In its results for the full year ending 31 December 2022, released today (8 February), the company also reported EBITDA growth of 38% to €2.36bn with an EBITDA margin of 18.4%.

Tony Smurfit, Group CEO, said: “Set against a year of extraordinary circumstances, 2022 was another highly successful year for the Smurfit Kappa Group.

“Our performance reflects the ongoing benefits of our investment programme together with our customer-led innovation and sustainability initiatives. SKG’s integrated model together with our geographic footprint continue to deliver for all stakeholders.

“Our balance sheet metrics are the strongest in the group’s history, providing SKG with significant strategic and financial flexibility.

“For the full year, box volumes for the group were down less than 2%. The rate and pace of inflation clearly had a negative effect on the demand environment in 2022.

“As guided by the group, this coincided with the partial reversal of the unsustainably high demand levels seen through the pandemic period.

“This slowdown was particularly evidenced in the latter part of the year, especially in the month of December, where we saw stock reductions and downtime taken by customers.”

Smurfit said that although very early, 2023 has started well, and that “while there are and always will be challenges”, the group has “never been in better shape strategically, financially and operationally”.

The board has recommended a 12% increase in the final dividend to 107.6 euro cents per share.