The year ended 30 April 2014 was the first full year of contribution from the business acquired from SCA in 2012. The revenue rise was attributed to organic growth and the full-year contribution from the former SCA business (compared to 10 months the previous year).

Operating profit increased 23% to £307m. Cost savings and synergies following the acquisition contributed £32m in 2013/14 and are predicted to contribute a further £32m in 2014/15.

"We have achieved our synergy targets for the year and delivered good growth in profits, returns and dividends,” said group chief executive Miles Roberts. “The current year has started well and is in line with our expectations.”

In the firm’s UK operations, despite an increase in sales of its corrugated packaging, including retail-ready packaging, revenues fell 3% to £929m. The drop was attributed to the sale of non-core activities.

It booked £7m in costs related to UK site closures and re-organisation.

Operating profit rose as a result of the post-acquisition synergies. Improved productivity at the Kemsley mill in Kent from applying best practices adopted from the former SCA mills contributed to the improved profitability of the UK operations.

The firm’s capital expenditure in 2013/14 was £156m, of which 74% was within the corrugated business. Growth capital expenditure in the coming year is being focused on display packaging, particularly in Germany.

In April, the firm announced plans to develop an 87,000sqm site in Erlensee, Germany, which will be used for the production and distribution of corrugated display and consumer packaging for Germany, Austria and Switzerland.

It will consolidate all its German display activities in this location, which will begin production in the first half of 2015.

Included in the plans will be additional digital printing capabilities. It will also enhance its digital production in other geographies, although it declined to reveal further details of what and where.