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DS Smith optimistic for future

Packaging company, DS Smith, has reflected on a challenging 12 months to the end of April, but has a positive outlook going forward.

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DS Smith is optimistic following a challenging financial year

In its full year results for 2020/2021, DS Smith has revealed how the Covid-19 pandemic impacted business.

With the start of the 2020/21 financial year coinciding with the initial impacts of Covid-19, DS Smith experienced a fall in packaging volumes and “significant volatility” in the cost of raw materials.

Financially, the last 12 months has been challenging for DS Smith which experienced a fall in revenue of 1% to £5,976. The company also experienced a profit loss of 24% which brought the figure down to £502m.

Despite this, the packaging company’s 300 sites remained open throughout the year with over 29,000 members of staff working to keep operations running.

DS Smith invested throughout the year to keep its factories open and its workers safe. This is something the company says helped it to weather the storm.

I’m really positive when I look forward now. I can feel the momentum that we’ve had coming through in the second half of the year.

Miles Roberts, group chief executive of DS Smith, explains: “We saw the results of that. We saw our customers rewarding us with more business, so we saw our volumes increase significantly in the second half.”

Adrian Marsh, group finance director of DS Smith has outlined that whilst the company has experienced an overall drop in profits of 24%, some areas of business grew.

One example of this is corrugated box volume growth which grew by 3.5%, and also market share gains with consumer goods customers in Europe and US. Profits in the second half of the year also grew to exceed those of the first half by £42m.

Marsh says: “I’m really positive when I look forward now. I can feel the momentum that we’ve had coming through in the second half of the year. I was really pleased at the half year to announce two new greenfield – one in Italy and one in Poland.

“Together they’ll add round about 5% to our packaging capacity in Europe, all led by strong customer demand and wins in the market.”

If you have any news, please email carys@linkpublishing.co.uk or join in with the conversation on Twitter and LinkedIn.

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