City File: Wassall gains

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STAND by for a flurry of further 'buy' recommendations on shares in Wassall, the high- flying mini-conglomerate, run by former Hanson executives, Christopher Miller and Phillip Turner. This week, analysts are being shepherded round the group's US operations, including DAP, the DIY products business acquired for pounds 58m a year ago.

In the six months ending 30 June, Wassall doubled pre-tax profits to pounds 6.24m from pounds 3.12m, thanks to a remarkable contribution from its consumer division, which includes DAP. Consumer profits were pounds 3.44m, up from just pounds 340,000. Of that total, pounds 2.8m came from DAP.