Mountfield's shares up as group leaves problems behind

Shares in Mountfield Group are up almost 40% after saying the problems it had faced in past years were now behind it.

It added subsidiaries Connaught Flooring Ltd (CAF) and Mountfield Building Group (MBG) had traded profitably in 2016.

CAF continued to develop its market position and MBG benefitted from its new structure and strategy. CAF had started extremely strongly, with the buoyant market that has so far produced produced two contract wins.

MBG began the year with a strong order book and was securing suitable work that fitted directly within the refocused profile of low risk contracts. Directors expected MBG to continue to build on the success experienced in 2016.

Mountfield's chief executive, Andy Collins, was confident the group would develop further in 2017.

"The problems it faced in past years are now behind it as MBGs business has become more profitable and CAF continues to develop on the basis of strong sector demand."

At 14:37 GMT, shares in AIM-quoted Mountfield were up 39.02% to 1.42p each.