DS Smith Half Year Results 2023/24

Today we announce our half-year results for the six months to 31 October 2023.

Robust performance in challenging environment; on track for FY24

  • Robust adjusted operating profit of £365m (£418m H1 FY22/23) in challenging environment
  • Decline in like for like box volumes of 4.7% in H1, with sequential quarter-on-quarter improvement and H2 expected to show continued positive momentum
  • Pricing has been resilient, underpinned by strong customer relationships, innovation and high service levels, with downward pressure offset by lower input costs and productivity initiatives
  • Strong financial position: 1.7x net debt/EBITDA (FY22/23: 1.3x)
  • Continued capital and operational investment to support our customers and improve productivity and environmental efficiency
  • Full year trading in line with management expectations
Miles Roberts, Group Chief Executive, DS Smith

I am pleased with the performance for the first half of the year. Our focus on value-added packaging solutions to predominantly FMCG customers, together with the benefit from our self-help productivity initiatives and flexible supply chain has driven a robust profit performance. Our Q2 volume performance was improved versus Q1 and we expect this trend to continue with H2 volumes stronger than H1, sequentially and on a like for like basis, as we continue to win market share.
While we anticipate markets to remain challenging, we remain focused on our customers and our costs and expect to deliver full year results in line with management expectations. Looking forward we remain confident in our business model and our capital and operational investment programmes which drive innovation, growth, improving productivity and environmental efficiency.

— Miles Roberts, Group Chief Executive


To replay the results presentation audio webcast and Q&A with investors and analysts, please click here.