The Jones Group has reported a reversal of fortunes, with pre-tax profits of £957,000 in the first six months of 1997, following £1 million losses last year. The improved performance was mainly due to a restructuring of the group's manufacturing division and a profit on the sale of some fixed assets, according to its chief executive, Mr Pat Nevin.

The group is continuing with its strategic review of its entire manufacturing, shipping and distribution divisions, he said, and expects this to be completed within the next six months. "This process is nearing completion and the board is considering its options with a view to enhancing shareholder value," he said.

Its distribution division performed well, showing a satisfactory result at Appian Fasteners and in the UK oil business. In addition, Jones Oil had a solid performance following a further improvement in profitability at Blugas.

However, its shipping division had a weaker start, with the Rathcarra hit by poor trading during the six month period.