In the update released today (27 April) in respect of the year ending 30 April 2023, the packaging giant said its performance continued the trends it described alongside its Q3 results on 9 March.

The company’s expected adjusted EBITA for FY23 is in the range of £850-£860m.

It said “excellent customer relationships, and our high levels of service, product innovation and sustainability focus have driven resilient packaging prices during the period”.

Combined with good cost management, this has more than offset the weaker than expected volumes to deliver growth in profitability and delivery in line with its medium-term financial targets, the company added.

Group chief executive Miles Roberts said: “I am pleased with the excellent performance we have delivered this year, despite the volatile macroeconomic conditions.

“Our relentless focus on more resilient international FMCG customers to meet their rapidly evolving needs has enabled us to increase our share of their business and, together with ongoing cost management, has driven very strong profit growth.

“We remain committed to investing in our business, leveraging our scale, flexible supply chain, supporting our deep customer relationships with innovative fibre-based solutions to lead the transition to a more circular economy, positioning us well as we enter the next financial year.”

DS Smith also confirmed that Adrian Marsh will retire from the company’s board on 30 June 2023 and that Richard Pike, whose appointment was announced in November, will replace him from that date as the company’s group finance director and executive director.

Pike’s election to the board will be put to the September 2023 AGM for approval in the normal manner. He joined the company as an employee last month and before joining bought 372,871 shares in the business.

DS Smith’s share price climbed briefly to 315p in early trading today but had fallen back to 308.9p at the time of writing just before midday, down 0.83% on yesterday (52-week high: 369.10p, low: 238.10p).