The full impact of last year's €68 million acquisition of the Shires group in Britain is reflected in half-year results from Qualceram released yesterday.

Turnover increased almost six-fold to €56.6 million while operating profits were almost four times higher at €7.3 million. The group's pre-tax profits rose from €1.8 million to €3.7 million and earnings per share were up 21 per cent to 14.05 cents.

The half-year accounts include an exceptional charge of €939,000 for redundancy payments and the write-down of the investment in one of Shires's joint ventures, while the interest charge rose from a negligible €106,000 to €2.6 million, reflecting the borrowings for the Shires acquisition. Net debt at the half year was €51.4 million.