Shares in Rentokil Initial were up on the FTSE 250 in afternoon trading after the company said that the Managing Director of its City Link business had resigned by "mutual agreement".

Stuart Godman has left with immediate effect and has been replaced on a temporary basis by Alan Brown, the CEO of Rentokil Initial, until a successor is chosen.

Rentokil said that its City Link business had seen difficult trading conditions in the third quarter and in the run up to Christmas, meaning that its full year performance is "unlikely to improve upon the prior year".

Despite the poor performance from City Link, Rentokil Initial said its profit expectations for the full year were unchanged thanks to better performances from other arms of the business.

By 13:05 shares in Rentokil Initial were up 0.58 per cent on the FTSE 250 to 95.50 pence per share.