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Pre-tax profit rose to £200,000 compared to £100,000 in January-June 2011 and a loss of £300,000 in 2011.

Mallett, whose London base is in Dover Street, will review previously announced plans to scale down their  business in New York and now aim to maximise the potential of the improving market in the US, where turnover almost doubled to £3.4m.

Mallett chairman Lord Daresbury said: "The upturn in the US market has given us some cause for optimism and we have revised our strategy to make the most of this.

"The slow progress in the UK market, however, calls for a note of caution.

"But we will continue to provide varied and high quality exhibitions in our glamorous Ely House showroom to promote interest and excitement in our market and to generate sales."