The subprime crisis in the US housing market is expected to have a modest impact on second-half growth at Turbotec Products, which supplies heat exchangers for such uses as swimming pools and air conditioning.

However, the Connecticut-based company almost doubled pre-tax profits for the six months to September 30 from $800,000 to $1.5m (£718,000) and is to pay its first dividend of 1.1p from earnings per share of 7 cents. Turnover rose from $11.5m to $14.5m.