The firm that supplied the cladding used on Grenfell Tower has reported higher than expected profits as it moves to absolve itself of blame for the devastating fire.

Arconic made profits of $212m (£162m) in the three months to the end of June - the period including the 14 June inferno that killed at least 80 people - an increase of 57 per cent from the same quarter of the previous year.

It has announced it will no longer sell its Reynobond PE panels for high-rise blocks because it has no control over their installation.

It also raised its forecast for annual revenue to $12.7bn (£9.7) from $12.3bn (£9.4), thanks to better than expected sales.

“The business increased revenue and profitability, continued to expand margins and take out cost,” said David Hess, Arconic’s interim chief executive. “We ended the first half of 2017 with significantly less debt, a strong cash position and good liquidity.”

The company now faces several class-action lawsuits that accuse it of making false and misleading statements related to its sales of the panels from plaintiffs who are complaining about the 7 per cent fall in the value of its shares in the wake of the catastrophe.

Since the fire – the deadliest in the UK for more than a century – at least 149 high-rise buildings in 45 different local authorities in the UK have failed cladding safety tests.

The Reynobond PE panels used in the cladding of Grenfell were the cheapest of three options including panels with a fire resistant core, suitable for buildings up to 30 metres, and panels with a non-combustible core, for buildings above that height, outlined in Arconic’s own leaflet.

Its website continues to promote the cladding as part of "beautiful, secure and sustainable buildings" used by millions of people around the world.

In Pictures: Grenfell Tower after the fire Show all 51 1 /51 In Pictures: Grenfell Tower after the fire In Pictures: Grenfell Tower after the fire Police have released images from inside the tower where at least 58 people have died Metropolitan Police In Pictures: Grenfell Tower after the fire A still from a video shared by polices what appears to be a stationary bicycle sitting among the ashes In Pictures: Grenfell Tower after the fire A still from a video shared by police shows the remnants of a burnt-out bathroom In Pictures: Grenfell Tower after the fire Picture showing the lifts on an unknown floor Metropolitan Police In Pictures: Grenfell Tower after the fire Emergency crews outside the front entrance to the tower Metropolitan Police In Pictures: Grenfell Tower after the fire Fire crews inspecting flats in the burnt out tower London Metropolitan Police In Pictures: Grenfell Tower after the fire Grenfell Tower is seen in the distance PA In Pictures: Grenfell Tower after the fire A drone flies near the scene of the fire which destroyed the Grenfell Tower block REUTERS/Stefan Wermuth In Pictures: Grenfell Tower after the fire 'Theresa May Stay Away' message written on the messages of support at Latymer Community Church for those affected by the fire Ray Tang/REX In Pictures: Grenfell Tower after the fire An aerial view of the area surrounding Grenfall tower Getty In Pictures: Grenfell Tower after the fire Donated shoes sit in the Westway Sports Centre near to the site of the Grenfell Tower fire Getty Images In Pictures: Grenfell Tower after the fire Messages of support for those affected by the massive fire in Grenfell Tower are displayed on a well near the tower in London AP In Pictures: Grenfell Tower after the fire A local resident stands on her balcony by the gutted Grenfell Tower in Latimer Road Getty Images In Pictures: Grenfell Tower after the fire Messages of condolence are left at a relief centre close to the scene of the fire that broke out at Grenfell Tower, EPA In Pictures: Grenfell Tower after the fire A police officer stands by a security cordon outside Latimer Road station Getty Images In Pictures: Grenfell Tower after the fire Firemen examine the scorched facade of the Grenfell Tower in London on a huge ladder AP In Pictures: Grenfell Tower after the fire A search dog is led through the rubble of the Grenfell Tower in London as firefighting continue to damp-down the deadly fire AP In Pictures: Grenfell Tower after the fire Labour leader Jeremy Corbyn comforts a local resident (name not given) at St Clement's Church in west London where volunteers have provided shelter and support for people affected by the fire at Grenfell Tower David Mirzoeff/PA In Pictures: Grenfell Tower after the fire Labour leader Jeremy Corbyn hugs councillor Mushtaq Lasharie as he arrives at St Clement's Church in Latimer Road, where volunteers have provided shelter and support for people affected by the fire at Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire Labour leader Jeremy Corbyn meeting staff and volunteers at St Clementís Church in Latimer Road David Mirzoeff/PA In Pictures: Grenfell Tower after the fire Firefighters with a dog walk around the base of the Grenfell Tower REUTERS/Peter Nicholls In Pictures: Grenfell Tower after the fire Emotions run high as people attend a candle lit vigil outside Notting Hill Methodist Church near the 24 storey residential Grenfell Tower block in Latimer Road, West London Getty Images In Pictures: Grenfell Tower after the fire Debris hangs from the blackened exterior of Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire A woman speaks to Mayor of London Sadiq Khan outside Notting Hill Methodist Church near Grenfell Tower in west London after a fire engulfed the 24-storey building Yui Mok/PA Wire In Pictures: Grenfell Tower after the fire A woman holds a missing person posters near the Grenfell Tower block REUTERS/Stefan Wermuth In Pictures: Grenfell Tower after the fire Sadiq Khan speaking with a resident James Gourley/REX In Pictures: Grenfell Tower after the fire Ken Livingstone walks near the scene of the Grenfell Tower fire Getty Images In Pictures: Grenfell Tower after the fire Mayor of London Sadiq Khan is confronted by Kai Ramos, 7, near Grenfell Tower in west London after a fire engulfed the 24-storey building Yui Mok/PA Wire In Pictures: Grenfell Tower after the fire Mayor of London Sadiq Khan speaks to a woman outside Notting Hill Methodist Church near Grenfell Tower Yui Mok/PA Wire In Pictures: Grenfell Tower after the fire Volunteers distribute aid near Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire Family and friends of missing Jessica Urbano, 12, wearing photographs of Jessica pinned to their t-shirts gather near Grenfell Tower EPA In Pictures: Grenfell Tower after the fire Family and friends of missing Jessica Urbano, 12, wearing photographs of Jessica pinned to their t-shirts gather near Grenfell Tower EPA In Pictures: Grenfell Tower after the fire Family and friends of missing Jessica Urbano, 12, wearing photographs of Jessica pinned to their t-shirts gather near Grenfell Tower EPA In Pictures: Grenfell Tower after the fire People attend a vigil at Notting Hill Methodist Church near Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire People gather to observe a vigil outside St Clement's Church following the blaze at Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire People light candles as they observe a vigil outside St Clement's Church following the blaze at Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire People attend a vigil at Notting Hill Methodist Church near Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire A man distributes food from the back of a van near the scene of the fire which destroyed the Grenfell Tower block REUTERS/Paul Hackett In Pictures: Grenfell Tower after the fire A firefighter is cheered near the scene of the fire which destroyed the Grenfell Tower block REUTERS/Paul Hackett In Pictures: Grenfell Tower after the fire A T-shirt with a written message from the London Fire Brigade hangs from a fence near The Grenfell Tower block REUTERS/Stefan Wermuth In Pictures: Grenfell Tower after the fire A young girl on her way to lay flowers near Grenfell Tower Getty Images In Pictures: Grenfell Tower after the fire The remains of residential tower block Grenfell Tower are seen from Dixon House a nearby tower block Getty In Pictures: Grenfell Tower after the fire Volunteers prepare supplies for people affected by the Grenfell Tower block which was destroyed in a fire REUTERS/Neil Hall In Pictures: Grenfell Tower after the fire Volunteers move a car to make space for a lorry picking up supplies for people affected by the Grenfell Tower block REUTERS/Stefan Wermuth In Pictures: Grenfell Tower after the fire People distribute boxes of food near the scene of the fire which destroyed the Grenfell Tower bloc REUTERS/Paul Hackett In Pictures: Grenfell Tower after the fire A woman touches a missing poster for 12-year-old Jessica Urbano on a tribute wall after laying flowers on the side of Latymer Community Church next to the fire-gutted Grenfell Tower AP In Pictures: Grenfell Tower after the fire A man looks at messages written on a wall near the scene of the fire which destroyed the Grenfell Tower block REUTERS/Paul Hackett In Pictures: Grenfell Tower after the fire Candles and messages of condolence near where the fire broke out at Grenfell Tower EPA In Pictures: Grenfell Tower after the fire Police carry a stretcher towards Grenfell Tower Rick Findler/PA Wire In Pictures: Grenfell Tower after the fire Emergency services at Grenfell Tower Rick Findler/PA Wire In Pictures: Grenfell Tower after the fire Police carry out a body from Grenfell Tower in west London after a fire engulfed the 24-storey building Rick Findler/PA Wire

