We present a new image reconstruction algorithm for helical cone-beam computed tomography (CT). This algorithm is designed for data collected at or near maximum pitch, and provides a theoretically exact and stable reconstruction while beneficially using all measured data. The main operations involved are a differentiated backprojection and a finite-support Hilbert transform inversion. These operations are applied onto M-lines, and the beneficial use of all measured data is gained from averaging three volumes reconstructed each with a different choice of M-lines. The technique is overall similar to that presented by one of the authors in a previous publication, but operates volume-wise, instead of voxel-wise, which yields a significantly more efficient reconstruction procedure. The algorithm is presented in detail. Also, preliminary results from computer-simulated data are provided to demonstrate the numerical stability of the algorithm, the beneficial use of redundant data and the ability to process data collected with an angular flying focal spot.