Annual profits up 5pc for DS Smith
Packaging group DS Smith has report a five per cent rise in pre-tax profits for the year to the end of April.
The group, which has two sites in the Black Country, made £368 million on revenue that was down two per cent to £6.04 billion.
Chief executive Miles Roberts said: "We have made good strategic and financial progress in the year, with the disposal of our plastics division reinforcing our focus on sustainable fibre-based packaging and our strong commercial focus driving record margin.
"Of course, the year ended with the onset of the Covid-19 pandemic and I am extremely proud of our employees and their tremendous support, working with our suppliers and communities to ensure every factory has remained open throughout the pandemic, delivering essential supplies with outstanding levels of service in this extraordinary time."
DS Smith has a packaging site at Langley House in Summit Crescent, Smethwick, and a paper and plastics recycling depot at Rose Hill Industrial Estate, Willenhall.
"Our business model is resilient, built on our consistent fast-moving consumer goods and e-commerce customer base. In the short term, however, the impact of Covid-19 on the economies in which we operate is likely to impact volumes to industrial customers and add to operating costs," said Mr Roberts.
"In the medium-term, the growth drivers of e-commerce and sustainability are as strong as ever. The Covid-19 crisis is also expected to accelerate a number of the structural drivers for corrugated packaging and our scale and innovation led customer offering positions us well and gives us confidence for the future," he added.
The group had a strong European performance in the year and successfully integrated Europac and disposed of its plastics division.
DS Smith’s global operation involves sites in 37 countries employing a total of 28,500 people.
Sorry, we are not accepting comments on this article.