DS Smith has released a trading update in respect of the period since 1 May 2023.
“Overall trading is in line with our expectations, driven by continued resilient pricing and strong cost control measures, despite end markets remaining challenging,” said Miles Roberts, Group Chief Executive. “Like for like performance in corrugated box volumes has improved since the start of the financial year, with clear signs of reduction in customer destocking, while remaining below the prior year comparative.”
The company also launched its inaugural Green bond – €1.5bn worth of bonds were issued in July, which has significantly extended the company’s debt maturity profile at attractive terms.
Roberts concluded, “While the economic environment in which we operate remains challenging we have started the financial year well. We continue to work closely with our customers, meeting their evolving needs and are pleased with their positive feedback and the progress we are making. This, together with our ongoing focus on cost and operational efficiencies and our robust and flexible supply chain, positions us well for the remainder of FY24 and beyond.”
