Jun 27, 2011. /Lesprom Network/. In the year to 30 April 2011 DS Smith grew revenue by 19.5% (10.0% excluding Otor, the French corrugated packaging business acquired on 1 September 2010), improved adjusted operating profit margins by 80bps to 5.5% and increased adjusted operating profit by 38.7% (20.0% excluding Otor) to GBP 136.1 million, as the company said in a press release received by Lesprom Network. Adjusted Group operating profit in 2010-2011 increased by GBP 38 million. UK Packaging was up by GBP 17.2 million at GBP 54.2 million, whilst Continental European Corrugated Packaging increased by GBP 16.7 million to GBP 39.8 million, of which Otor accounted for GBP 18.5 million offset by the loss of profit from the disposal of the Group’s business in Turkey. The Group’s adjusted return on sales increased by 80 basis points to 5.5%. Operating profit after exceptional items was GBP 129.4 million, compared to GBP 80.7 million in 2009-2010. Adjusted profit before tax (excluding amortisation and exceptional items) was GBP 108.9 million. Profit before tax after amortisation and exceptional items was GBP 102.2 million. The Group generated free cash flow of GBP 100.7 million. Adjusted EBITDA rose by GBP 40.8 million to GBP 206.8 million. Despite the increase in paper, energy and box prices, our tight control of working capital resulted in a working capital cash inflow of GBP 7.6 million. Given the increase in revenue of GBP 207 million excluding acquisitions and disposals, the expected working capital impact would have been, at an average working capital to revenue of 8%, an outflow of GBP 16.6 million. Therefore the working capital inflow represents a productivity improvement of GBP 24.2 million. Cash generated from operations (before exceptional items) was GBP 191.4 million. DS Smith Plc is an international supplier of recycled packaging and Europe’s leading office products wholesaler.