- Packaging firm DS Smith reported a 35% increase in pre-tax profit for the 12 months to 30 April although organic corrugated box volume growth did ease in the second half after a strong first half

The company will pay a final dividend of 11p, taking the total for the 12-month period to 16.2p, up 13% year-on-year.

A record return on sales margin of 10.2%, ahead of its 8% to 10% targeted range, saw the medium-term target increased to 10% to 12%.

CEO Miles Roberts commented: 'This strong set of results from DS Smith demonstrates the company's growing scale and strategic progress in key markets. We are continuing to gain market share throughout Europe, particularly among more resilient FMCG customers, and our US business is performing well following our recent acquisition there.

'While volatility in the macro-economic environment and input costs remains, our focus on pricing discipline, operating efficiencies and cash flows supports our expectations of further good progress in the coming year.'

At 9:26am: [LON:SMDS] Smith DS PLC share price was -7.8p at 335.4p

Story provided by