DS Smith Plc (LON:SMDS), has issued 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.
Miles Roberts, DS Smith Chief Executive, said:
“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.”
Conference Call
There will be a conference call for analysts and investors, hosted by Miles Roberts, today at 8:00am UK time. The dial in number is:
UK/International +44 (0) 33 0551 0200
UK Toll Free 0808 109 0700
Password DS Smith
A play-back facility of this call will be available until 12 September 2023. The dial-in number is: +44 (0) 20 8196 1595, access pin 5706173#. A recording will also be available through the Investor Relations section of our website: https://www.dssmith.com/investors/results-and-presentations
