10 October 2022
DS Smith Plc – trading statement
DS Smith Plc (“DS Smith”) today issues a trading update.
Trading continues to be very good and consistent with the trends described in our AGM trading statement. We now expect adjusted operating profit for the half year to 31 October 2022 of at least £400 million with strong cash generation and progress against all our key financial ratios. Accordingly, overall performance for the current full financial year is expected to be ahead of our previous expectations.
Revenue growth has been very strong which, together with effective cost mitigation, has driven the improved profitability, despite slightly lower like for like corrugated box volumes.
Miles Roberts, Group Chief Executive, said:
“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. While the macro-economic outlook remains uncertain, performance this year is ahead of our previous expectations and we look forward to the remainder of the year with confidence.”
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018).
The person responsible for arranging the release of this announcement is Iain Simm, Company Secretary of DS Smith Plc.