The Big Food Group’s news that Iceland was now trading profitably saw its shares close 17% higher at 59p having fallen to an all-time low of 25p on October 9 following a profits warning.

BFG’s first half profits slid from £16.7m to £6.6m, but stocks rallied on Bill Grimsey’s upbeat outlook.

Meanwhile, Icelandic retail group Baugur, which has increased its stake in BFG to 15.16%, has also taken a 4.19% share in department store group House of Fraser.