Profits for the six months to 10 October were £4.3m compared with a loss of £2.7m at the same period last year. Sales rose to £203m from £136m driven by the rail business where turnover and operating profit both doubled to £152.1m and £10.2m respectively.

"The current year has so far shown a marked improvement in performance over last as rail volumes have come through strongly, but we are mindful of the current severe economic conditions which are expected to continue to impact on our Freight and Transport businesses in the second half. This inevitably leads us to a more cautious outlook for the full financial year," said executive chairman Stephen Norris.