In the same period last year, the company made interim profits of £17.2 million.

Cookson Group reported interim profit before tax of £34m (v £17m).

If the interim profits are verified by a bank's internal audit department, then they will be included in tier 2 capital.

In the absence of any verification, interim profits will not be included in the capital base.

The relaunch was thought to be behind an 8.9% interim profits rise for Morland in June 1997.

Courtaulds announced a 9% fall in interim profit before tax to £88.8m.

ANZ's international division reported improved interim profits, he said.

Next also produced a much worse than expected slump in interim profits to £16.2m from £30.9m previously.

Cable and Wireless dipped 9p to 482p, the 22 per cent rise in interim profits.

Sales up 47% to £75.8m generated interim profits of £6.9m, with the number of homes sold increasing by nearly 40% to 468.