Date: Thursday 28 Jun 2012
Recycled packaging group DS Smith says sales volumes of corrugated boxes helped push revenues and profits, while its takeover of Swedish outfit, SCA Packaging, is due for completion by the end of this month.
In 2011/12 DS Smith’s revenues grew by 12% on 2010/11, and 8% excluding the impact of acquisitions and currency effects.
Corrugated box sales rose 2%, while the firm also believes it benefited from passing on cost increased quickly to customers.
Earnings per share increased 28% despite the dilutive effect of the equity issue that completed in February 2012.
That equity raising was undertaken to fund the €1.6bn purchase of SCA. That deal now has all the necessary approvals, so by the end of June DS Smith will become the second largest provider of corrugated packaging in Europe.
The group is also pleased with the performance of the French business, Otor which delivered synergies of €10m over the full year.
Miles Roberts, Chief Executive, said the last 12 months had been “pivotal” and added that the board expected DS Smith “to make continued progress”.
By 09:51 the share price had gained 2%.
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