Smurfit Kappa has released a trading update for the 3 months to 31 March 2021. Its First Quarter overview shows a structurally improved business, delivering:
- Underlying Revenue growth of 6% to €2,269m;
- EBITDA of €386m;
- EBITDA Margin of 17.0%.
Tony Smurfit, Group CEO, commented, “The first quarter was remarkable in many ways. We had strong corrugated volume growth in practically every area and all markets in which we operate. With unprecedented industry wide shortages of supply and input cost pressures, paper prices have moved up sharply. We are recovering these input costs in line with our expectations. Against this backdrop, I am very proud of our team who have continued to deliver in these exceptional times, ensuring security of supply to our customers while also continuing to support them through our approach to innovation and our sustainable packaging products. Smurfit Kappa has, over the last number of years, through continuous investment and acquisitions, structurally improved the business for the benefit of all stakeholders.”
Smurfit concluded, “I am also happy to report that both Moody’s and Standard & Poor’s have recently upgraded our long-term issuer rating to Baa3 and BBB- respectively, in addition to Fitch’s BBB- rating. Our strong first quarter performance has set the foundation for accelerated revenue and earnings growth as we move through 2021. This performance and these prospects reflect the strength and quality of Smurfit Kappa.”
