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Invesco&#39s trust pays off as share price soars

Invesco has seen its controversial investment in Millfield Group bring big returns as the Millfield share price has leapt by almost 60 per cent since August.

The company&#39s share price reached 84.5p on Tuesday this week, a big rise from 49.5p on August 5, when Invesco manager Neil Woodford sparked controversy by pumping millions of pounds into the loss-making IFA.

The investment decision was attacked at the time by London IFA Master Adviser, which said it would no longer trust an investment process which regarded Millfield as a good bet.

Millfield is still not making a profit but has reduced its losses and seen a big increase in turnover.

The rise in its share price appears to validate Invesco&#39s original argument that it was a recovery investment.

However, neither Invesco nor Master Adviser managing director Doug Brodie was prepared to comment on the matter.

Millfield chairman Richard Mansell-Jones says: “We have built a strongly based group and I am confident that, with the quality of the people we have and are attracting, we can continue to deliver to our plans.”


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