Arconic, known as Alcoa Inc until 2016, told the Independent it was unaware the panels would be used for the high-rise, owned by Kensington and Chelsea Council, and was not responsible for deciding what was compliant or not compliant with local building regulations.

It is continuing to work with investigators to determine what caused the flames to engulf the tower block with such speed and ferocity, Mr Hess told investors as he announced the profits.

“Cladding systems contain various components selected and put together by architects, contractors, fabricators and building owners, and those parties are responsible for ensuring that the cladding systems are compliant under the appropriate codes and regulations,” the company said in a statement.

That decision to stop selling the panels was made out of “an abundance of caution as Arconic does not control the ultimate design and installation of the final cladding system,” the company said.

“We extend our deepest sympathies to those who have lost so much,” Mr Hess added.

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An Associated Press review this month found that some building owners in the US were unaware that the same Reynobond PE panels, which feature a polyethylene core, were also used on their buildings.

Polyethylene is combustible, according to federal agencies including the Centres for Disease Control and Prevention.

In many cases, building owners and regulators did not know the product was used on their structures, or exactly how it was applied, while some old building records had been destroyed.

No one has declared any of the US buildings unsafe, nor has the US government ordered widespread testing of building panels that British authorities ordered in the aftermath of the catastrophe.

But at least three federal lawsuits seeking class action status this month accuse Arconic of knowingly failing to disclose the dangers of Reynobond PE.

“Despite the known flammability of the Reynobond PE panels, resulting in prohibitions against installing them in high-rises in the US and Europe, Arconic sold millions of dollars of the flammable panels for use in projects Arconic knew were inappropriate and presented a fire hazard,” lawyers for Janet L. Sullivan wrote in the lawsuit filed in New York's southern district.

Shareholders complain they lost money when Arconic's stock price dropped following the inferno.

The company has offices in Pittsburgh and New York and has sold Reynobond since it was first produced in 1989 at a company plant in Eastman, Georgia.