GCIDS Smith CEO to retire; Interim profits fall
(Sharecast News) - Packaging manufacturer DS Smith on Thursday said chief executive Miles Roberts would be retiring no later than the end of next November as it also unveiled a fall in interim profit.
"The macro-economic environment has remained challenging with overall market demand continuing to be weak, leading to a decline in like for like box volumes of 4.7% compared to H1 FY22/23," Smith said in a statement.
"Encouragingly, with destocking amongst our customers now largely over, we are seeing signs of volume improvement, with the second quarter performance being better than the first, albeit remaining below the comparable prior period."
The company said the largest decline in volume was in Northern Europe, which includes the UK and Germany, where it has a greater weighting to industrial and e-commerce customers.
Revenue fell 18% to £3.51bn, driven by declines in box volumes (£142m) and lower selling prices (£615m) across the group.
Reporting by Frank Prenesti for Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.