”We’re gratified to report a strong performance in a tough market, thanks to our dedication to customer satisfaction, superior quality, exceptional service, and groundbreaking innovation,” says Miles Roberts, Group Chief Executive Officer at DS Smith.
”Our internal productivity measures have also contributed significantly to this success. Moreover, it’s a source of immense pride for us to have made significant strides in addressing our customers’ sustainability issues, reaching our ambitious goal of substituting 1 billion plastic units with fiber alternatives, a full 16 months earlier than planned.”
FINANCIAL HIGHLIGHTS
- Robust adjusted operating profit of £701m (FY2022/23: £861m), in line with management expectations, against a weak consumer demand environment and high inflation.
- Decline in like for like box volumes of 2%; improving momentum across the year with like for like growth of 2% in Q4 FY2023/24 vs Q4 FY2022/23.
- Strong customer relationships, innovation and high service levels, together with strong cost management, have partially offset downward pricing pressure.
- Lower free cashflow, reflecting our current capital expenditure programme and a working capital outflow, predominantly driven by commodity prices, has resulted in 2.1x net debt/EBITDA (FY2022/23: 1.3x). Underlying working capital metrics remain consistent with prior years.
- Ongoing capital and operational expenditure programmes to support our customers and improve productivity and environmental efficiency remain on track.
- Recommended all-share offer from International Paper to combine the businesses and create a truly international sustainable packaging solutions leader.
NON-FINANCIAL HIGHLIGHTS
- Replaced over 1 billion units of plastic since May 2020, ahead of schedule.
- Further greenhouse gas (GHG) reduction – 5% in the year (19% compared to 2019).
- 9% reduction in accident frequency rate compared to last year.
corruga.expert
Source:
www.dssmith.com
