DS Smith FY23 Profit Climbs, Lifts Dividend; Says Current Trading In Line With View

British packaging firm DS Smith Plc (SMDS.L) reported Thursday that its fiscal 2023 profit before tax climbed 75 percent to 661 million pounds from last year’s 378 million pounds.

Basic earnings per share from continuing operations were 35.8 pence, up from 20.4 pence last year.

Adjusted basic earnings per share were 43 pence, compared to 30.7 pence a year ago.

Revenues grew 14 percent to 8.22 billion pounds from prior year’s 7.24 billion pounds. Revenues went up 11 percent on a constant currency basis.

The decline in box volumes were more than offset by higher selling prices across the firm which reflect the lag in recovery of the increases in input costs during the period 2021 to 2023.

Further, the company announced a final dividend of 12.0p per share, taking the total dividend for this year to 18.0 pence per share, an increase of 20 percent.

Subject to approval of shareholders at the AGM to be held on September 5, the final dividend will be paid on October 3 to shareholders on the register at the close of business on September 8.

Looking ahead, Miles Roberts, Group Chief Executive, said, “While economic conditions have continued to be volatile and box volumes have remained lower than normal, trading for the year to date is in line with our expectations. Our strong customer relationships in the resilient FMCG sector, together with the investments we are making to drive cost efficiencies and growth, give us confidence for the future.”

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