The Milton Keynes-based company recorded its highest-ever export sales, with managing director Quen Baum claiming it has bypassed the current financial crisis in Europe.

He said: "We have been especially pleased by our performance in a number of European territories – including France, Belgium, and Poland – in spite of the difficult trading conditions within the European Union.

"Further afield, we have had extremely encouraging performances in North America and in Australia. Our sales in Canada during 2011 far exceeded expectations, with a 230% growth compared to the previous year, while our US operation made significant in-roads in a huge market."

Despite the positive news from abroad, Baum added that UK business had not improved on 2010, although he added that 2010 was an Ipex year.

Baum said that Morgana had suffered from tighter margins due to increased production costs, including labour, energy and raw materials.