Zibao Metals says likely to see 'substantial' rise in FY turnover

AIM-listed Zibao Metals Recycling noted the jump in its share price on Monday and said its full-year results were likely to show a "substantial" increase in turnover, which has been offset by falling margins.

The company, whose results for the year to the end of March 2017 should be released "shortly", said there has been a rise in profits thanks to cuts in overheads, albeit somewhat offset by an overall reduction in gross profits. It added that trading remains weak.

"The strength of the balance sheet has allowed the company to invest more extensively in working capital which has been a key factor in the growth of sales and the maintenance of profits."

At 1300 BST, the shares were up 45% to 3.25p.