SERVICES group Rentokil Initial - owners of the Shorrock security site in Blackburn - has abandoned its long-standing target of 20 per cent annual growth.

The company has been famous for its growth targets, which earned chief executive Sir Clive Thompson the nickname 'Mr 20 per cent.'

But the group said it had decided instead to aim to "substantially outperform the support services sector."

The change in objective came as the group reported pre-tax profits of £253 million for the six months to June 30, up 10.2 per cent from £229.5 million last year. The company said its full year results would show a similar growth rate.

The group said it had lost contracts in the UK, which had pushed turnover and profits down in its cleaning, catering, hospital services and management services businesses.

But the company said higher margin activities such as its UK education and training business and its European textile services, healthcare and security businesses showed good growth in sales.

Total group turnover was £1.47 billion, up from £1.44 billion in the same period last year. The interim dividend was increased to 1.2p, up from 1.07p.

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