Lupus Capital, Greg Hutchings creation and a leading international supplier of building products to the door and window industry and the world's number one manufacturer of marine breakaway couplings, announced encouraging interim results for the period ended 30 June 2010.  Revenues were up some 14% on a like for like basis to £133.2m, underlying operating profit up 43% to £17.3m and earnings per share were 6.79p from 4.05p for the comparable period. Net debt at half year was still a material £113.4m (H1 2009: £120.1m). The Group’s high flying oil services division operating through the Gall Thomson and Klaw businesses had another terrific 6 months, it’s just a pity it represents such a small part of the overall business. The division generated sales of £8.1m (just 6% of total revenue) with resulting operating profit £4.2m (24% of overall profit). Not sure if it will be able to repeat this in the second half and the division itself appears a strange fit in essentially a building products group – we sense a disposal!

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