DS Smith sees FY performance ahead of expectations

Revenue growth was also said to be "very strong” and, as a result, overall performance for the current full financial year was expected to be ahead of previous expectations.

The FTSE 100-listed group also said it had delivered "strong cash generation" and progress against all of its key financial ratios.

Backed up by its solid revenue growth, DS said effective cost mitigation had driven its improved profitability, despite slightly lower like for like corrugated box volumes.

Chief executive Miles Roberts said: "I am very pleased with the performance in the year to date and the momentum in our business. We remain focussed on delivering for our customers and managing our costs in an inflationary environment. While the macro-economic outlook remains uncertain, performance this year is ahead of our previous expectations and we look forward to the remainder of the year with confidence."

Reporting by Iain Gilbert at Sharecast.com