Strong annual growth for DS Smith
Packaging group DS Smith has reported strong growth in profits and sales for the year to the end of April.
The group, which has sites in Smethwick and Willenhall, saw r4venue grow by 21 per cent to £7.2 billion and with pre-tax profit ahead by 64 per cent at £378 million.
Group chief executive Miles Roberts said: "It has been another year of volatile trading conditions where we have worked through the tail-end of the pandemic and, more recently, the tragic events of the Russian invasion of Ukraine. These difficult periods have again brought the best out of all of our colleagues at DS Smith, demonstrating their resilience, compassion and commitment.
"We have delivered strong operational, environmental and financial results. The actions we have taken, driven by our strategic focus on our customers and their changing needs, including an ever-increasing focus on sustainability, have resulted in record volume growth.
"This, together with price increases which have offset significant cost inflation, has driven a strong improvement in profitability and high cash generation."
Mr Robwerts said he current financial year had started well, building on the momentum from 2021-2022.
"Whilst there remains considerable uncertainty about the overall economic environment, our expectations remain unchanged. Strong customer demand reinforces our confidence to invest in the business, with capital expenditure expected to further increase in the current year. We currently expect to see two to four per cent growth in our volumes," he added.
