DS Smith Plc - interim management statement DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today issues its Interim Management Statement in respect of the three month period to 31 July 2013. DS Smith will hold its Annual General Meeting at 11am today. Trading The current year has started well and in line with our plans, driven by a good performance throughout the Group and the continued strong delivery of the previously announced synergies from the acquisition of SCA Packaging. Return on sales and ROACE have continued to improve, as anticipated. Our Packaging business has performed as expected, despite the European markets remaining challenging. Corrugated volumes have continued to improve, with growth fully in line with our medium term financial target of GDP +1%, reflecting the increasingly positive customer reaction to our differentiated and strong value proposition as we leverage our enlarged and strengthened geographic footprint. There has been no significant change in DS Smith’s financial position during the period. Outlook Our overall outlook remains positive, as we continue to grow our business and deliver the synergies from the SCA Packaging acquisition, although as previously indicated there is the expected short term impact ahead of the pass through of input cost increases. The Group expects continued performance in line with the Company’s medium term financial targets and views the remainder of the year with confidence. Miles Roberts, Group Chief Executive, said: “The year has started well and in line with our plans. Increasing volume growth fully in line with our medium term targets reflects continued innovation driven market share gains and, together with the delivery of synergies from the SCA Packaging acquisition, underpins our confidence for the year. Whilst the European market backdrop remains challenging, we are on track to make further significant progress this year and are excited about the growth opportunities for the Group.”
Posted on: Tue, 03 Sep 2013 21:36:54 +0000
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