DS Smith AGM trading statement
DS Smith Plc (“DS Smith”), today issues a trading update in respect of the period since 1 May 2023.
Trading in line with expectations
- Overall trading is in line with our expectations, driven by continued resilient pricing and strong cost control measures, despite end markets remaining challenging.
- Like for like performance in corrugated box volumes has improved since the start of the financial year, with clear signs of reduction in customer de-stocking, while remaining below the prior year comparative.
Inaugural Green bond
- €1.5 billion inaugural green bonds issued in July, which has significantly extended our debt maturity profile at attractive terms.
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.— Miles Roberts, Group Chief Executive