PROFITS at Rentokil - owners of the Shorrock security operation in Blackburn - have risen by 10 per cent.

And the firm is planning a major sell-off among some of its business, although its Initial Shorrock arm will remain part of the group.

Pre-tax profits for the year to December 31 came in at £541million against £490.6 million a year earlier. Turnover was £2.98billion against £2.9billion before.

Chief executive Sir Clive Thompson abandoned his 20 per cent annual profit growth goal last summer after having met the target for 18 years.

He has pledged to return about £1.5 billion to shareholders by buying back up to 25 per cent of its shares.

A host of disposals to raise up to £700 million would partially fund the buyback.

They started last month with the sale of its US distribution business for £49 million.

"We are well advanced with our other disposals and would hope to make some announcements in weeks rather than months," he said.

Advisers were in talks over its personnel, timber preserving and plant hire businesses. Rentokil will focus on hygiene services, pest control and a handful of other core businesses including security.

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