UK-based packaging company DS Smith has reported revenue of £4.29bn ($5.26bn) for the first half (H1) of fiscal 2022/23 (FY22/23), which ended on 31 October.

The figure represents a 26% increase on a constant currency basis and a 28% rise on a reported basis from a year earlier.

DS Smith‘s revenue growth during the six-month period was driven by higher packaging prices and increases in the price of external paper sales, recycling material and energy.

The company’s operating profit was £349m, a 69% increase from the prior-year period, and its adjusted operating profit grew by 51% on a reported basis to £418m.

DS Smith registered a H1 profit before tax growth of 79% on a constant currency basis to £315m, while its profit after tax increased to £232m, driven by higher operating profit.

The firm’s basic earnings per share (EPS) from its continuing operations grew by 71% on a constant currency basis to £0.16, while its adjusted basic EPS rose by 49% to £0.21 in H1.

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DS Smith chief executive Miles Roberts said: “The performance during this six-month period has been strong, benefiting from our constant focus on our customers’ evolving needs during this time of significant economic volatility.

“This has enabled us to achieve continued market share gains, an increase in profitability and improvements in our key financial performance ratios.

“We are particularly pleased with the performance of the Southern Europe region that continues to deliver major benefits from the acquisition of Europac in 2019.

“The macro-economic outlook for the rest of the financial year remains challenging. However, we have an excellent customer base, efficient high-quality assets, dedicated colleagues and a strong balance sheet allowing continued organic investment to support our customers.”

For the full year, DS Smith expects its performance to exceed its previous expectations, with the second half (H2) being consistent with H1.