Profits at corrugated specialist DS Smith have risen in the first half of the financial year.
Pre-tax profit is up 45% to £123m while operating profit has risen 10% to £176m However, there was a 5% dip in revenue to £1.9bn.
Net debt has also been reduced by £133m to £694m while the company’s volume growth of corrugated packaging has gone up by 2.3%. All regions have recorded growth.
Miles Roberts, Group Chief Executive said: “We are pleased with performance in the first half of this financial year. We have continued to make good progress with our customers, benefitting from our differentiated commercial offering, and this has translated into strong financial performance, with a particularly good progression on margins and returns as well as excellent cash flow generation. We continue to actively manage our business portfolio and are excited by the opportunities for the Group.
“Our outlook remains positive as the business continues to grow, despite ongoing economic headwinds in many of our markets. The board expects continued performance in line with the Group’s medium term financial targets.”
