The new owners of Brighton-based TV production house Ricochet, posted a 22 per cent rise in first half profits and said it was back on the acquisition trial.

Shed Productions, which makes Footballers' Wives, said pre-tax profits rose to £2.8 million for the six months to February 28, from £2.3 million a year earlier.

Sales lifted to £17.3 million from £11.9 million. Shed, which also makes ITV1's Bad Girls, said the year's highlight had been the £25 million acquisition of Ricochet, the company behind Supernanny and Risking It All. Chief executive Eileen Gallagher said: "This was a strategic move which enabled Shed to diversify into the factual and entertainment genres while securing new talent."

The group, one of the UK's biggest independent TV production firms, said its new BBC1 drama series Waterloo Road had been a hit with viewers.

The zany Footballers' Wives ditched by ITV continues to earn impressive revenues internationally, particularly in the growing South American market.

Last year, changes in legislation meant Shed was no longer reliant on ITV.

The firm had refused to work with broadcasters unless they allowed it to keep the rights to programmes so that it could benefit from worldwide distribution and DVD and video sales. The introduction of the Communications Act led the BBC, Channel 4 and Five to change their terms of trade

a move that Shed said had tripled its market.

This led to the deal with BBC for prime-time series Waterloo Road. The BBC has ordered a longer run of 12 hours for transmission in early 2007 up from eight in 2006. The takeover of Dyke Road based Richochet the first acquistion in Shed's history has gone down well with investors.

In a statement Shed Production said it was on the lookout for "opportunities to expand the business through strategic acquisitions."

Ricochet was set up by Nick Powell in 1995.

As managing director he produced more than 300 hours of prime-time network television in the UK, including No Going Back and Selling Houses.

He has joined the board of Shed, along with creative director Nick Southgate.