Packaging firm DS Smith on track as Covid-19 drives ecommerce growth
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Packaging group DS Smith today reported trading in line with expectations as growth in its ecommerce business offset the impact of coronavirus.
The FTSE 100-listed company said its like-for-like corrugated box volume performance had improved since the outbreak of the virus and had seen a return to positive group.
The firm added that its fast-moving consumer goods and ecommerce business had grown through the period as people increasingly turned to online shopping.
DS Smith said this had “more than offset” challenging conditions in a number of industrial categories.
The company said its supply chain had remained robust during the pandemic, allowing all of its plants to remain operational.
DS Smith said it intended to declare an interim dividend for the half-year to 31 October.
Chief executive Miles Roberts said: “The underlying drivers of demand for corrugated packaging remain strong and our sustainable packaging solutions for resilient FMCG and e-commerce customers are more relevant than ever.
“While the macro-economic outlook remains challenging, we are pleased to see volume growth in August and the reduced OCC costs. Our customer focus, strong cost control, cash generation, and liquidity profile, together with continued performance in line with our expectations, gives us confidence for the future.”