Chairman Peter Latham said during the launch of the company’s new Leeds depot that the first full year of revenue from the LDT business (formerly DLH UK Ltd) and some price increases, particularly for MDF, had boosted turnover.

He also said recent sales volumes ¬- in April and May – were higher than a year ago but competition remained "intense" and continued to put pressure on margins.

The company said the international market for hardwood and panel products was stable with hardwood prices steady and panel prices strengthened, particularly between April – Setember 2011.