Renold is back in the money

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A company whose products are found in Big Ben's clock tower and the Thames Barrier has returned a half-year profit for the first time in two years.

The company, Renold, which has its headquarters in Manchester, where it makes heavy duty chains, notched up pre-tax profits of £400,000 in the six months to 30 September, compared with losses of £8.8 million in the same period the previous year.

It also reported sales up 23 per cent to £92.9m, as it turned in a half-year performance that exceeded management expectations, aided by improving market conditions.