The waning euro economy will hit trade this year, says David S Smith, which warns of tough times for paper despite good overall results.


Trouble at its St Regis Paper plant is likely from
the downturn in waste
paper and corrugated case
materials.


Group chief executive Peter Williams said group pre-tax profits rose by 14.5m to 72.2m for the year to 28 April 2001. Turnover was up 15% to 1.4bn.
The firm expects all divisions except St Regis to improve, and is seeking acquisitions and organic growth.
A Wansbrough paper mill upgrade will make it more competitive, said Williams, who is due to be replaced this year by chief operating officer Tony Thorne. Williams will become deputy chairman.


Sandy Stratton has retired as division executive chairman after 50 years at St Regis but stays a non-executive director.
David S Smith is considering a name change to DS Smith.


Story by Jez Abbott