DS Smith sees annual performance ahead of expectations

Packaging group DS Smith said trading continues to be very good as it lifted its annual guidance.

DS Smith at Rose Hill, Willenhall
DS Smith at Rose Hill, Willenhall

The group, which has sites in Smethwick and Willenhall, now expects adjusted operating profit of at least £400 million for the half year ending October 31, up 45 per cent from £276 million a year prior.

DS Smith said "very strong" revenue growth was driving its improved profitability, despite slightly lower like-for-like corrugated box volumes.

It has seen its volumes fall after a fruitful 2022 financial year where it tapped growing demand for recyclable boxes and benefited from a boom in online shopping.

For the current full financial year, its overall performance is expected to be ahead of previous expectations.

Chief Executive Miles Roberts said that while the company remained wary in the face of an uncertain macroeconomic outlook, it looked to the remainder of the year with confidence.

"I am very pleased with the performance in the year to date and the momentum in our business. We remain focussed on delivering for our customers and managing our costs in an inflationary environment," he added.

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