DS Smith has confirmed its first half year results for the six months to 31 October 2017. Turnover reached £2,800m, up 19% on the previous year. Adjusted operating profit reached £251m, up 11% on last year.
“We are delighted with our volume growth which has significantly accelerated to over 5%, fuelled by success with e-commerce and pan-European customers. Structural shifts, including changes in consumer preferences, the increased relevance of our packaging at point-of-sale and the rise in e-commerce are all underpinning the growth of packaging. The strong customer demand has driven performance and our operating margin is in line with our expectations, despite the substantial input cost pressures in the period, which we continue to recover as planned,” said Miles Roberts, Group Chief Executive. “Integration of our recently acquired North American business is going very well and we have been delighted by the reaction from both employees and customers. The proposed acquisition in Romania is on track to complete in January 2018. We continue to see exciting opportunities for growth, both in Europe and in North America and, accordingly, the Board remains confident about the outlook for DS Smith.”
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