Smurfit Kappa Q1 profits rise even as revenues dip

In the three months to the end of March, pre-tax profit rose 7% to €339m, while earnings before interest, tax, depreciation and amortisation grew 13% to €579m. Revenue nudged 1% lower to €2.99bn.

Chief executive Tony Smurfit said: "This performance reflects the continuing benefits of our integrated model, the effectiveness of our capital spend, our constant focus on innovation for customers and our geographic footprint.

"Together with the commitment and dedication of our people and our performance-led culture, these attributes have enabled us to continue to deliver in an environment where volumes were lower than the previous year.

"As anticipated, first quarter demand was broadly in line with the fourth quarter of 2022. We expect the demand environment to improve as the year progresses and SKG is well placed across our geographies to take advantage of this."