3i, the UK-listed pan-European private equity firm, has reported net profits of £359m (€524m) for the six months to September, having reported £1.9bn of losses over the two previous financial years.

Michael Queen, 3i's finance director, said: "This is a very important set of results. We have gone through a tough couple of years but now we are starting to see the benefit of the changes we have made. It is a substantial turnaround."