Full Year Results 2023/24 – Robust Performance in a Challenging Environment

Today we announce our full year results to 30 April 2024.

Financial highlights

  • Robust adjusted operating profit of £701m (FY2022/23: £861m), in line with management expectations, against a weak consumer demand environment and high inflation.
  • Decline in like for like box volumes of 2%; improving momentum across the year with like for like growth of 2% in Q4 FY2023/24 vs Q4 FY2022/23.
  • Strong customer relationships, innovation and high service levels, together with strong cost management, have partially offset downward pricing pressure.
  • Lower free cashflow, reflecting our current capital expenditure programme and a working capital outflow, predominantly driven by commodity prices, has resulted in 2.1x net debt/EBITDA (FY2022/23: 1.3x). Underlying working capital metrics remain consistent with prior years.
  • Ongoing capital and operational expenditure programmes to support our customers and improve productivity and environmental efficiency remain on track.
  • Recommended all-share offer from International Paper to combine the businesses and create a truly international sustainable packaging solutions leader.

Non-financial highlights

  • Replaced over 1 billion units of plastic since May 2020, ahead of schedule.
  • Further greenhouse gas (GHG) reduction - 5% in the year (19% compared to 2019).
  • 9% reduction in accident frequency rate compared to last year.
Miles Roberts, Group Chief Executive

We are pleased to have delivered a robust performance, despite the challenging environment, driven by our focus on customers, quality, service and innovation together with the benefit from our self-help productivity initiatives. I am also very proud of the continued excellent progress in helping our customers’ sustainability challenges and to have achieved our target of 1 billion units of plastic replaced with fibre-based alternatives 16 months ahead of schedule.

— Miles Roberts, Group Chief Executive

Webcast presentation

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