Engineering conglomerate Tomkins said it wanted to draw a line under the recent past as it confirmed it would not be breaking up the group in the immediate future.

Tomkins made the headlines last October when chief executive Greg Hutchings was forced out amid allegations of excessive use of corporate facilities.

Chairman David Newlands, who admitted the scandal "was a challenging period in my life", used the company's interim results presentation to stress he now wanted to look to the future.

Tomkins sold off its European food manufacturing arm Rank Hovis McDougall and its garden products business last year. Mr Newlands said a strategic review which began in October showed the move had made the group much more focused.

He added consultants McKinsey, and investment bankers Credit Suisse First Boston and Cazenove, suggested Tomkins should hang on to its remaining core businesses - building materials and auto parts.

There had been City speculation that Tomkins might sell a core business and return the cash to shareholders.Mr Newlands said, however, that an immediate break-up or de-merger were unlikely to maximise value for shareholders "in the near term".

He said: "The review has confirmed the group has a sound platform of businesses from which to deliver value to shareholders." Tomkins would nevertheless look to close the gap between what it believed the "fundamental value" of the group was and its current market valuation.

Operating profits rose eight per cent to £165 million during the first half of the year to October 28. Pre-tax profit dropped to £89 million compared with £210 million in the corresponding period the previous year.