排列領土即可。

So there could be some volatility because there are moving pieces.

因此，可能會出現一些波動，因為有一些變化。

But the underlying trends are there to see and they're positive.

但潛在的趨勢是顯而易見的，而且是正面的。

The branch -- excuse me, I got terrible man flu, so apologies.

分行——對不起，我得了嚴重的流感，所以很抱歉。

The branch -- the reason I put that chart in -- Brad put that chart in, there's been a lot of myths that have been commented again on our behalf that we're going to move to this mega branch structure.

分支——我把那張圖表放進去的原因——布拉德把那個圖表放進去，有很多神話再次代表我們評論說我們將轉移到這個巨型分支結構。

We're going to have these huge branches.

我們將擁有這些龐大的分店。

And clearly, look, I get it.

顯然，看，我明白了。

My very good friends in Atlanta have a different approach.

我在亞特蘭大的好朋友有不同的方法。

But is it really that different is the question I would ask and the main point of that Slide 43 was to point out what's really happening here is we're taking 160 branches, which are subscale, which are sub 3 million.

但我要問的問題真的有那麼不同嗎？

And that's just too small for a branch.

對於一個分支機構來說這太小了。

It just is.

確實如此。

So most of those become small branches.

所以大部分都變成小樹枝了。

And then you do the math on that, it's not so wildly different.

然後你算一下，結果並沒有那麼大的差異。

And you look at that say, well, actually, on big branches, let's talk about those big mega branches.

你看，好吧，實際上，在大分支機構上，讓我們來談談那些大型分支機構。

We've already got 80 of those today, and we're going to move to 110.

今天我們已經有了 80 個，我們將增加到 110 個。

So I don't think it's radical and nobody ever asked the question to my friends over Atlanta, but somebody should ask them, do you have big branches because, hey, guess what, they do.

所以我不認為這是激進的，沒有人向我在亞特蘭大的朋友問過這個問題，但有人應該問他們，你們有大分支機構嗎，因為，嘿，猜猜看，他們有。

So I don't think it's a radically fundamentally different view to the competition in the market.

所以我不認為這對市場競爭有根本不同的看法。

We're just in a -- we're in a moment in time, we've got to get through this process.

我們正處於一個——我們正處於一個時刻，我們必須完成這個過程。

We've got to get all the systems fully plumbed in.

我們必須讓所有系統都完全接通。

We've got to get rid of the integration.

我們必須擺脫整合。

I'm very, very confident that [end state] is more than fit for purpose.

我非常非常有信心[最終狀態]完全符合目的。

And it's a model that we've used for years.

這是我們使用多年的模型。

So I guess, I would encourage people not to spend an awful lot of time trying to tease out the differences between us and the competition, but -- except that actually our model is much, much more similar than it is different.

所以我想，我會鼓勵人們不要花太多時間試圖找出我們和競爭對手之間的差異，但是——除了實際上我們的模型相似之處遠多於不同之處。

And some of the points that Brad made in his comments, customers don't go to branches.

布拉德在評論中提出的一些觀點是，顧客不會去分行。

So the notion that we're putting branches closer to customers is a slightly odd one.

因此，我們讓分行更接近客戶的想法有點奇怪。

Technicians are -- their route is based on where they live.

技術人員－他們的路線取決於他們居住的地方。

So if you live in North Atlanta, we'll give you a North Atlanta territory.

因此，如果您住在北亞特蘭大，我們將為您提供北亞特蘭大地區。

So you are living in the community of where your customers are.

因此，您生活在客戶所在的社區。

So we have that proximity.

所以我們有這種接近。

I'm sure there are things that we can do better, and we're a learning organization.

我確信我們可以做得更好，而且我們是一個學習型組織。

But the point of the slide is really say, look, it's not a fundamental move to mega branches.

但這張投影片的重點其實是說，看，這並不是向大型分公司邁出的根本性舉措。

It's enough weighting of subscale into small branches.

