Smith (DS) PLC Half Year pre close statement (4840D)
27 October 2015 - 6:00PM
UK Regulatory
TIDMSMDS
RNS Number : 4840D
Smith (DS) PLC
27 October 2015
27 October 2015
DS Smith Plc - pre-close trading statement
for the half year ending 31 October 2015
DS Smith Plc, the leading supplier of recycled packaging for
consumer goods, today issues a pre-close trading statement for the
half year ending 31 October 2015.
Group performance remains in line with our expectations, and the
business and market trends, as detailed in our trading update on 8
September 2015, have continued. Volume growth remains good while
margins, ROACE and EPS continue to show strong growth.
We continue to actively manage our asset portfolio to enhance
the quality of our business and our geographic footprint. We have
been very active in the half year period completing the
acquisitions of Duropack, Lantero and most recently, the
acquisition of the market leading corrugated business in Greece. At
the same time, we agreed to sell our stake in the Turkish
operations of Cukurova Group and we have announced a proposal to
reduce our paper capacity via the closure of our Wansbrough paper
mill.
Performance of the acquired businesses to date has been better
than originally anticipated with good customer reception to our
entry into new markets.
Miles Roberts, Group Chief Executive, said:
"We are very pleased with the growth in margins, returns and
earnings delivered in the year so far. We have achieved this by a
continued focus on delivering for our customers by developing our
geographic coverage and the quality of our service offering and
customer relationships.
Our outlook remains positive as volumes and financial returns
continue to grow, despite no change in market conditions. The Board
expects continued performance in line with our medium term
financial targets, views the remainder of the year with confidence
and remains excited about the opportunities for the Group."
Forthcoming Dates
Results for the half year to 31 October 3 December 2015
2015
Enquiries
DS Smith Plc +44 (0)20 7756 1800
Hugo Fisher, Group Communications Director
Rachel Stevens, Investor Relations Manager
Bell Pottinger
John Sunnucks +44 (0)20 3772 2549
Ben Woodford +44 (0)20 3772 2566
Notes
-- Return on sales: earnings before interest, tax, amortisation
and exceptional items as a percentage of revenue.
-- Return on average capital employed (ROACE): earnings before
interest, tax, amortisation and exceptional items as a percentage
of the average monthly capital employed over the previous 12 month
period. Average capital employed includes property, plant and
equipment, intangible assets (including goodwill), working capital,
provisions, capital debtors/creditors and assets/liabilities held
for sale.
-- For information on foreign exchange exposure please reference
page 15 of our results statement of 25 June 2015, available on
www.dssmith.com/investors
Cautionary statement
This announcement contains certain forward-looking statements
with respect to the operations, performance and financial condition
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this announcement and DS
Smith plc undertakes no obligation to update these forward-looking
statements. Nothing in this trading statement should be construed
as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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