Smurfit Kappa's chief executive Tony Smurfit said today that British Prime Minister Theresa May appears determined to try and avoid a no-deal Brexit if she can.
"I think she's determined to try and avoid a no deal Brexit if she can, because she recognises in talking to business that this could be very damaging for the UK economy and ergo jobs, and politically would be very bad for her," Mr Smurfit told Reuters today.
"She is very conscious of the business position in Great Britain," Mr Smurfit added.
He said he took part in conference calls with May yesterday and last week.
Meanwhile, the paper and packaging company today reported higher revenues and pre-tax profits for 2018 while it said it had seen a positive start to 2019.
Revenues for the year to the end of December rose by 4% to €8.946 billion while the company said its pre-exceptional pre-tax profits jumped by 56% to €938m from €601m in 2017.
Smurfit Kappa said its earnings before interest, tax, depreciation and amortisation reached €1.545 billion - its strongest ever result. Its EBITDA margin stood at 17.3%.
The company said that reflecting its confidence in the strength of and prospects for the business, the board is recommending a 12% increase in the final dividend to 72.2 cent per share.
Shares in the company were higher in Dublin trade today.
In its results statement, Smurfit Kappa said its European business saw an underlying increase in revenue of 7% last year, on the back of volume growth and continued input cost recovery.
It said that box volumes grew by 2% with strong performances reported in France, Portugal, Russia, Scandinavia, Spain and Eastern Europe.
The price of recovered fibre in the company's European division was down 27% last year and the company said it expects prices to remain stable in the short term and to rise in the longer term.
Meanwhile, Smurfit Kappa said the European pricing for both testliner and kraftliner were stable last year.
The company said its Americas business saw underlying revenue growth of 8%, on the back of volume growth of 2% and price recovery initiatives.
It noted that 85% of the region's earnings were delivered by Colombia, Mexico and the US.
After almost 65 years of operating in Venezuela, the company "deconsolidated" its business there last August, due to the continuing actions and interference from the government.
"The Group has initiated international arbitration proceedings to protect the interests of its stakeholders and seek compensation from the government of Venezuela for its unlawful actions," Smurfit Kappa said.
During the year, Smurfit Kappa completed a number of acquisitions, including in July a deal to buy Reparenco in the Netherlands which secured its medium-term European recyled containerboard requirements.
It also secured its entry into Serbia with the acquisition of the FHB containerboard mill and the Avala Ada corrugated plant.
In the fourth quarter of the year, the company also completed the purchase of two corrugated plants and an erecting centre in France, further strengthening its market presence in the northwest of the country.
