- Packaging company DS Smith has reported record group profitability and return on sales, despite economic headwinds, as pre-tax profit rose 31% to £213m in the six months to 31 October 2019.

The company saw revenue increase 4% to £3.1bn during the period and said its customers increasingly valued its sustainable packaging solutions, which was reflected in good pricing and return on sales up 110 basis points to 11%.

Group chief executive Miles Roberts said: 'Our leadership in e-commerce and sustainable packaging solutions has enabled us to perform well despite a difficult macro environment and volatility in paper pricing.

'The continued growth in margin and strong pricing discipline has been particularly pleasing as we deepen our relationships with FMCG customers and grow market share.'

Adjusted operating profit was up 15% to £351m, while corrugated box volume grew 0.7% in the half-year to 31 October.

At 8:27am: [LON:SMDS] Smith DS PLC share price was -15.25p at 363.65p

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