The Bradford-based company had put expansion plans on hold due to a lack of access to cash and low market capitalisation.
In a statement, the company said: “Now that the group will soon be ungeared the time is right to start examining suitable acquisition prospects.
“We are already examining some opportunities.”
Belgravium said pre-tax profit rose to £321,000 for the six months to the end of June, up from £26,000 in the same period last year, while turnover rose from £3.66m to £4.77m.
Chairman John Kembery said: “Belgravium has delivered a first half performance in line with expectations and orders received to date mean that the group will have a second half which is constrained only by supply chain and production capabilities.”