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Trading statements

DS Smith reports 'encouraging start' to the year

05 September 2017 07:39

DS Smith reported an encouraging start to the year with trading in line with expectations in the period since 1 May 2017.

TRADING UPDATE

We are delighted with the continuing strengthening of relationships and progress with our customers.

This is being reflected in the strong demand for our enhanced packaging solutions across the business with the rate of like for like volume growth being well ahead of the comparative period last year.

Progress with our pan-European and e-commerce customers was particularly strong again and the recovery of recent increases in paper prices is progressing as expected, with the impact of the short term recovery period continuing to be mitigated by operational leverage coming from the strong top-line growth.

DS Smith completed the acquisition of Interstate on 25 August 2017.

Trading at Interstate in the calendar year to date is fully in line with our expectations at the time of the acquisition, which supports our confidence in this business. Integration work by our experienced team is well underway and a further update will be provided at the time of our half-year results in December.

Chief Executive Miles Roberts said: "We are very pleased with the reception by our customers to our continuing development of market leading packaging solutions.

"These solutions are increasingly valued as they help our customers to improve their own sales, reduce total costs and mitigate risk.

"This has resulted in the strong volume momentum seen last year accelerating into the current year to date.

"The response from the employees and customers to our acquisition in the US has also been very pleasing.

"Our outlook therefore is positive and we have confidence in the future."

The company said it will hold its annual general meeting at midday today.

Story provided by StockMarketWire.com

Related Company: SMDS

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