Office paper manufacturer The Navigator Company has said its paper volumes were at record levels in the first half   of 2016.

Despite lower paper imports into the US as a result of anti-dumping measures and pressure from Asian manufacturers importing into Europe, Navigator’s paper volumes grew 3.7% in the first half of 2016 to around 775,000 tons – its highest ever figure for the first half of a year.

This was due to expansion into new geographical regions, improved penetration in the Middle East and Africa, and market share gains in Europe (where underlying demand was estimated to be down 2%).

Navigator continues to diversify into other sectors. Tissue sales grew 22% in H1 and €120 million ($132 million) has been earmarked for a new tissue production line. Meanwhile, full production at the new pellets factory in      the US is expected to start on 22 August.

The Navigator Company, a Portuguese paper producer exporting to 130 countries, is putting on hold any plans to invest in the U.K. following that country’s shock vote last month to leave the European Union.

“The U.K. used to come high on the priority list and now we have lots of questions,” Chief Executive Officer Diogo da Silveira, 55, said in an interview. “Without Brexit, there would be a significant chance that in the coming three years we would be investing in the U.K. Right now I’m unable to say if there is such a chance or not. If it stays like this, the margins are less acceptable,” said Silveira, referring to the pound’s drop to three-decade lows against the dollar in recent days.