Pre-tax tax profits at Barlo have improved to €3.1m in the first half of the year compared to €2.2m this time a year ago.
In a statement today Barlo's independent directors said that talks about a management buyout by chief executive Tony Mullins are continuing, but 'shareholders shouldn't assume an offer will be made'.
Since news of the buyout approach was made public in July, stockmarkets have recovered substantially, potentially making it harder for independent directors to recommend an offer which speculation has suggested could be made at a price of between 34 and 40 cents per share.
Barlo's results today show turnover up from €146m to €156m, and interest payments on debt down €800,000 to €4m.
In a statement Tony Mullins said performance in the radiator business was ahead of expectations driven by strong UK performance, but the plastics operation was hit by tighter operating margins.
He said challenging market conditions will continue in the second half of the year.
Barlo chairman Niall Carroll is heading the group of independent directors considering Mullins' takeover approach.
Barlo shares were unchanged at 34 cents this evening.
