further margin

He said the first two months of 2011 had seen 12pc volume growth across the 28 terminals that the group fully consolidates plus further margin improvement.

"If farmers are planting further margins this autumn, then there are significant further benefits to adding flowers to the mix," he said.

Since many individuals did not have the equity to cover their margin positions, their shares were sold, causing further market declines and further margin calls.

Broker Espirito Santo said it was looking forward to his arrival: "Olaf Swantee has better pedigree as a cost-cutter than Tom Alexander, so we should see further margin improvement from here."