將子量表加權到小分支就足夠了。

Sylvia Barker from JPMorgan.

摩根大通的西爾維亞·巴克。

Three, please.

請三人。

On organic for the second half, you'll finally be doing some of the full integrations in Q4.

在下半年的有機方面，您最終將在第四季度進行一些完整的整合。

Would you share any dis-synergy assumptions that you've got within the organic guidance for North America?

您能否分享一下您在北美有機指導中的任何不協同假設？

Secondly, free cash conversion, is that different in North America versus the rest of the business?

其次，自由現金轉換，北美與其他業務有什麼不同嗎？

Because you've got more residential, presumably have a different proportion of prepayments?

因為你有更多的住宅，大概有不同比例的預付款？

How does that -- maybe not just for the half, but more structurally?

這是怎麼回事——也許不只是一半，而是更結構性的？

And then finally on Hygiene, obviously, we've asked you this in the past, so sorry to ask again, but where is that business in terms of the -- I guess, how integrated it is with pest in the various regions?

最後，關於衛生問題，顯然，我們過去曾問過您這個問題，很抱歉再次詢問，但就我想，它與各個地區的害蟲的整合程度而言，該業務在哪裡？

Clearly, we get asked that a lot given the recent news flow.

顯然，鑑於最近的新聞報道，我們經常被問到這個問題。

Thanks.

謝謝。

Well, I'll do one and three.

好吧，我會做一和三。

Yes, I'm not going to give you a number on dis-synergy.

是的，我不會給你一個關於不協同的數字。

All I'll say is that as we put the program together, as we put our plan together, as we put our guidance together, we made certain assumptions that there would be some level of short-term impact on organic growth as you move into integration.

我要說的是，當我們將計劃放在一起時，當我們將計劃放在一起時，當我們將指導放在一起時，我們做出了某些假設，即當您進入一體化。

So rather, and hopefully, I'm not going to give you that number.

因此，希望我不會給你這個數字。

But I also said, look, we've done many integrations where the impact has been zero and we've done many integrations where the impact has been significant.

但我也說過，看，我們已經完成了許多影響為零的集成，並且我們已經完成了許多影響重大的集成。

The thing that I'm really most excited about in the second quarter is we've done the systems integration.

第二季我最興奮的事情是我們完成了系統整合。

I know that might not sound a big thing to many of you, but it is a big thing.

我知道這對你們許多人來說可能不是一件大事，但它是一件大事。

So to integrate this business fully and properly, we have to do two things.

因此，要充分、正確地整合這項業務，我們必須做兩件事。

We have to get the systems fully integrated.

我們必須使系統完全整合。

That's an enormous task, an enormous task, so many things that have to be done well.

這是一項艱鉅的任務，一項艱鉅的任務，有很多事情需要做好。

And that's gone really, really well.

這一切都非常非常順利。

So we've now got an IT stack that we've converted Terminix colleagues from their system into the new system.

現在我們已經有了一個 IT 堆疊，我們已經將 Terminix 同事從他們的系統轉換到了新系統。

We've converted stand-alone acquisitions to the new system.

我們已將獨立採購轉換為新系統。

We've converted commercial, residential, termite to the new system.

我們已經將商業、住宅、白蟻改建為新系統。

We've had multiple day one glitches every single one of which has been resolved and put to bed.

我們在第一天就遇到了多個小故障，每個小故障都已解決並解決。

So not saying it's done, but my goodness me, that's a big tick to say you've got the systems integration done.

所以並不是說它已經完成了，但我的天啊，說你已經完成了系統整合是一個很大的標記。

Well done, good, excellent.

幹得好，很好，非常好。

Yes, but we've still got other things to do.

是的，但我們還有其他事情要做。

And the three big things that we have left to do is: rerouting, is rebranding and is pay.

我們剩下要做的三件大事是：重新規劃路線、重塑品牌、支付薪資。

We feel really good about the pay piece.

我們對工資感到非常滿意。

We've spent ages and loads of money with third parties, and we've talked to lots and lots of people.

