Smith (DS) PLC Trading Statement (9732K)
September 03 2019 - 1:00AM
UK Regulatory
TIDMSMDS
RNS Number : 9732K
Smith (DS) PLC
03 September 2019
3 September 2019
DS Smith Plc - Q1 AGM trading statement
DS Smith Plc ("DS Smith"), today issues a trading update in
respect of the period since 1 May 2019. DS Smith will hold its
Annual General Meeting at 12 noon today.
Trading update
The business continues to progress well despite, as expected,
continued macro-economic uncertainty, and our expectations for
overall financial performance remain unchanged.
Our excellent customer engagement and differentiators of scale,
service, quality and innovation, have enabled strong pricing
discipline. This, combined with ongoing operating cost efficiencies
and focus on cashflow generation, together with new business wins
in Europe and the US, gives us confidence in our resilient business
model despite ongoing subdued volumes in some markets, in
particular those economies with significant export-led market
exposure, including Germany.
Strategic progress
Europac integration and synergy delivery are progressing very
well, with excellent customer and employee engagement. We completed
the remedy disposals in June and our paper footprint optimisation
review continues to progress. Construction of our greenfield
packaging plant in Indiana, which will significantly enhance our
capability in the US and reduce our long paper position, is fully
on track, with production expected to start in this calendar year.
We continue to expect completion of the disposal of our Plastics
division before the end of this calendar year.
Miles Roberts, Group Chief Executive, said:
"The underlying drivers of demand for sustainable corrugated
packaging remain strong and our leading offerings for highly
resilient FMCG and e-commerce customers give us confidence of
volume and market share growth.
While volatility in the macro-economic environment and input
costs remains, our focus on pricing discipline, margin progression,
enhanced cost and efficiency improvements, and cash generation,
support our expectation of further good progress in the year."
Conference Call
A conference call for analysts and investors, hosted by Miles
Roberts, will take place today, 3 September 2019 at 8.00am London
time. The dial-in number is:
UK/International +44 (0)20 3003 2666
UK Toll Free 0808 109 0700
Password DS Smith
A play-back facility of this call will be available until 10
September 2019. The dial-in number is: +44 (0)20 8196 1998, access
pin 6914848#. A recording and transcript of the call will also be
available through the Investor Relations section of our website:
www.dssmith.com/investors.
Forthcoming Dates
Results for the half year to 31 October 2019 5 December 2019
Enquiries
DS Smith Plc
Investors +44 (0)20 7756 1800
Hugo Fisher, Group Investor Relations Director
Rachel Stevens, Investor Relations Director
Media
Greg Dawson, Group Corporate Affairs Director
Brunswick +44 (0)20 7404 5959
Simon Sporborg
Dan Roberts
Cautionary statement
This announcement contains certain forward-looking statements
with respect to the operations, performance and financial condition
of the Group. By their nature, these statements involve uncertainty
since future events and circumstances can cause results and
developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this announcement and DS
Smith plc undertakes no obligation to update these forward-looking
statements. Nothing in this trading statement should be construed
as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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