UPM hails best plywood performance since crash

Increased delivery volumes, a slight increase in prices and some delivery problems with rival suppliers saw the division's sales jump 13% to €112m, while operating profits soared to €9m (2012: €1m). Deliveries also increased by 13% to 191,000m3.

For the full year 2013, UPM's plywood sales grew by 9% to €429m and deliveries were up 9% to 737,000m3. Operating profits increased to €21m (2012: €2m).

"The eurozone leading indicators and construction confidence in certain markets in Europe improved during the latter part of the year," said UPM.

UPM has restructured its solid wood operations, selling off further processing operations and concentrating on the supply of sawn timber. This business now reports as part of the biorefining business unit and no specific figures have been released.

However, UPM did say sawn timber demand had increased during 2013, led by exports to Asia and north Africa, with demand in Europe remaining stable.