Underlying profit before tax for the April to June period was £98.2m, up 19 per cent on the corresponding period a year earlier.
This profit growth outpaced sales which increased 12% to £617m, excluding precious metals.
Robert MacLeod, finance director, said “the improvement in profit margin was mainly driven by its precious metal products division, whose activities include refining, marketing and distribution”.
The company said demand remained robust overall: “The outlook for the second quarter of 2011/12 is good and as a result, the group’s performance in the first half of the year is expected to be significantly ahead of the same period in 2010/11.”
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