In a trading update released this morning (5 September), the London-headquartered packaging giant said its performance was driven by continued resilient pricing and strong cost control measures.

Like-for-like performance in corrugated box volumes has improved since the start of the financial year, it added, with clear signs of reduction in customer de-stocking, while remaining below the prior year comparative.

€1.5bn (£1.28bn) inaugural green bonds were issued in July, which DS Smith said has significantly extended its debt maturity profile at attractive terms.

DS Smith group chief executive Miles Roberts said: “While the economic environment in which we operate remains challenging we have started the financial year well.

“We continue to work closely with our customers, meeting their evolving needs, and are pleased with their positive feedback and the progress we are making.

“This, together with our ongoing focus on cost and operational efficiencies and our robust and flexible supply chain, positions us well for the remainder of FY24 and beyond.”

DS Smith’s share price fell slightly in early trading, down 0.48% to 308.10p at the time of writing just before midday (52-week high: 369.10p, low: 238.10p).