Chapelthorpe profits rise

PETER Gyllenhammar's Chapel-thorpe group yesterday posted significant increases in half-year profits and sales ahead of its imminent de-listing.

The Bradford-based fibres group, which Mr Gyllenhammar is buying for up to 5.1m, moved from a loss a year ago to pre-tax profits of 3.1m in the six months to the end of September.

Revenues were up 38 per cent at 55m.

The Swedish activist investor, who has acquired 84.5 per cent of the company since buying out its second biggest investor in July, said Chapelthorpe has "continued to recover and performed reasonably well". It does not plan to pay a dividend. The company is likely to de-list on January 21.

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