DS Smith's financial performance is substantial

All of its regions have been in growth, with particular strength in the UK, Italy and Poland, partially offset by some volume weakness in certain export-led markets, including Germany.

The company said its US business “continues to perform well with strong margins and returns ahead of our acquisition case” while its integration of Europac, which it acquired last year, “is going well”.

Earlier this month the group agreed the proposed sale of two of its packaging businesses to International Paper.

A company press release said the sales of the businesses, based in north-west France and Portugal, would fulfil the commitment it made to the European Commission in relation to the clearance of its acquisition of Europac, which was completed in January.

Last month DS Smith confirmed the sale of its plastics division to US private equity firm Olympus Partners in a deal worth nearly USD 500m. The business first revealed its intentions to sell the division in December, following an initial review of its plastics business initiated earlier in 2018.

DS Smith group chief executive Miles Roberts said: “The financial year ending 30 April 2019 has been one of substantial progress.

DS Smith’s results for the full year to 30 April 2019 will be published on 13 June 2019.