28th Apr 2023 09:00
(Alliance News) - Smurfit Kappa Group PLC on Friday reported marginally lower quarterly revenue, but profit jumped.
Shares in Smurfit Kappa were up 3.0% to 2,930.00 pence each in London early Friday.
The Dublin-based packaging maker said revenue in the first quarter of 2023 edged down to EUR3.00 billion from EUR3.02 billion a year earlier.
However, earnings before interest, tax, depreciation and amortisation rose 13% to EUR579 million from EUR514 million. On the back of this the Ebitda margin improved to 19.3% from 17.0%.
Pretax profit rose 6.9% to EUR339 million from EUR317 million.
"This performance reflects the continuing benefits of our integrated model, the effectiveness of our capital spend, our constant focus on innovation for customers and our geographic footprint," said Chief Executive Officer Tony Smurfit.
"As anticipated, first quarter demand was broadly in line with the fourth quarter of 2022. We expect the demand environment to improve as the year progresses and SKG is well placed across our geographies to take advantage of this."
By Sophie Rose, Alliance News reporter
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