I always said that I gave 100% of my time to Rentokil in the last two years. I stepped down as president of the CBI on 18 July and certainly the comeback begins here as far as I am concerned and as far as Rentokil is concerned

Sir Clive Thompson

Until he assumed the CBI post the company had profits rise by at least 20% for 17 years in succession.

But that proud target was missed last year, with the fall in Rentokil's profits during the first six months of 2000 confirming that decline.

The company's shares stood at 161.5p on Tuesday morning, a fall of nearly two thirds from a peak of 473.25p in January 1999.

Sir Clive said on Tuesday that the fall in half-year profits to �207m, from �253m in the first half of last year, reflected a group restructuring.

Giving 250%

"The key thing is the shape we are at the end of this year...and we are optimistic going forward into 2001. I see this as a born-again Rentokil," he said.

"I always said that I gave 100% of my time to Rentokil in the last two years. I stepped down as president of the CBI on 18 July and certainly the comeback begins here as far as I am concerned and as far as Rentokil is concerned," he said.

"Today, for a chief executive, to give 100% is not sufficient, you have got to give 250% and as far as I am concerned that is the commitment Rentokil will get from me going forward," he said.

He said the company had nearly completed a shake-up which sees it focusing on its core businesses of hygiene, security, pest control, conferencing and parcels delivery.

A raft of disposals has so far raised �545m, with the money used towards the �1bn buy back of 20% of its shares.

Sir Clive, Rentokil's chief executive, said the company could spend a further �1.5bn on acquisitions and share buy backs. Rentokil's interim dividend is up 8.8% at 1.30p.