我們在第三方身上花費了多年的時間和大量的資金，並且與許多很多的人進行了交談。

I think the pay structures we got are really good.

我認為我們的薪酬結構非常好。

We'll find out in the fourth quarter.

我們將在第四季找到答案。

And as I said, if that doesn't work, well, we adjust.

正如我所說，如果這不起作用，那麼我們就會進行調整。

Branding, we put a chart in here on branding because again, people are worried on our behalf that we are going to overnight rip up 70-odd local brands and move to Terminix overnight.

品牌，我們在這裡放了一張關於品牌的圖表，因為人們再次代表我們擔心我們會在一夜之間撕毀 70 多個本地品牌並轉移到 Terminix。

We never said we were going to do that.

我們從未說過我們要這麼做。

We never plan to do it, but we put a bit more meat on that bone.

我們從來沒有打算這樣做，但我們在骨頭上放了更多的肉。

And we said, look if it's big regional brands like Western Exterminator, Florida Pest Control, Ehrlich, they will be co-branded and they'll probably be co-branded for years and years and years.

我們說，看看如果是像 Western Exterminator、Florida Pest Control、Ehrlich 這樣的大型區域品牌，它們將採用聯合品牌，並且可能會聯合品牌很多年。

And I'm sure, long since after I stepped in this job, you'll be able to see Western as a brand.

我確信，自從我接手這份工作很久以來，您就能夠將西方視為一個品牌。

It will be co-branded with Terminix.

它將與 Terminix 聯合品牌。

And then the little brands, well, okay, but we're going to take a bit of time to phase out the small brands.

然後是小品牌，好吧，但我們將花一些時間來逐步淘汰小品牌。

So the pay I'm feeling good about, the branding I'm feeling good about, and then the rerouting, rerouting for Brad, we're going to have to do what we've done, hundreds, if not thousands and thousands of times and it's the rerouting that probably -- it's a bit an answer to the question, that's where you could get some sand in the gears.

因此，我感覺良好的薪酬，我感覺良好的品牌，然後是布拉德的重新路線，我們將不得不做我們已經做過的事情，數百甚至數千。這有點是問題的答案，這就是你可以在齒輪中得到一些沙子的地方。

If you don't do that well, you'll annoy a few customers.

如果你做得不好，你會惹惱一些顧客。

So the pilot so far don't involve rerouting, they involve systems integration, big tick, terrific.

所以到目前為止的試點不涉及重新路由，他們涉及系統集成，大滴答聲，太棒了。

Pay plan looking good, branding looking good, rerouting.

薪酬計畫看起來不錯，品牌看起來不錯，正在重新規劃。

We've done it so many times before, but that will be the pinch point.

我們以前已經做過很多次了，但這將是關鍵點。

Can we do that at scale over the next two years without causing a lot of interruption to our customers?

我們能否在未來兩年內大規模實現這一目標，而不會對客戶造成大量幹擾？

We think we can, but I'll let you know when we get into it and we will get into it in the fourth quarter.

我們認為我們可以，但當我們進入這個階段時我會讓你知道，我們將在第四季度進入這個階段。

Free cash flow conversion.

自由現金流轉換。

Yes, free cash flow.

是的，自由現金流。

Thanks Andy saying taking so long over that give me a chance to have a think about it.

謝謝安迪說花了這麼長時間讓我有機會考慮一下。

So let's start from the bottom.

那麼就讓我們從底層開始吧。

National Account, very, very similar, almost identical. (inaudible) might be different commercial business.

國民帳戶，非常非常相似，幾乎一模一樣。 （聽不清楚）可能是不同的商業業務。

We've got a big commercial business in North America, very, very similar.

我們在北美有一個很大的商業業務，非常非常相似。

Again, it's [payment in arrears] and why commercial customers take longer.

再說一遍，這就是[拖欠付款]以及商業客戶需要更長時間的原因。

You're right, residential and termite is different.

