DS Smith packaging arm ups profits

News by

12 December 2002

DS Smiths packaging arm contributed to an increase in the groups turnover and pre-tax profit for the six months to October.

Group turnover of 741.1m was up 4% on the same time last year, while pre-tax profit rose 25% to 44.8m.

Turnover in the packaging division rose 7% to 475.2m, and operating profit was up 11% to 39.2m.

However, the company said demand for corrugated board in its major markets remained weak.

Chairman Antony Hichens said: Despite this tough market environment we are confident of making encouraging progress over the year as a whole.

Numis Securities analyst Paul Jones said the figures were way ahead of expectations and was now advising clients to buy rather than hold the companys shares.

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