26th Oct 2023 09:10
(Alliance News) - DS Smith PLC on Thursday said it has traded in line with expectations so far in its first-half, despite an "ongoing weak macro-economic environment".
The London-based maker of paper-based packaging said pricing has been "more resilient than expected". Declines in pricing have been offset by easing input costs and efforts by DS Smith to keep a lid on expenses.
For the first-half ending October 31, it expects to report earnings before interest, tax and amortisation of GBP360 million, down 14% from GBP418 million a year prior.
"Overall, I am pleased with our robust performance during the first half. Despite an ongoing weak macro-economic environment, we expect volume performance to improve, with second half volume performance anticipated to be better than the first half," Chief Executive Miles Roberts said.
"We continue to invest behind our customers, focusing on providing them with value added solutions and this, together with our strong operational performance, means we are positioned well for the remainder of FY24."
Shares in the company climbed 2.4% to 275.55 pence each in London on Thursday morning, the best FTSE 100 performer.
By Eric Cunha, Alliance News news editor
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