你說得對，住宅和白蟻是不同的。

We've -- and the main difference is around revenue recognition.

我們已經——主要區別在於收入確認。

So it's visit based.

所以它是基於訪問的。

It's highly seasonal.

它的季節性很強。

So you are billing often on a monthly basis -- sorry, collecting cash, apologies, on a monthly basis.

所以你經常按月計費——抱歉，收取現金，抱歉，按月計費。

But then you go out and you do work and you recognize the revenue and then you allocate the cash.

但然後你出去工作，確認收入，然後分配現金。

So what you get up is -- as we get into the season -- through the season, your revenue recognition is ahead of your cash collection, yes?

所以，當我們進入賽季時，你會發現，在整個賽季中，你的收入確認領先於你的現金收回，是嗎？

And so then that unwinds for the remainder of the year.

那麼今年剩下的時間這種情況就會緩解。

We've still actually -- so a very high percentage of new residential and termite customers are on either EasyPay or credit card.

實際上，我們仍然有高比例的新住宅和白蟻客戶使用 EasyPay 或信用卡。

It certainly starts with nine.

它肯定是從九開始的。

We still got quite a big legacy of historic customers that still pay by those -- that glorious American thing called the check.

我們仍然擁有相當大的歷史客戶遺產，他們仍然透過那些被稱為支票的光榮的美國東西付款。

So therefore, we still have some collection challenges and that variability around customers that we've had for a very long time.

因此，我們仍然面臨一些收集挑戰以及長期以來我們面臨的客戶變化。

So that's the way the difference is really around the revenue recognition on residential and termite.

這就是住宅和白蟻收入確認的真正區別。

How integrated is Hygiene with pest control?

衛生與害蟲​​防治的結合程度如何？

It's pretty integrated.

它非常集成。

At a country level, you run a country, you don't run past or hygiene, you run both businesses.

在國家層面，你管理一個國家，你不跑過去或衛生，你經營這兩項業務。

So there's only one MD, only one FD, one HR director, one IT director.

所以只有一位 MD、一位 FD、一位 HR 總監、一位 IT 總監。

So at that most senior C-suite level in any country, you're running the whole thing.

因此，在任何國家/地區的最高層級主管中，您都負責管理整個事務。

So you want to separate those businesses, you're going to have to put a huge layer of overhead in one side or the other.

因此，如果你想將這些業務分開，你將不得不在一側或另一側投入大量的管理費用。

At the branches, it's mixed.

在分支機構，它是混合的。

Some we run at the same physical location, some are separate.

有些我們在同一物理位置運行，有些則分開運行。

We use the same IT stack.

我們使用相同的 IT 堆疊。

We share procurement.

我們共享採購。

So there's a significant overlay between the businesses, and we get some commercial benefits as well.

因此，業務之間存在著顯著的重疊，我們也獲得了一些商業利益。

We don't do a lot of cross-selling.

我們不做很多交叉銷售。

Hold the front page, cross-selling is really, really difficult to do.

守住頭版，交叉銷售真的非常難做。

Anyone who tells you it's easy, has never tried it.

任何告訴你這很容易的人都從未嘗試過。

But we do have a lot of customers who buy both, that doesn't mean to say that pest control people are selling hygiene or vice versa.

但我們確實有很多顧客同時購買這兩種產品，這並不意味著害蟲防治人員正在銷售衛生用品，反之亦然。

But if you're a happy pest control customer, we will introduce you to hygiene and vice versa.

但如果您是一位滿意的害蟲防治客戶，我們將為您介紹衛生知識，反之亦然。

So we do get a cross-personalization on commercial.

所以我們確實在商業上實現了交叉個人化。

So honestly it's a very similar business the way it works, route density.

老實說，這是一項非常相似的業務，其工作方式是路線密度。

It's got even higher level of contracting versus past control.

與過去的控制相比，它的合約水準甚至更高。

All of the things that we talk about in pest control about the importance of colleague retention and all of that exactly the same.

