27th Oct 2015 07:32
LONDON (Alliance News) - Recycled packaging manufacturer DS Smith PLC on Tuesday said trading has been in line with its expectations in the first half of its financial year to the end of October, with continued growth in volume and margins.
The FTSE 250-listed company said it has continued to manage its asset portfolio and has recently completed the acquisitions of Duropack, Lantero and a Greek packaging business. It also has sold its stake in Cukurova Group in Turkey and has outlined plans to cut capacity through closing its Wansbrough paper mill in the UK.
The performance of the businesses that DS Smith has acquired has been ahead of its expectations, the company said.
"We are very pleased with the growth in margins, returns and earnings delivered in the year so far. We have achieved this by a continued focus on delivering for our customers by developing our geographic coverage and the quality of our service offering and customer relationships," said Chief Executive Miles Roberts.
"Our outlook remains positive as volumes and financial returns continue to grow, despite no change in market conditions. The board expects continued performance in line with our medium term financial targets, views the remainder of the year with confidence and remains excited about the opportunities for the group," Roberts added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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