Issuing a statement today (9 March), the packaging giant said it had continued to grow its market share by pursuing contracts in resilient sectors like food and drink, despite wider economic pressures that saw corrugated box volumes fall comparative to Q3 a year ago.

DS Smith blamed the lower corrugated figures on market weakness, saying it had seen evidence of retailers reducing the amount of stock held over Christmas and New Year.

The firm said, however, that it had more than offset the fall in packaging volumes by managing its costs and maintaining its pricing.

Miles Roberts, the group’s chief executive, said: “We have continued to perform well in the second half of the year despite the volatile macro-economic conditions. 

“As expected, profitability and returns have grown strongly and cash generation remains good. We continue to stay very close to our customers and their evolving needs, which, together with a relentless cost focus and robust supply chain, positions us well for the remainder of the year and into our next financial year.”

In December, DS Smith reported a leap in pre-tax profits of 80% in the first half of the 2022/23 financial year, and a 28% increase in year-on-year revenues.

As of 12pm today, the group was trading at 328p on the London Stock Exchange, up 27p on the previous quarter (9 November), but down 35p from the group’s 2023 height of 363p in early February.