It increased its profits by 26% to £7.1m in the year to March and increased turnover by 18% to £117m.

However, in a downbeat company statement it said:

"Trading conditions in April and May have been challenging. While revenue is ahead of last year, there is evidence of reduced demand from customers and increased competition for available business, resulting in margins coming under further pressure.

"While international demand for some products is keeping price levels stable, or rising, conditions in the UK market are resulting in weaker prices in a number of areas."