DS Smith doubles pre-tax profit

26th Jun 2014 07:07

- More than doubles pre-tax profit - Conditions across Europe remaining challenging- Current year has started wellFTSE 250 consumer goods packaging firm DS Smith said full-year profit more than doubled despite challenging economic conditions across Europe as the current year starts well and in line with expectations.Pre-tax profit surged to £167m in the 12 months to April 30th from £82m a year earlier as revenue increased 10% to £4.03m. Earnings per share climbed 25% to 21.4p. Organic corrugated packaging volumes grew 2.2%, ahead of the corrugated packaging market. It said volume growth has been particularly strong in its Central Europe and Italy region after new customer wins and expanding services to existing customers. Chief Executive Miles Roberts: "This is a strong set of results achieved despite economic conditions across Europe remaining challenging. We have achieved our synergy targets for the year and delivered good growth in profits, returns and dividends."Our strengthened customer proposition and an ability to deliver across the whole customer supply cycle has led to increased market share across our regions. The current year has started well and is in line with our expectations." DS Smith said while it expects the difficult consumer economic environment to remain, it believes the sustainability of its business model will create further growth opportunities.The group has recommended an increased dividend payment of 10p compared to the previous payment of 8p. CJ