In the results released today (8 December) for the six-month period ended 31 October 2022, the London-headquartered packaging giant saw its pre-tax profit leap by 80%, or 79% by constant currency conditions.

Its revenue of £4.3bn was up 28% year-on-year, or by 26% under constant currency conditions.

DS Smith group chief executive Miles Roberts said: “The performance during this six-month period has been strong, benefiting from our constant focus on our customers’ evolving needs during this time of significant economic volatility.

“This has enabled us to achieve continued market share gains, an increase in profitability and improvements in our key financial performance ratios. We are particularly pleased with the performance of the Southern Europe region that continues to deliver major benefits from the acquisition of Europac in 2019.”

He added the macro-economic outlook for the rest of the financial year remained challenging.

“However, we have an excellent customer base, efficient high-quality assets, dedicated colleagues, and a strong balance sheet allowing continued organic investment to support our customers.

“These benefits, combined with current momentum in the business, mean we now expect FY23 performance to be ahead of previous expectations with H2 being consistent with H1.”

The board also announced an interim dividend of 6p per share, an increase of 25% year-on-year.

DS Smith’s share price was up by 1.42% to 321.49p at the time of writing this morning.

Industrial action by Unite members at DS Smith was recently averted after workers accepted an improved pay deal.