After it delivered a major profit warning in March 2022, it looked as though Musicmagpie (MMAG:AIM) would become yet another casualty of the downturn in consumer spending which has seen so many smaller companies go to the wall over the past year.

Yet, in recent months, the ‘circular economy’ company has reported several positive developments which have sparked a rebirth of investor interest in the business and seen its share price rocket more than 300% since a low in October 2022.

In November, the company revealed it had rolled out 290 SMARTDrop kiosks in Asda stores, on time and on budget, making it easier for customers to recycle mobile phones.

In December, it posted a positive trading update for the year to November, including record Black Friday sales, as well as confirming its full-year operating profit guidance and reiterating its forecasts for the current financial year.

Earlier this month, the firm announced a deal with retail giant Walmart (WMT:NYSE) to sell pre-owned CDs, DVDs and video games on the US firm’s e-commerce platform, sending its shares up 17% in a single day.

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