Eatonfield surprised at share surge

SHARES in the Cheshire property group Eatonfield have leapt in the past 24 hours, but the directors do not know why.

Shares in the company were valued at 6.25p at the close of trading on Tuesday but reached a high of 37p this morning.

In a statment to the stock market Eatonfield, based in Tarporley, near Chester, said it did not know why there had been such a significant lift in value.

It said: “The directors of Eatonfield note the recent substantial increase in the company’s share price and wish to notify the market that they are not aware of any reason for such a movement. The directors are also satisfied that all information of a price-sensitive nature has previously been notified to the market.

On April 1 the group announced a half-year loss of £10.3m, blaming the recession for putting pressure on its business model “at both ends”. Revenues stood at £5m, a 14% fall on the £5.8m it made a year ago.

Last year the business was forced to cuts costs and seek emergency funding to avoid insolvency.