我們在害蟲控制中談論的所有事情都涉及保留同事的重要性，所有這些都完全相同。

So the synergy of having those businesses together, I think, is material.

因此，我認為，將這些業務整合在一起所產生的協同效應非常重要。

The dis-synergy of separating those businesses, I think, is material [end off] as far as I'm concerned.

我認為，就我而言，分離這些業務所帶來的去協同作用是重大的。

The last question in the room, then we'll take some online.

房間裡的最後一個問題，然後我們會在網路上回答一些問題。

Okay.

好的。

We've got some there.

我們那裡有一些。

It's James Rose from Barclays.

我是巴克萊銀行的詹姆斯‧羅斯。

Got two, please.

請給我兩個。

First is on the North America growth strategy.

首先是北美成長策略。

We've clearly made good progress on leads.

我們在線索方面顯然取得了良好進展。

But when it comes to sales conversion, is that at a rate below what you typically expect and what's your thought and diagnosis for that?

但是，當涉及銷售轉換時，其速度是否低於您通常預期的水平？

And then secondly, assessing the slide, you're doing a process deep dive on the Terminix pricing process.

其次，在評估投影片時，您將深入了解 Terminix 定價流程。

What has prompted you to do that and what would you expect to find from that review?

是什麼促使您這樣做？

On the first question, can I add someone has asked online, why the average value of lead was down along with sales conversion?

關於第一個問題，我可以補充一下有人在網路上問過，為什麼潛在客戶的平均價值會隨著銷售轉換而下降？

So if we could combine that question with yours.

那麼我們是否可以將這個問題與您的問題結合。

Yes.

是的。

I will try not to talk so long and give you less time to prepare the answer for second one on pricing.

我會盡量不要講那麼長的時間，並給你更少的時間來準備第二個關於定價的答案。

Yes.

是的。

Look, we gave you the growth model, which shows where growth comes from.

看，我們為您提供了成長模型，它顯示了成長的來源。

Sales conversion and average lead value was very slightly down, but they were down.

銷售轉換率和平均潛在客戶價值略有下降，但還是下降了。

And large numbers times a small variance can get you a medium-sized number.

大數字乘以小方差可以得到中等大小的數字。

So it did have an impact.

所以確實有影響。

The honest answer is if you push hard to generate additional leads, you shouldn't be surprised that some of the leads are of a weaker quality than if you weren't pushing as hard.

誠實的答案是，如果您努力爭取更多的潛在客戶，那麼您不應該感到驚訝，因為某些潛在客戶的品質比您不那麼努力時的品質要差。

So it's simply, again, a numbers game.

所以，這又是一場數字遊戲。

So yes we've got more leads, but they weren't all of the same quality.

所以，是的，我們有更多的潛在客戶，但它們的品質並不相同。

And as you go down the funnel, some of them will be of a weaker quality and some of them will be smaller and that then feeds into conversion, which is if you -- if the only thing you ever feed a salesperson is brilliant top-quality leads that are incredibly easy to sell, they're going to sell them.

當你沿著漏斗走下去時，其中一些質量會較弱，有些會較小，然後就會轉化為轉化，如果你——如果你給銷售人員提供的唯一東西是出色的頂部——優質的銷售線索非常容易出售，他們就會出售它們。

But as you go down the funnel and you give them things that are a little bit more difficult to sell, they don't close quite as highly -- at a higher rate.

但當你沿著漏斗走下去，給他們一些更難賣的東西時，他們的成交率就不會那麼高——以更高的速度。

The [bit] is though and I get excited about this.

不過，我對此感到很興奮。

Brad covered it in his piece, particularly on the Terminix side, we've had a really horrible retention rate of new sales colleagues.

Brad 在他的文章中談到了這一點，特別是在 Terminix 方面，我們的新銷售同事保留率​​非常糟糕。

The reason -- one of the main reasons we're moving away from this 100% commission thing for newbies is newbies don't like it.

