LONDON (dpa-AFX) - DS Smith Plc (SMDS.L) issued its pre-close statement for the full-year to April 30, 2012.
The company noted that the positive performance reported in its IMS on January 17, 2012 has continued in line with its expectations, with like-for-like volume growth in corrugated packaging for the financial year to date in line with the company's target of GDP+1%, driven by a consistent performance among its FMCG customer base, with a particularly strong contribution from its business in Continental Europe.
Further, DS Smith said it had been successful in its continued focus on reducing working capital and anticipate achieving the previously announced target of average working capital / revenue of 5% at this year-end.
Miles Roberts, Group chief executive, stated, '2012 has been an important year for DS Smith with the announcement in January of the proposed acquisition of SCA Packaging. We are delighted with the support for the transaction given to us by our shareholders and I am pleased to report that the process towards completion is on track. We will update shareholders as appropriate as the regulatory process progresses. We continue to make encouraging progress towards the delivery of the financial and operational targets we have set ourselves.'
Looking forward, the Board continues to view the coming year with confidence.
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© 2012 AFX News
