A BUOYANT Radcliffe company whose products were used at various Olympic Games venues has struck gold by announcing a staggering 97 per cent profits increase.

James Halstead PLC, whose group offices are located in Hollinhurst Road, has achieved a second significant landmark by breaking through the £100 million turnover barrier for the first time.

Halstead's, which boasts a 600-strong workforce locally, has seen its pre-tax profits for the year ending June 30 soar from £12.2 million to £24.1 million, including an exceptional gain of £10.4 million.

This was generated by the profit on the sale of Belstaff International Ltd and several associated brand names and trademarks.

Pre-tax profit before exceptional gain rose from £12.2 million to £13.7 million. The good news is contained in the company's preliminary results released this week.

Turnover went up four per cent to an unprecedented £104.7 million to complete a record year for the business which is primarily involved in the manufacture and distribution of flooring products.

Chief executive Mark Halstead said: "In this Olympic year, our products were installed in over a dozen of the Athens games venues and facilities.

"These included the Athens Galatsi Stadium of Gymnastics, the Piraeus Weightlifting Stadium, the main stadium, the Olympic Stadium of Hellinico and the Olympic Doping Control Centre."

The company's flooring range also has a firm foothold in the Far East. Several thousand buses in China are now fitted with two of Halstead's brands.

Commenting on the financial results, chairman Mr Geoffrey Halstead said: "Once again, record sales, record profits and a record dividend. It is clear that the platform of our organisation around the world is focused on continuing progress."

Acknowledging the pre- tax profit of £24.1 million included an exceptional gain, he added: "Nevertheless, our underlying profit after interest, but before exceptionals and tax, is £13.7 million -- a 12.2 per cent increase over last year.

"The achievement of exceeding £100 million turnover for the first time represents another landmark for the group. The efforts of our global team have played a significant part in our success."

Halstead's has had a long and successful presence in Radcliffe and has invested millions of pounds in its business over a number of years.