原因 - 我們不再為新手提供 100% 佣金的主要原因之一是新手不喜歡它。

It's really difficult to be successful in a few months on a 100% -- no salary, 100% commission only.

想要在幾個月內獲得 100% 的成功真的很困難——沒有薪水，只有 100% 的佣金。

And our data proves that if you've done a year or so, your conversion gets a lot better.

我們的數據證明，如果您做了一年左右，您的轉換率就會提高很多。

So by getting more and more people to stay longer and longer, we will get an improvement in the sales conversion rate by into the fact that our people have got more experience as opposed to we're replacing experienced people or replacing churn at the front end.

因此，透過讓越來越多的人停留的時間越來越長，我們將提高銷售轉換率，因為我們的員工擁有更多的經驗，而不是我們更換有經驗的人或更換前端的流失人員。

So I think it's a big story.

所以我認為這是一個大故事。

The numbers were marginal, really marginal, but I was hoping to see an improvement in the conversion, and we saw a marginal decline.

這些數字是微乎其微的，真的微乎其微，但我希望看到轉換率有所改善，但我們看到了微乎其微的下降。

So one to keep an eye on, keep asking the question, but one that Brad is incredibly focused on.

因此，要密切關注，不斷提出問題，但布拉德非常關注這個問題。

We'll get those numbers up as we get sales colleague retention up.

當我們提高銷售同事的保留率時，我們就會增加這些數字。

Stu?

斯圖？

On pricing, something I've spoken about a couple of times.

關於定價，我已經談過幾次了。

If you step back and look at the heritage of pricing in Rentokil and in Terminix.

如果您退後一步，看看能多潔和 Terminix 的定價傳統。

Rentokil very, very granular owned by branch managers, given targets and allocate price increases according to the knowledge of their customers, their performance people who've had a poor service, people who've had really good service where they're not making enough margin blah, blah, blah.

能多潔的管理非常非常細化，由分公司經理負責，根據客戶的了解、服務品質不佳的員工、服務品質很好但收入不足的員工的情況，給出目標並分配價格上漲邊距等等，等等，等等。

So really, really very granular approach to pricing around a target overall.

因此，圍繞總體目標進行定價的方法非常非常精細。

In Terminix, much broader brush.

在 Terminix 中，刷子範圍更廣。

So top down, here's our price approach.

所以自上而下，這是我們的價格方法。

So I'm talking existing customers here, okay?

所以我在這裡談論的是現有客戶，好嗎？

Much more about -- so in some ways, more effective, but in some ways, a sledgehammer.

更多的是——所以在某些方面，更有效，但在某些方面，卻是一把大錘。

And so actually, two things.

事實上，有兩件事。

One, bringing those things together, we think we can have a more strategic approach to customer groups.

第一，將這些東西結合在一起，我們認為我們可以對客戶群採取更具策略性的方法。

So by category, by (inaudible) sorts of things.

所以按類別，按（聽不清楚）各種事物。

But also, we've got some mismatches in pricing between -- in the same regions.

而且，同一地區之間的定價也存在一些不符。

So the Rentokil price position for existing customers might be quite different to the Terminix price positioning and delivering effectively the same service.

因此，Rentokil 對現有客戶的價格定位可能與 Terminix 的價格定位有很大不同，並且有效地提供相同的服務。

So as we bring these things together in one big data lake, it gives us much better opportunity for effective pricing, combining the best of both understanding and bringing the -- where we've got customer issues, where we've got softer on pricing, where we've got et cetera, et cetera.

因此，當我們將這些東西整合到一個大數據湖中時，它為我們提供了更好的有效定價機會，結合了雙方的最佳理解，並在我們遇到客戶問題的地方，在我們在定價方面採取更寬鬆的方式，我們有等等，等等。

So bringing the best of both into that world.

因此，將兩者的優點帶入這個世界。

But I think also strategically gives us a much better opportunity to manage yield around pest pressures, around the demographics of the region.

但我認為，從戰略上講，這也為我們提供了更好的機會來圍繞害蟲壓力和該地區的人口統計來管理產量。

So that's what we're doing is trying to not lose the best of both combine them and really look at how we are pricing.

