Packaging firm DS Smith has said that trading in the year to date is 'in line with expectations', despite end markets remaining challenging.
The firm, which has a presence in 34 countries, issued the statement to coincide with its AGM, which takes place on 5 September.
It said that trading was driven by 'continued resilient pricing and strong cost control measures', adding that its like-for-like performance in corrugated box volumes has 'improved' since the start of its financial year.
There are 'clear signs of reduction in customer de-stocking', it added.
A Good Start
"While the economic environment in which we operate remains challenging we have started the financial year well," commented Miles Roberts, chief executive.
"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."
Green Bonds
The year to date has also seen DS Smith issue €1.5 billion in inaugural green bonds, which has significantly extended its debt maturity profile at attractive terms, the group added.
In its full year to 30 April, the UK-based group reported a 11% increase in revenue at constant currency levels. Revenue for the year came in at £8.22 billion (€9.54 billion), while adjusted operating profit stood at £861 million (€999 million), which was 35% higher than the previous year.
In August, DS Smith announced it had agreed to acquire Serbian packaging firm Bosis doo.
