Football, leisure and property group Sheffield United has scored a £1 million interim turnaround thanks to property dealing.

AIM-quoted Sheffield, whose 'Blades' football team is still hopeful about moving up into the Premiership, turned a £902,000 loss into a £126,000 pre-tax profit in the six months to December on first-half turnover up from £6.3 million to £20 million. Some £12.6 million of turnover came from United Scarborough Estates, a £50 million joint venture between the company and its chairman and controlling shareholder Kevin McCabe.

Sheffield United's share of the joint venture's profits came to £1.2 million, which, added to £946,000 made on player sales, more than compensated for losses elsewhere in the business. Under McCabe's entrepreneurial guidance, the company, where Jason Rockett was appointed chief executive in November, not only became the first UK football club to launch a property fund, but the first to take a majority stake in a Chinese football club, the Chengdu Five Bulls.

At 15.5p, up 0.25p this morning, Sheffield's shares are twice their 7.25p low of three years ago, though they have fallen 8.5p since last month's high. There could be more to play for.

Not yet a subscriber? You can get immediate access to all the services on Growth Company Investor simply by clicking here.