Tapani Kiski, president and ceo said: "Despite the general market situation in the wood panel industry, 2012 was a clear improvement on the past few years for Raute.

"We kicked off the year with a satisfactory order book. In February, we received new orders worth more than €50m for machinery and equipment for the reconstruction of a plywood mill that had burned down in Chile in early January.

"In July, we received a significant machinery order valued at €14million for an LVL mill in Germany."

Mr Kiski added: "Our biggest challenge in 2012 was an order book with a clear emphasis on the second part of the year. After a fairly modest €15m in the first quarter, our net sales gained momentum towards the end of the year, achieving a record high of nearly €34m in the final quarter."