FKI Plc, Europe's biggest maker of wire rope for ships and oil rigs, said first-half profit rose 24 percent on increased demand for winch-cables and power- generation equipment from energy and mining customers. The stock advanced 11 percent.

Net income for the six months through September advanced to 20.4 million pounds ($42.3 million), or 3.5 pence a share, from 16.5 million pounds, or 2.8 pence, a year earlier, the Loughborough, central England-based company said today in a statement. Revenue increased 3.3 percent to 656 million pounds.

FKI plans to sell or spin off its airport baggage-handling gear unit FKI Logistex and its U.S.-based door-fittings maker Hardware after negotiations about a potential 765 million-pound takeover ended in August without a deal. Gains in revenue at its Lifting Products and Services and Energy Technology divisions during the period offset declines at Hardware and Logistex.

``The intention remains to progress the separation of FKI Logistex and Hardware from the group,'' Chief Executive Officer Paul Heiden said in the statement. ``However, uncertainties in the credit markets and U.S. retail and housing sectors make it difficult to predict a timescale for completion.''

FKI gained as much as 7.75 pence, to 77.5 pence and traded at 77 pence as of 8:12 a.m. in London. The stock has fallen 25 percent this year, giving the company a market value of 452 million pounds.

Sales at the Lifting Products and Services business gained 9.5 percent at constant currency, while revenue at Energy Technology climbed 31 percent. The two divisions account for almost two-thirds of the company's total revenue.

FKI is the world's largest independent supplier of turbo- generators used by oil, gas and rail companies and one of the world's three biggest manufacturers of wire rope used in commercial fishing and to tether oil rigs to the sea floor.