因此，我們正在做的就是努力不失去兩者的最佳組合，並真正考慮我們的定價方式。

And of course, that feeds into new business pricing as well.

當然，這也會影響新業務的定價。

So understanding better our existing customer base helps us better position a single proposition for Rentokil Terminix in that region around be it resi, commercial or termite that's the way to think about it.

因此，更了解我們現有的客戶群有助於我們更好地為 Rentokil Terminix 在該地區定位單一主張，無論是 Resi、商業還是白蟻，這就是思考的方式。

So online, we've got a couple of questions.

在網路上，我們有幾個問題。

I'd say that two or three of them are market rumor related, let's say, so I'll read them out.

我想說其中兩三個是與市場謠言相關的，所以我會讀出它們。

Have you engaged with

你有接觸過嗎

(inaudible)?

（聽不清楚）？

Any update on the disposal of French Workwear?

關於法國工作服處置的最新消息？

Have you spoken with Mr. Peltz since the news came out?

消息傳出後你和佩爾茲先生談過嗎？

Philip Jansen is working with private equity companies.

菲利普·詹森 (Philip Jansen) 正在與私募股權公司合作。

Do you have any response to this?

中方對此有何回應？

How will the company fend off a battle?

公司將如何抵禦這場戰鬥？

So before Andy comes to those, I'll give those to him.

所以在安迪來之前，我會把這些給他。

I'm enjoying this role, honestly.

老實說，我很享受這個角色。

Can you provide more details about the upcoming refi of the EUR 400 million notes?

您能否提供有關即將進行的 4 億歐元紙幣再融資的更多詳細資訊？

Would you consider to increase the size or might like-for-like any preferred market?

您是否會考慮擴大規模或可能喜歡任何首選市場？

So we match our borrowing to our EBITDA.

因此，我們將借款與 EBITDA 相符。

Those notes are actually swapped to dollars.

這些紙幣實際上已兌換成美元。

Most of our debt surprisingly is swapped to dollars, about 2/3 of it.

令人驚訝的是，我們的大部分債務都換成了美元，大約佔其中的 2/3。

And historically, we've had a good [EMTM] program, very low maintenance, very effective.

從歷史上看，我們有一個很好的 [EMTM] 計劃，維護成本非常低，非常有效。

That's what we've done.

這就是我們所做的。

Clearly, now with our bigger US presence, we'll consider raising dollars in the US in vanilla issuance.

顯然，現在隨著我們在美國的影響力不斷擴大，我們將考慮透過普通發行在美國籌集美元。

And we've got a term loan, a variable rate term loan that matures in 2025 back end of next year, which was the loan we took out at the time of the acquisition.

我們有一筆定期貸款，一種可變利率定期貸款，將於明年 2025 年底到期，這是我們在收購時獲得的貸款。

So between the term loan and this year's euros can we put those together and do a bigger block?

那麼，在定期貸款和今年的歐元之間，我們可以將它們放在一起並做一個更大的塊嗎？

Or do we still keep more smaller, manageable annual refinancing?

或者我們仍保留規模較小、易於管理的年度再融資？

That's what we're thinking about.

這就是我們正在考慮的。

But those are the choices we've got, and that's the decision we'll make later on this year.

但這些是我們的選擇，也是我們將在今年稍後做出的決定。

Thanks, Stu.

謝謝，斯圖。

Well, let's stay with those.

好吧，讓我們繼續討論這些。

But first off, I've been doing this job quite a few years.

但首先，我從事這項工作已有好幾年了。

I have never disclosed the private conversations I've had with any of our shareholders, and I don't intend to start doing so now.

我從未透露過我與任何股東的私人談話，我現在也不打算開始這樣做。

It would be completely inappropriate.

這是完全不合適的。

I wouldn't do it for long only that I've known for a decade, I wouldn't do it for new people coming on to the register.

