Pre-tax profits drop by 26% at Smurfit

News by

21 February 2002

Jefferson Smurfit Group has reported a 26% fall in pre-tax profits, against what it refers to as a backdrop of weakening demand and a challenging economic and political environment.

Pre-tax profits after exceptional items fell to 198m (E325m), with third-party sales down 1% to 2.75bn in its full year figures to 31 December 2001.

The company anticipates cost-cutting measures taken last year, which included divesting itself of a number of operations, to result in improved earnings for 2002.

The group has also confirmed that Gary McGann will take over as chief executive officer designate with effect from 1 November 2002, replacing Dr Michael Smurfit who is to step down (PrintWeek, 8 February).

At the same time Tony Smurfit will take up his role of president and chief operating officer.

Michael Smurfit will also give the annual Livery Lecture for the Stationers Company this year, to be held on 11 March at 6pm at Stationers Hall in London.

Tickets are 20 inc VAT.

For details call: the Trade and Industry Forum, 020 7248 2934.

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."