British packaging company DS Smith has reported revenues of £8.22bn ($10.44bn) in the fiscal year 2022/23 (FY22/23), which ended on 30 April 2023.

Compared with revenues of £7.24bn in FY21/22, the company has recorded an increase of 11% on a fixed currency rates basis and 14% on a reported basis in FY22/23.

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The company has attributed this increase in revenues to higher packaging prices across the year, combined with cost inflation and higher selling prices of paper and recyclate in the first half of FY22/23.

Smith’s adjusted operating profit for the reported year stood at £861m, representing an increase of 35% on a fixed currency basis and 40% on a reported basis from £616m in FY21/22.

This increase, according to the company, was largely due to the improved product ‘added value’ and effective cost mitigation.

The adjusted basic earnings per share (EPS) and statutory basic EPS for the latest reported year were 43.0p and 35.8p, respectively.

Smith’s net debt until 30 April 2023 totalled £1.63bn, compared with £1.48bn up until 30 April 2022. 

The company said its net debt/earnings before interest, taxes, depreciation, and amortisation improved to 1.3 times, compared with 1.6 times in FY21/22.

Smith’s CEO Miles Roberts said: “We have had an unremitting focus on meeting our customers’ rapidly changing needs with new innovation. This, together with high levels of service and our sustainability performance, has been rewarded through market share gains during the period.

“We have made excellent progress in reducing the environmental impact of our business, and also helped customers replace 300 million pieces of plastic with fibre-based alternatives during the year.

“Our cost and risk management, together with price increases to reflect multiyear cost inflation, have more than offset reduced volumes during the year and delivered the excellent growth in profit and returns.

“While economic conditions have continued to be volatile and box volumes have remained lower than normal, trading for the year to date is in line with our expectations.”