我不會這樣做太久，只是我已經認識了十年，我不會為新登記的人這樣做。

So that, I think, is easy to deal with whoever the shareholders are.

因此，我認為，無論股東是誰，都很容易處理。

The second point is we treat all of our shareholders exactly the same.

第二點是我們對待所有股東一視同仁。

And certainly, we treat all of our major shareholders exactly the same.

當然，我們對所有主要股東一視同仁。

So we do meet our shareholders from time to time, and that's what I would consider normal investor relations.

所以我們確實時不時會見到我們的股東，這就是我認為正常的投資人關係。

In terms of matters in the media, I mean, stating the extremely obvious, we don't comment on rumors, but I'd also remind everyone the panel rules and the panel requirements in terms of these matters are incredibly clear and incredibly strict.

就媒體問題而言，我的意思是，非常明顯的是，我們不會對謠言進行評論，但我也要提醒大家，在這些問題上，專家組的規則和要求是非常明確和嚴格的。

So I think you can interpret that as you will.

所以我認為你可以按照你的意願來解釋它。

I don't spend time reading the newspapers and their speculation and quite often not, they're not as accurate as you might think, but I don't spend time worrying about that.

我不會花時間閱讀報紙和他們的猜測，而且通常不會，它們並不像你想像的那麼準確，但我不會花時間擔心這一點。

We're working incredibly hard on growing this business.

我們正在非常努力地發展這項業務。

We're working incredibly hard on improving organic growth in North America, work incredibly hard on the integration and the Rest of the World business, which is all going well.

我們正在非常努力地改善北美的有機成長，非常努力地進行整合和世界其他地區的業務，一切進展順利。

So I focus on the stuff that I can focus on and not the stuff of idle rumor and chatter, can't comment those rumors and would never comment on discussions that I've had with any shareholders.

所以我專注於我能關注的事情，而不是那些閒言碎語和喋喋不休的事情，不能評論這些謠言，也永遠不會評論我與任何股東進行的討論。

Disposal of French Workwear.

法國工作服的處置。

Any update?

有更新嗎？

No.

不。

Look, the position of French Workwear, I mean I updated in terms of the performance, another cracking performance, one might make the argument at best-performing business, but a cracking performance again from French Workwear.

看，法國工作服的地位，我的意思是我在業績方面進行了更新，另一種出色的表現，人們可能會爭論表現最好的業務，但法國工作服再次取得了出色的表現。

It is noncore.

它是非核心的。

It is a noncore asset to the group and I'm sure at one point in time, we will conclude that there is an owner for that asset who is a better long-term owner than we are.

它對集團來說是一項非核心資產，我確信在某個時間點，我們會得出結論，該資產的所有者是比我們更好的長期所有者。

But that requires somebody to want to buy that business at a price that makes sense to our shareholders on a fundamental shareholder value

但這需要有人願意以對我們的股東來說基於基本股東價值有意義的價格購買該業務

(inaudible).

（聽不清楚）。

So selling an asset at an undervalue doesn't seem to be a good thing to me, selling an asset for an appropriate value does seem a good thing.

因此，以低估的價格出售資產對我來說似乎並不是一件好事，以適當的價值出售資產似乎確實是一件好事。

So it's not for sale.

所以它不出售。

But then again, everything is for sale.

但話又說回來，一切都可以出售。

That's the nature of business.

這就是商業的本質。

So no update and no change to our position.

所以我們的立場沒有更新也沒有改變。

It's a lovely business.

這是一項可愛的事業。

It's well run.

運行得很好。

It's performing well.

它的表現很好。

At some point, I suspect we'll conclude that there is a better owner that is not today.

在某些時候，我懷疑我們會得出這樣的結論：有一個更好的所有者，但不是今天。

Thank you very much.

非常感謝。

I think that's it.

我想就是這樣。

Are we done?

我們完成了嗎？

All questions done here.

所有問題都在這裡完成。

Thank you, everyone.

謝謝大家。

I appreciate it.

我很感激。